Cannae (NYSE:CNNE) Sets New 12-Month Low – Here’s What Happened

Cannae Holdings, Inc. (NYSE:CNNE) shares hit a new 52-week low on Monday . The stock traded as low as $12.73 and last traded at $12.7740, with a volume of 16410 shares changing hands. The stock had previously closed at $13.20.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CNNE shares. Royal Bank Of Canada cut their price objective on shares of Cannae from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cannae in a research note on Friday, January 9th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.50.

Cannae Trading Down 2.9%

The stock has a 50 day moving average of $15.15 and a 200-day moving average of $16.91. The company has a market capitalization of $631.57 million, a P/E ratio of -1.66 and a beta of 1.09. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.05.

Institutional Trading of Cannae

Hedge funds have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV bought a new stake in Cannae in the fourth quarter worth $299,000. XTX Topco Ltd bought a new stake in shares of Cannae in the 4th quarter valued at approximately $2,362,000. VARCOV Co. purchased a new position in shares of Cannae in the 4th quarter worth approximately $533,000. Saba Capital Management L.P. increased its position in shares of Cannae by 23.3% during the 4th quarter. Saba Capital Management L.P. now owns 1,714,994 shares of the company’s stock valued at $26,977,000 after purchasing an additional 323,531 shares during the last quarter. Finally, Man Group plc raised its holdings in Cannae by 11.3% during the 4th quarter. Man Group plc now owns 512,577 shares of the company’s stock valued at $8,063,000 after buying an additional 52,209 shares during the period. 88.12% of the stock is owned by hedge funds and other institutional investors.

About Cannae

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.