Cannae (NYSE:CNNE) Rating Increased to Buy at Zacks Investment Research

Cannae (NYSE:CNNE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $44.00 target price on the stock. Zacks Investment Research‘s target price points to a potential upside of 13.11% from the stock’s current price.

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. “

A number of other brokerages have also weighed in on CNNE. Stephens restated a “buy” rating and issued a $45.00 price objective on shares of Cannae in a report on Wednesday, November 20th. ValuEngine lowered shares of Cannae from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, TheStreet upgraded shares of Cannae from a “c+” rating to a “b-” rating in a research note on Monday, November 18th.

Shares of CNNE opened at $38.90 on Tuesday. Cannae has a twelve month low of $17.98 and a twelve month high of $39.32. The firm’s fifty day simple moving average is $37.57 and its 200-day simple moving average is $31.31. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 56.38 and a beta of 0.97. The company has a current ratio of 1.30, a quick ratio of 1.13 and a debt-to-equity ratio of 0.32.

Cannae (NYSE:CNNE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.54) by $1.18. Cannae had a net margin of 10.27% and a return on equity of 11.22%. The business had revenue of $270.40 million for the quarter, compared to analyst estimates of $279.65 million. During the same period last year, the business earned $0.02 EPS. The company’s revenue was up 9.2% on a year-over-year basis. On average, analysts predict that Cannae will post 0.93 earnings per share for the current fiscal year.

In other Cannae news, EVP Michael L. Gravelle acquired 3,030 shares of the stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $36.96 per share, with a total value of $111,988.80. Following the transaction, the executive vice president now owns 149,697 shares of the company’s stock, valued at approximately $5,532,801.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank P. Willey acquired 5,000 shares of the stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $36.96 per share, for a total transaction of $184,800.00. Following the completion of the transaction, the director now directly owns 96,701 shares in the company, valued at approximately $3,574,068.96. The disclosure for this purchase can be found here. 7.20% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the business. Advisors Capital Management LLC grew its position in Cannae by 10.8% during the 4th quarter. Advisors Capital Management LLC now owns 12,420 shares of the company’s stock worth $462,000 after purchasing an additional 1,211 shares during the last quarter. Millennium Management LLC grew its holdings in Cannae by 23.4% in the third quarter. Millennium Management LLC now owns 1,333,407 shares of the company’s stock valued at $36,628,000 after purchasing an additional 253,225 shares during the period. Squarepoint Ops LLC purchased a new stake in Cannae during the third quarter worth approximately $302,000. Point72 Asset Management L.P. purchased a new stake in Cannae during the third quarter worth approximately $82,000. Finally, California State Teachers Retirement System boosted its stake in shares of Cannae by 1.2% in the third quarter. California State Teachers Retirement System now owns 105,336 shares of the company’s stock valued at $2,894,000 after purchasing an additional 1,259 shares during the period. 79.46% of the stock is currently owned by institutional investors.

About Cannae

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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