Clearfield (NASDAQ:CLFD) Board of Directors Declares Share Repurchase Program

Clearfield (NASDAQ:CLFD) announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 25th, RTT News reports. The company plans to repurchase $85.00 million in shares. This repurchase authorization allows the communications equipment provider to repurchase up to 22% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CLFD shares. Northland Securities cut shares of Clearfield from an “outperform” rating to a “market perform” rating and set a $45.00 price objective on the stock. in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Clearfield from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Clearfield in a report on Wednesday, October 8th. Northland Capmk downgraded Clearfield from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 7th. Finally, Roth Capital set a $43.00 target price on Clearfield in a report on Tuesday. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $46.00.

Clearfield Stock Down 4.6%

Shares of NASDAQ:CLFD opened at $28.03 on Wednesday. The company’s fifty day moving average is $33.87 and its two-hundred day moving average is $36.77. The company has a market cap of $386.98 million, a P/E ratio of 2,803.00 and a beta of 1.81. Clearfield has a 12-month low of $23.78 and a 12-month high of $46.76.

About Clearfield

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.