Royal Bank of Canada Issues Pessimistic Forecast for Cannae (NYSE:CNNE) Stock Price

Cannae (NYSE:CNNE) had its target price cut by Royal Bank of Canada from $27.00 to $23.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 17.11% from the company’s current price.

Cannae Trading Up 0.6 %

Shares of CNNE stock opened at $19.64 on Wednesday. Cannae has a 12-month low of $16.94 and a 12-month high of $22.99. 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 business has a 50-day moving average price of $19.51 and a two-hundred day moving average price of $19.68. The firm has a market cap of $1.23 billion, a P/E ratio of -4.08 and a beta of 0.87.

Hedge Funds Weigh In On Cannae

A number of institutional investors and hedge funds have recently made changes to their positions in CNNE. Spire Wealth Management purchased a new stake in shares of Cannae in the 4th quarter worth approximately $45,000. Oakview Capital Management L.P. purchased a new stake in shares of Cannae in the third quarter worth $67,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Cannae during the fourth quarter valued at $76,000. R Squared Ltd purchased a new position in shares of Cannae in the 4th quarter worth about $78,000. Finally, Nomura Asset Management Co. Ltd. boosted its stake in Cannae by 133.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 4,268 shares of the company’s stock worth $85,000 after purchasing an additional 2,436 shares in the last quarter. Institutional investors own 88.12% of the company’s stock.

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.