Cannae (NYSE:CNNE) Receives "Outperform" Rating from Royal Bank Of Canada

Key Points

• Royal Bank of Canada reiterated its “Outperform” rating on Cannae and maintained a $16 price target, implying 7.24% upside from the prior close.
• Analyst sentiment is mixed: Cannae has an overall consensus rating of “Hold” and a $16.50 average target, with ratings ranging from Buy to Sell.
• Cannae shares traded at $14.92, while institutional ownership stands at 88.12%; BlackRock and other funds recently increased or initiated positions in the stock.

Cannae (NYSE:CNNE - Get Free Report)'s stock had its "outperform" rating reiterated by analysts at Royal Bank Of Canada in a research note issued on Tuesday,Benzinga reports. They currently have a $16.00 price objective on the stock. Royal Bank Of Canada's target price suggests a potential upside of 7.24% from the company's previous close.

A number of other research analysts have also recently weighed in on CNNE. Weiss Ratings restated a "sell (d-)" rating on shares of Cannae in a report on Monday, July 6th. Stephens reiterated an "overweight" rating and set a $17.00 target price on shares of Cannae in a report on Thursday, April 23rd. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $16.50.

Cannae Price Performance

CNNE stock traded up $0.27 during mid-day trading on Tuesday, reaching $14.92. The company's stock had a trading volume of 221,779 shares, compared to its average volume of 546,676. Cannae has a fifty-two week low of $10.46 and a fifty-two week high of $19.88. The stock has a market cap of $655.58 million, a PE ratio of -1.91 and a beta of 1.20. The company's 50 day moving average is $14.51 and its two-hundred day moving average is $13.55. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.07.

Cannae (NYSE:CNNE - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of ($0.42) by $1.28. The business had revenue of $102.20 million during the quarter, compared to analysts' expectations of $99.65 million. Cannae had a negative net margin of 103.77% and a negative return on equity of 36.53%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CNNE. BlackRock Inc. acquired a new position in Cannae in the 2nd quarter valued at $59,496,000. Rubric Capital Management LP boosted its holdings in shares of Cannae by 41.3% in the second 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 in the last quarter. State of Wisconsin Investment Board boosted its holdings in shares of Cannae by 109.6% in the fourth quarter. State of Wisconsin Investment Board now owns 815,918 shares of the company's stock valued at $12,834,000 after acquiring an additional 426,736 shares in the last quarter. Jane Street Group LLC increased its stake in shares of Cannae by 467.8% during the fourth quarter. Jane Street Group LLC now owns 468,356 shares of the company's stock worth $7,367,000 after acquiring an additional 385,865 shares during the period. Finally, Saba Capital Management L.P. increased its stake in shares of Cannae by 23.3% during the fourth quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company's stock worth $26,977,000 after acquiring an additional 323,531 shares during the period. 88.12% of the stock is owned by hedge funds and other institutional investors.

About Cannae

Cannae Holdings, Inc NYSE: CNNE is a publicly traded diversified holding company that focuses on partnering with and investing in businesses across a range of industry sectors. The company seeks to identify attractive opportunities in both private and public markets, leveraging its capital resources and management expertise to support operational growth and value creation. Cannae's investment strategy emphasizes companies in data and analytics, marketing services, healthcare technology, and payment processing.

Through its portfolio, Cannae holds controlling or significant minority stakes in companies that provide critical software, data and services to corporate clients.

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