Cannae (NYSE:CNNE) Shares Gap Up – Still a Buy?

Cannae Holdings, Inc. (NYSE:CNNE)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $13.84, but opened at $14.83. Cannae shares last traded at $13.11, with a volume of 120,132 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CNNE shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Cannae in a research note on Wednesday, April 8th. Royal Bank Of Canada reissued an “outperform” rating on shares of Cannae in a research note on Tuesday. Finally, Stephens reaffirmed an “overweight” rating and set a $17.00 price target on shares of Cannae in a research note on Thursday, April 23rd. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.00.

Cannae Price Performance

The stock has a market capitalization of $578.00 million, a price-to-earnings ratio of -1.68 and a beta of 1.18. The business’s fifty day moving average price is $12.32 and its 200-day moving average price is $14.42. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.71 and a quick ratio of 2.07.

Cannae (NYSE:CNNE) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.30). The business had revenue of $96.20 million for the quarter, compared to analyst estimates of $99.77 million. Cannae had a negative net margin of 103.77% and a negative return on equity of 36.53%. The firm’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.81) earnings per share. On average, research analysts forecast that Cannae Holdings, Inc. will post -2.02 EPS for the current year.

Cannae Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, June 16th. Cannae’s dividend payout ratio (DPR) is presently -7.68%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CNNE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Cannae by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,465 shares of the company’s stock valued at $613,000 after purchasing an additional 1,405 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Cannae by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 299,843 shares of the company’s stock valued at $5,496,000 after purchasing an additional 11,788 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Cannae by 95.4% during the first quarter. Jane Street Group LLC now owns 54,393 shares of the company’s stock valued at $997,000 after purchasing an additional 26,550 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Cannae during the second quarter valued at about $62,000. Finally, Jump Financial LLC lifted its position in shares of Cannae by 353.3% during the second quarter. Jump Financial LLC now owns 64,606 shares of the company’s stock valued at $1,347,000 after purchasing an additional 50,353 shares in the last quarter. 88.12% of the stock is owned by institutional investors.

Cannae Company Profile

Cannae Holdings, Inc (NYSE: CNNE) is a publicly traded diversified holding company that focuses on partnering with and investing in businesses across a range of industry sectors. The company seeks to identify attractive opportunities in both private and public markets, leveraging its capital resources and management expertise to support operational growth and value creation. Cannae’s investment strategy emphasizes companies in data and analytics, marketing services, healthcare technology, and payment processing.

Through its portfolio, Cannae holds controlling or significant minority stakes in companies that provide critical software, data and services to corporate clients.