Cannae (NYSE:CNNE) Upgraded to "Hold" at Zacks Research

Key Points

• Cannae (NYSE:CNNE) has been upgraded from a "strong sell" rating to a "hold" rating by Zacks Research.
• Royal Bank of Canada has increased its target price for Cannae from $22.00 to $26.00, giving it an "outperform" rating.
• Recent insider trading includes Director Frank R. Martire selling 26,478 shares at an average price of $18.43, totaling nearly $488,000.

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

CNNE has been the topic of a number of other research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cannae in a research report on Tuesday. Royal Bank Of Canada upped their target price on Cannae from $22.00 to $26.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $24.00.

Cannae Price Performance

Shares of NYSE CNNE opened at $18.14 on Wednesday. The business's 50 day moving average price is $18.64 and its 200 day moving average price is $19.04. The firm has a market cap of $1.02 billion, a P/E ratio of -2.71 and a beta of 1.09. Cannae has a 52 week low of $15.91 and a 52 week high of $22.36. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.05.

Insider Buying and Selling

In other news, Director Frank R. Martire sold 26,478 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $18.43, for a total transaction of $487,989.54. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 10.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Newtyn Management LLC raised its stake in Cannae by 143.4% in the 1st quarter. Newtyn Management LLC now owns 4,600,000 shares of the company's stock valued at $84,318,000 after purchasing an additional 2,710,000 shares during the last quarter. Carronade Capital Management LP increased its stake in shares of Cannae by 66.2% in the 1st quarter. Carronade Capital Management LP now owns 2,874,116 shares of the company's stock worth $52,683,000 after acquiring an additional 1,145,190 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Cannae in the 1st quarter worth $14,816,000. Private Management Group Inc. increased its stake in shares of Cannae by 91.1% in the 1st quarter. Private Management Group Inc. now owns 1,601,334 shares of the company's stock worth $29,352,000 after acquiring an additional 763,324 shares during the last quarter. Finally, Rubric Capital Management LP increased 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 worth $43,907,000 after acquiring an additional 615,616 shares during the last quarter. Hedge funds and other institutional investors own 88.12% of the company's stock.

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

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