Cannae (NYSE:CNNE) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cannae from “sell” to “hold.” Analyst views remain mixed, with a consensus “Hold” rating and an average price target of $16.50.
• Cannae shares opened at $14.61 after declining 6.1%; the stock has traded between $10.46 and $19.88 over the past year.
• The company reported quarterly earnings of $0.86 per share, exceeding estimates for a $0.42 loss, while revenue of $102.2 million also surpassed expectations. Institutional investors own 88.12% of the stock, led by a new $59.5 million BlackRock stake.

Cannae (NYSE:CNNE - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

Several other analysts have also weighed in on CNNE. Stephens reiterated an "overweight" rating and set a $17.00 target price on shares of Cannae in a research report on Thursday, April 23rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Cannae in a research report on Monday, July 6th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $16.00 price target on shares of Cannae in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $16.50.

Cannae Stock Down 6.1%

Shares of CNNE stock opened at $14.61 on Friday. The stock has a market cap of $633.68 million, a P/E ratio of -4.84 and a beta of 1.20. Cannae has a one year low of $10.46 and a one year high of $19.88. The stock has a fifty day moving average price of $14.55 and a 200 day moving average price of $13.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.24 and a quick ratio of 1.71.

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, topping analysts' consensus estimates of ($0.42) by $1.28. The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $99.65 million. Cannae had a negative net margin of 38.18% and a negative return on equity of 14.10%.

Institutional Investors Weigh In On Cannae

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Cannae in the 2nd quarter worth about $59,496,000. Rubric Capital Management LP boosted its position in 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 buying an additional 615,616 shares in the last quarter. State of Wisconsin Investment Board boosted its position in 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 buying an additional 426,736 shares in the last quarter. Jane Street Group LLC boosted its position in Cannae by 467.8% in the fourth quarter. Jane Street Group LLC now owns 468,356 shares of the company's stock valued at $7,367,000 after buying an additional 385,865 shares in the last quarter. Finally, Saba Capital Management L.P. grew its stake in 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 buying an additional 323,531 shares during the last quarter. Institutional investors and hedge funds own 88.12% of the company's stock.

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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