Cannae (NYSE:CNNE) Downgraded to Strong Sell Rating by Zacks Research

Key Points

• Cannae (NYSE:CNNE) has been downgraded from a "hold" rating to a "strong sell" rating by Zacks Research, signaling a bearish outlook from analysts.
• Royal Bank of Canada has increased its price target for Cannae from $22.00 to $26.00 and maintains an "outperform" rating, contrasting with the downgrade.
• Insider activity includes Director Frank R. Martire selling approximately 26,478 shares at an average price of $18.43, raising questions about investor confidence.

Cannae (NYSE:CNNE - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Thursday,Zacks.com reports.

Separately, Royal Bank Of Canada increased their price target on Cannae from $22.00 to $26.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cannae presently has a consensus rating of "Hold" and an average price target of $24.00.

Cannae Trading Down 1.0%

Shares of NYSE:CNNE opened at $19.10 on Thursday. The company has a market capitalization of $1.07 billion, a P/E ratio of -2.85 and a beta of 1.08. Cannae has a 1 year low of $15.91 and a 1 year high of $22.36. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.78 and a quick ratio of 2.78. The business's 50 day simple moving average is $19.87 and its 200 day simple moving average is $18.93.

Insiders Place Their Bets

In other Cannae news, Director Frank R. Martire sold 26,478 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $18.43, for a total transaction of $487,989.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Cannae

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Carronade Capital Management LP lifted its stake in Cannae by 5.7% during the second quarter. Carronade Capital Management LP now owns 3,189,027 shares of the company's stock worth $66,491,000 after purchasing an additional 173,380 shares during the last quarter. Rubric Capital Management LP lifted its stake in shares of Cannae by 41.3% in the 2nd quarter. Rubric Capital Management LP now owns 2,105,864 shares of the company's stock valued at $43,907,000 after acquiring an additional 615,616 shares during the last quarter. Man Group plc lifted its stake in shares of Cannae by 6.0% in the 2nd quarter. Man Group plc now owns 450,627 shares of the company's stock valued at $9,396,000 after acquiring an additional 25,552 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Cannae by 7.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 69,317 shares of the company's stock valued at $1,445,000 after acquiring an additional 4,731 shares during the last quarter. Finally, Brevan Howard Capital Management LP bought a new position in shares of Cannae in the 2nd quarter valued at $551,000. 88.12% of the stock is currently owned by institutional investors.

Cannae Company Profile

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 was founded in 2014 and is based in Las Vegas, Nevada.

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