Zacks Investment Research upgraded shares of Cannae (NYSE:CNNE) from a hold rating to a buy rating in a report published on Thursday, Zacks.com reports. The brokerage currently has $44.00 price target on the stock.

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. “

CNNE stock opened at $39.90 on Thursday. The business’s fifty day moving average is $37.26 and its 200-day moving average is $36.12. The company has a quick ratio of 5.70, a current ratio of 5.74 and a debt-to-equity ratio of 0.02. The company has a market cap of $3.66 billion, a P/E ratio of 2.66 and a beta of 0.65. Cannae has a twelve month low of $20.51 and a twelve month high of $44.87.

Cannae (NYSE:CNNE) last posted its quarterly earnings results on Friday, August 7th. The company reported $5.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $5.85. The company had revenue of $102.60 million for the quarter, compared to the consensus estimate of $109.70 million. Cannae had a return on equity of 60.74% and a net margin of 144.78%. The firm’s quarterly revenue was down 62.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.27 EPS. Research analysts anticipate that Cannae will post 14.1 earnings per share for the current fiscal year.

In other Cannae news, CEO Richard N. Massey acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were acquired at an average price of $36.95 per share, with a total value of $184,750.00. Following the purchase, the chief executive officer now owns 265,087 shares of the company’s stock, valued at approximately $9,794,964.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.80% of the company’s stock.

A number of institutional investors have recently modified their holdings of CNNE. Azora Capital LP acquired a new stake in shares of Cannae in the 2nd quarter valued at about $72,639,000. Vanguard Group Inc. raised its stake in shares of Cannae by 12.9% in the 2nd quarter. Vanguard Group Inc. now owns 7,808,750 shares of the company’s stock valued at $320,939,000 after purchasing an additional 895,105 shares during the period. DAVENPORT & Co LLC raised its stake in shares of Cannae by 126.1% in the 2nd quarter. DAVENPORT & Co LLC now owns 1,333,894 shares of the company’s stock valued at $54,823,000 after purchasing an additional 744,001 shares during the period. Eminence Capital LP acquired a new stake in shares of Cannae in the 2nd quarter valued at about $28,672,000. Finally, Confluence Investment Management LLC raised its stake in shares of Cannae by 77.3% in the 1st quarter. Confluence Investment Management LLC now owns 1,092,419 shares of the company’s stock valued at $36,585,000 after purchasing an additional 476,252 shares during the period. 84.81% of the stock is currently owned by institutional investors and hedge funds.

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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