Clearfield (NASDAQ:CLFD) Upgraded to Hold at StockNews.com

Clearfield (NASDAQ:CLFD - Get Free Report) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating in a research report issued on Friday.

CLFD has been the subject of several other reports. Northcoast Research reiterated a "market perform" rating and set a $45.00 target price on shares of Clearfield in a research note on Friday, August 4th. Lake Street Capital increased their price objective on shares of Clearfield from $34.00 to $38.00 in a research note on Thursday, June 15th. Northland Securities cut shares of Clearfield from an "outperform" rating to a "market perform" rating and set a $45.00 price objective for the company. in a research note on Friday, August 4th. Finally, Needham & Company LLC restated a "buy" rating and issued a $60.00 price objective on shares of Clearfield in a research note on Friday, August 11th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Clearfield presently has a consensus rating of "Hold" and an average price target of $80.43.

Check Out Our Latest Stock Report on Clearfield

NASDAQ:CLFD traded up $0.52 during trading hours on Friday, hitting $34.52. 217,933 shares of the company traded hands, compared to its average volume of 358,443. The stock has a market capitalization of $526.78 million, a price-to-earnings ratio of 10.72 and a beta of 1.33. Clearfield has a twelve month low of $30.00 and a twelve month high of $134.90. The firm has a 50-day moving average of $44.72 and a 200 day moving average of $46.71.

Clearfield (NASDAQ:CLFD - Get Free Report) last released its earnings results on Thursday, August 3rd. The communications equipment provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.09 by $0.24. The firm had revenue of $61.30 million during the quarter, compared to analysts' expectations of $53.82 million. Clearfield had a net margin of 14.91% and a return on equity of 17.69%. The business's quarterly revenue was down 15.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.92 EPS. Equities research analysts predict that Clearfield will post 2.08 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its position in Clearfield by 54.4% in the 3rd quarter. Tower Research Capital LLC TRC now owns 690 shares of the communications equipment provider's stock valued at $72,000 after acquiring an additional 243 shares in the last quarter. Credit Suisse AG increased its position in Clearfield by 3.2% in the 2nd quarter. Credit Suisse AG now owns 8,134 shares of the communications equipment provider's stock valued at $503,000 after acquiring an additional 256 shares in the last quarter. AQR Capital Management LLC increased its position in Clearfield by 6.0% in the 2nd quarter. AQR Capital Management LLC now owns 4,959 shares of the communications equipment provider's stock valued at $307,000 after acquiring an additional 281 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Clearfield by 7.6% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 4,099 shares of the communications equipment provider's stock valued at $191,000 after acquiring an additional 290 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Clearfield by 28.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,465 shares of the communications equipment provider's stock valued at $68,000 after acquiring an additional 323 shares in the last quarter. 59.83% of the stock is owned by institutional investors.

Clearfield, Inc manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises, enterprises, and original equipment manufacturers markets in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider Clearfield, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Clearfield wasn't on the list.

While Clearfield currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Which stocks are likely to thrive in today's challenging market? Click the link below and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment.

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.