Cannae (NYSE:CNNE) Stock Rating Lowered by Zacks Investment Research

Cannae (NYSE:CNNEGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “Cannae Holdings, Inc. holds majority and minority equity investment stakes in a number of entities, including Ceridian Holdings, LLC, American Blue Ribbon Holdings, LLC and T-System Holding LLC. Cannae Holdings, Inc., formerly known as Fidelity National Financial Inc., is based in FL, United States. “

Separately, Oppenheimer dropped their target price on Cannae from $41.00 to $36.00 in a report on Tuesday.

Cannae stock opened at $19.21 on Thursday. The business has a 50 day moving average price of $23.32 and a two-hundred day moving average price of $28.82. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -5.43 and a beta of 0.80. Cannae has a 12 month low of $17.51 and a 12 month high of $37.32.

Cannae (NYSE:CNNEGet Rating) last issued its earnings results on Monday, May 9th. The company reported ($2.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($2.87). Cannae had a negative return on equity of 8.92% and a negative net margin of 40.87%. During the same period last year, the firm earned ($2.55) earnings per share. As a group, sell-side analysts expect that Cannae will post -0.91 earnings per share for the current year.

In other Cannae news, major shareholder Cannae Holdings, Inc. sold 563,264 shares of the stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $13.99, for a total value of $7,880,063.36. Following the transaction, the insider now directly owns 26,618,506 shares in the company, valued at approximately $372,392,898.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard N. Massey acquired 5,000 shares of the firm’s stock in a transaction on Thursday, February 24th. The stock was purchased at an average price of $24.57 per share, for a total transaction of $122,850.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 41,000 shares of company stock valued at $1,016,230 and have sold 1,198,830 shares valued at $16,257,595. Company insiders own 5.60% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in CNNE. Victory Capital Management Inc. bought a new position in Cannae in the 3rd quarter valued at $229,000. Deutsche Bank AG boosted its position in Cannae by 5.0% in the 3rd quarter. Deutsche Bank AG now owns 174,317 shares of the company’s stock valued at $5,424,000 after buying an additional 8,255 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Cannae by 73.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 31,181 shares of the company’s stock valued at $971,000 after buying an additional 13,251 shares during the last quarter. Advisor Group Holdings Inc. boosted its position in Cannae by 8.4% in the 3rd quarter. Advisor Group Holdings Inc. now owns 8,440 shares of the company’s stock valued at $261,000 after buying an additional 651 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Cannae by 33.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 115,362 shares of the company’s stock valued at $3,588,000 after buying an additional 28,960 shares during the last quarter. Hedge funds and other institutional investors own 86.51% of the company’s stock.

About Cannae (Get Rating)

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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