Cannae (NYSE:CNNE) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Cannae (NYSE:CNNE) had its price objective lifted by research analysts at Royal Bank of Canada from $26.00 to $27.00 in a report released on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 33.07% from the stock’s previous close.

Cannae Stock Performance

Shares of Cannae stock opened at $20.29 on Thursday. Cannae has a 1 year low of $16.94 and a 1 year high of $22.99. The firm’s 50-day moving average is $19.36 and its 200 day moving average is $19.18. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -4.22 and a beta of 0.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.55 and a quick ratio of 1.01.

Cannae (NYSE:CNNE) last issued its earnings results on Tuesday, November 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.22). The firm had revenue of $113.90 million for the quarter, compared to the consensus estimate of $105.67 million. Cannae had a negative net margin of 68.61% and a negative return on equity of 8.26%. The business’s revenue was down 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($2.18) earnings per share. Sell-side analysts anticipate that Cannae will post -3.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CNNE. Driehaus Capital Management LLC purchased a new position in Cannae in the 2nd quarter worth about $18,611,000. AREX Capital Management LP grew its stake in shares of Cannae by 52.2% in the second quarter. AREX Capital Management LP now owns 1,260,539 shares of the company’s stock worth $22,866,000 after acquiring an additional 432,260 shares during the period. FMR LLC raised its holdings in shares of Cannae by 17.6% during the third quarter. FMR LLC now owns 2,653,854 shares of the company’s stock valued at $50,582,000 after purchasing an additional 397,352 shares during the last quarter. Jane Street Group LLC lifted its position in Cannae by 429.2% during the first quarter. Jane Street Group LLC now owns 378,182 shares of the company’s stock valued at $8,411,000 after purchasing an additional 306,716 shares during the period. Finally, Poehling Capital Management INC. boosted its holdings in Cannae by 59.4% in the first quarter. Poehling Capital Management INC. now owns 709,019 shares of the company’s stock worth $15,769,000 after purchasing an additional 264,213 shares during the last quarter. 88.12% of the stock is owned by institutional investors.

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.