Cannae (CNNE) Rating Increased to Overweight at Piper Jaffray Companies

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Piper Jaffray Companies upgraded shares of Cannae (NYSE:CNNE) from a neutral rating to an overweight rating in a research report released on Friday morning, Marketbeat reports. The firm currently has $25.00 target price on the stock.

Several other brokerages have also commented on CNNE. TheStreet upgraded Cannae from a d+ rating to a c- rating in a research report on Thursday, September 6th. Zacks Investment Research upgraded Cannae from a sell rating to a hold rating in a research report on Thursday, September 6th.

Shares of Cannae stock traded up $0.87 during trading on Friday, hitting $18.07. 1,024,316 shares of the stock traded hands, compared to its average volume of 306,012. The company has a current ratio of 1.69, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $1.31 billion, a PE ratio of 11.73 and a beta of 0.73. Cannae has a 52 week low of $16.16 and a 52 week high of $21.90.

Cannae (NYSE:CNNE) last announced its quarterly earnings data on Thursday, November 8th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.04. The firm had revenue of $293.50 million for the quarter, compared to analyst estimates of $315.25 million. Cannae had a negative return on equity of 1.37% and a negative net margin of 2.53%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.24) EPS. As a group, analysts predict that Cannae will post -0.31 earnings per share for the current fiscal year.

In related news, Director Richard N. Massey bought 39,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The stock was bought at an average cost of $18.70 per share, for a total transaction of $729,300.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 4.90% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Guggenheim Capital LLC lifted its holdings in Cannae by 6.3% in the 1st quarter. Guggenheim Capital LLC now owns 53,097 shares of the company’s stock worth $1,001,000 after buying an additional 3,163 shares during the period. Millennium Management LLC lifted its holdings in Cannae by 44.6% in the 1st quarter. Millennium Management LLC now owns 76,857 shares of the company’s stock worth $1,450,000 after buying an additional 23,690 shares during the period. Royal Bank of Canada lifted its holdings in Cannae by 52.7% in the 1st quarter. Royal Bank of Canada now owns 46,261 shares of the company’s stock worth $873,000 after buying an additional 15,961 shares during the period. Cornerstone Wealth Management LLC purchased a new stake in Cannae in the 2nd quarter worth approximately $626,000. Finally, Acadian Asset Management LLC purchased a new stake in Cannae in the 2nd quarter worth approximately $531,000. Institutional investors own 78.69% 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 is based in Las Vegas, Nevada.

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