Piper Jaffray Companies Upgrades Cannae (CNNE) to Overweight

Cannae (NYSE:CNNE) was upgraded by stock analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a research report issued on Friday, Marketbeat.com reports. The brokerage presently has a $25.00 price target on the stock. Piper Jaffray Companies’ price target suggests a potential upside of 38.35% from the stock’s current price.

CNNE has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Cannae from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 6th. TheStreet upgraded shares of Cannae from a “d+” rating to a “c-” rating in a research report on Thursday, September 6th.

NYSE CNNE opened at $18.07 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. Cannae has a 1 year low of $16.16 and a 1 year high of $21.90.

Cannae (NYSE:CNNE) last issued its earnings results on Thursday, November 8th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.04. Cannae had a negative net margin of 1.99% and a negative return on equity of 2.08%. The firm had revenue of $293.50 million for the quarter, compared to analyst estimates of $315.25 million. During the same quarter last year, the business posted ($0.24) earnings per share. The company’s quarterly revenue was up 9.0% on a year-over-year basis. On average, analysts expect that Cannae will post -0.31 earnings per share for the current year.

In other Cannae news, Director Richard N. Massey purchased 39,000 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was purchased at an average price of $18.70 per share, with a total value of $729,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.90% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CNNE. FMR LLC raised its stake in Cannae by 74.6% during the second quarter. FMR LLC now owns 1,538,233 shares of the company’s stock worth $28,533,000 after buying an additional 657,480 shares during the last quarter. Millennium Management LLC raised its stake in Cannae by 386.1% during the second quarter. Millennium Management LLC now owns 373,622 shares of the company’s stock worth $6,931,000 after buying an additional 296,765 shares during the last quarter. Confluence Investment Management LLC bought a new position in Cannae during the third quarter worth $6,119,000. Dimensional Fund Advisors LP raised its stake in Cannae by 13.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,313,702 shares of the company’s stock worth $42,919,000 after buying an additional 275,125 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Cannae by 5.5% during the third quarter. BlackRock Inc. now owns 5,224,312 shares of the company’s stock worth $109,449,000 after buying an additional 271,725 shares during the last quarter. 78.69% of the stock is owned by institutional investors and hedge funds.

Cannae Company Profile

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 is based in Las Vegas, Nevada.

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