Royal Bank of Canada Lowers Cannae (NYSE:CNNE) Price Target to $23.00

Cannae (NYSE:CNNE) had its target price lowered by investment analysts at Royal Bank of Canada from $27.00 to $23.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 16.75% from the company’s current price.

Cannae Stock Up 3.1 %

Shares of Cannae stock traded up $0.60 during midday trading on Wednesday, hitting $19.70. The company’s stock had a trading volume of 497,586 shares, compared to its average volume of 306,514. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $1.24 billion, a P/E ratio of -4.09 and a beta of 0.87. The stock has a 50-day simple moving average of $19.51 and a 200-day simple moving average of $19.68. Cannae has a 1-year low of $16.94 and a 1-year high of $22.99.

Hedge Funds Weigh In On Cannae

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNNE. Saba Capital Management L.P. increased its stake in Cannae by 92.3% in the fourth quarter. Saba Capital Management L.P. now owns 2,219,230 shares of the company’s stock valued at $44,074,000 after acquiring an additional 1,065,083 shares during the period. Carronade Capital Management LP grew its position in Cannae by 145.5% in the fourth quarter. Carronade Capital Management LP now owns 1,728,926 shares of the company’s stock valued at $34,336,000 after acquiring an additional 1,024,663 shares during the period. Private Management Group Inc. acquired a new position in Cannae during the fourth quarter worth $16,643,000. Invenomic Capital Management LP bought a new position in shares of Cannae during the fourth quarter valued at $10,174,000. Finally, FMR LLC boosted its stake in shares of Cannae by 17.6% in the 3rd 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 in the last quarter. 88.12% of the stock is currently owned by institutional investors.

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 was founded in 2014 and is based in Las Vegas, Nevada.