Zacks Investment Research upgraded shares of Cannae (NYSE:CNNE) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. The firm currently has $30.00 target price on the stock.
According to Zacks, “Cannae Holdings, Inc. holds majority and minority equity investment stakes in a number of entities, including Ceridian Holdings, LLC, American Blue Ribbon Holdings, LLC and T-System Holding LLC. Cannae Holdings, Inc., formerly known as Fidelity National Financial Inc., is based in FL, United States. “
Several other research firms have also commented on CNNE. TheStreet lowered shares of Cannae from a b- rating to a c+ rating in a research note on Tuesday, September 17th. ValuEngine lowered shares of Cannae from a buy rating to a hold rating in a research note on Wednesday, October 2nd.
Shares of NYSE CNNE opened at $27.92 on Wednesday. The firm’s 50-day moving average price is $27.88 and its 200-day moving average price is $27.25. Cannae has a 1-year low of $15.87 and a 1-year high of $32.03. The firm has a market capitalization of $1.99 billion, a P/E ratio of 40.46 and a beta of 0.87. The company has a current ratio of 0.94, a quick ratio of 0.75 and a debt-to-equity ratio of 0.33.
Cannae (NYSE:CNNE) last posted its earnings results on Thursday, August 8th. The company reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.21. The company had revenue of $285.10 million for the quarter, compared to analyst estimates of $281.25 million. Cannae had a net margin of 6.21% and a return on equity of 7.73%. The firm’s revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.28) EPS. Equities research analysts forecast that Cannae will post -0.71 EPS for the current year.
In related news, Director Richard N. Massey bought 10,000 shares of Cannae stock in a transaction dated Tuesday, October 8th. The stock was purchased at an average cost of $27.53 per share, with a total value of $275,300.00. Also, Director Richard N. Massey bought 20,000 shares of Cannae stock in a transaction dated Thursday, August 29th. The shares were bought at an average cost of $28.49 per share, with a total value of $569,800.00. Following the completion of the transaction, the director now directly owns 203,899 shares in the company, valued at $5,809,082.51. The disclosure for this purchase can be found here. Insiders have bought a total of 33,699 shares of company stock valued at $945,158 over the last three months. Insiders own 7.20% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Enterprise Trust & Investment Co bought a new position in Cannae in the 2nd quarter worth approximately $29,000. Royal Bank of Canada boosted its holdings in Cannae by 60.6% in the 2nd quarter. Royal Bank of Canada now owns 1,412 shares of the company’s stock worth $41,000 after buying an additional 533 shares during the period. Quantamental Technologies LLC bought a new position in Cannae in the 2nd quarter worth approximately $95,000. Parallel Advisors LLC boosted its holdings in Cannae by 33.7% in the 2nd quarter. Parallel Advisors LLC now owns 3,928 shares of the company’s stock worth $114,000 after buying an additional 989 shares during the period. Finally, Bank of Montreal Can boosted its holdings in Cannae by 1,123.1% in the 2nd quarter. Bank of Montreal Can now owns 6,189 shares of the company’s stock worth $180,000 after buying an additional 5,683 shares during the period. 80.55% of the stock is owned by institutional investors.
Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. It takes both minority and majority stakes. Cannae Holdings, Inc is based in Las Vegas, Nevada.
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