Clearfield (NASDAQ:CLFD) Upgraded to “Buy” by Lake Street Capital

Lake Street Capital upgraded shares of Clearfield (NASDAQ:CLFD) from a hold rating to a buy rating in a report published on Friday, MarketBeat.com reports. The firm currently has $47.00 price target on the communications equipment provider’s stock, up from their prior price target of $31.00.

A number of other analysts also recently weighed in on the company. StockNews.com upgraded Clearfield to a sell rating in a report on Friday, June 21st. Northland Securities raised Clearfield from a market perform rating to an outperform rating and increased their price target for the company from $25.00 to $40.00 in a research note on Friday, May 3rd. Needham & Company LLC reaffirmed a buy rating and issued a $42.00 price objective on shares of Clearfield in a research note on Thursday, May 16th. Finally, Roth Mkm reissued a buy rating and set a $47.00 target price on shares of Clearfield in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $44.80.

Clearfield Price Performance

Clearfield stock traded down $3.62 during trading hours on Friday, hitting $39.02. The stock had a trading volume of 358,641 shares, compared to its average volume of 114,880. The business’s 50 day simple moving average is $39.26 and its 200-day simple moving average is $33.44. Clearfield has a one year low of $22.91 and a one year high of $46.69.

Clearfield (NASDAQ:CLFD) last issued its quarterly earnings data on Thursday, August 1st. The communications equipment provider reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.30. Clearfield had a negative net margin of 5.26% and a negative return on equity of 3.00%. The business had revenue of $48.79 million during the quarter, compared to analyst estimates of $42.13 million. During the same quarter last year, the business earned $0.33 EPS. The firm’s quarterly revenue was down 20.4% on a year-over-year basis. Analysts expect that Clearfield will post -1.26 EPS for the current year.

Insider Buying and Selling at Clearfield

In related news, Chairman Ronald G. Roth acquired 2,000 shares of the stock in a transaction dated Thursday, May 23rd. The stock was bought at an average price of $36.40 per share, for a total transaction of $72,800.00. Following the purchase, the chairman now directly owns 1,261,796 shares of the company’s stock, valued at approximately $45,929,374.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CLFD. SummerHaven Investment Management LLC increased its holdings in shares of Clearfield by 2.6% during the fourth quarter. SummerHaven Investment Management LLC now owns 14,745 shares of the communications equipment provider’s stock valued at $429,000 after acquiring an additional 368 shares in the last quarter. Bard Associates Inc. increased its stake in Clearfield by 3.5% during the 4th quarter. Bard Associates Inc. now owns 11,684 shares of the communications equipment provider’s stock valued at $340,000 after purchasing an additional 393 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Clearfield by 7.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,536 shares of the communications equipment provider’s stock worth $233,000 after buying an additional 510 shares during the last quarter. CWM LLC raised its holdings in Clearfield by 28.1% during the fourth quarter. CWM LLC now owns 2,936 shares of the communications equipment provider’s stock worth $85,000 after buying an additional 644 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Clearfield by 134.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,130 shares of the communications equipment provider’s stock valued at $33,000 after buying an additional 648 shares in the last quarter. 88.73% of the stock is owned by institutional investors and hedge funds.

Clearfield Company Profile

Clearfield, Inc manufactures and sells various fiber connectivity products in the United States and internationally. The company offers FieldSmart, a series of panels, cabinets, wall boxes, and other enclosures; WaveSmart, an optical components integrated for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform; and active cabinet products.