Royal Bank Of Canada Raises Cannae (NYSE:CNNE) Price Target to $26.00

Cannae (NYSE:CNNE - Get Free Report) had its target price upped by investment analysts at Royal Bank Of Canada from $22.00 to $26.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price points to a potential upside of 23.40% from the company's current price.

Cannae Stock Performance

NYSE CNNE opened at $21.07 on Thursday. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -4.01 and a beta of 1.02. The company has a 50 day moving average of $19.22 and a 200-day moving average of $18.82. The company has a current ratio of 4.19, a quick ratio of 4.19 and a debt-to-equity ratio of 0.04. Cannae has a 1-year low of $15.92 and a 1-year high of $22.36.

Cannae (NYSE:CNNE - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). The firm had revenue of $103.20 million for the quarter, compared to analyst estimates of $105.30 million. Cannae had a negative return on equity of 4.86% and a negative net margin of 73.64%. The business's quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the previous year, the business posted ($1.27) EPS. On average, equities analysts forecast that Cannae will post -3.14 earnings per share for the current fiscal year.

Cannae announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 25th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Institutional Trading of Cannae

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Cannae by 460.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the company's stock valued at $38,000 after purchasing an additional 1,700 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Cannae in the first quarter valued at approximately $49,000. Spire Wealth Management increased its holdings in shares of Cannae by 81.4% in the first quarter. Spire Wealth Management now owns 4,100 shares of the company's stock valued at $75,000 after purchasing an additional 1,840 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Cannae by 133.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company's stock valued at $85,000 after purchasing an additional 2,436 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in shares of Cannae in the fourth quarter valued at approximately $122,000. Institutional investors and hedge funds 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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