Zacks Investment Research Upgrades Ellie Mae Inc (ELLI) to “Buy”
Ellie Mae Inc (NASDAQ:ELLI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $113.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 10.52% from the company’s current price.
According to Zacks, “Ellie Mae, Inc. operates electronic mortgage origination networks in the United States. The Company’s network and technology-enabled solutions help streamline and automate the mortgage origination process. Solutions offered by Ellie include Encompass software, a comprehensive operating system that handles key business and management functions involved in running a mortgage origination business, and serves as a gateway to the Ellie Mae Network. Through its solutions the Company also offers services like: automated preparation of the disclosure and closing documents; electronic document management and websites and electronic connectivity. Ellie Mae, Inc. is headquartered in Pleasanton, California. “
Several other analysts have also recently weighed in on the stock. Needham & Company LLC upped their price objective on shares of Ellie Mae from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating and set a $100.00 price objective on shares of Ellie Mae in a research note on Wednesday, June 15th. Barclays PLC increased their price target on shares of Ellie Mae from $97.00 to $110.00 and gave the company an “equal weight” rating in a research note on Friday, July 29th. JMP Securities increased their price target on shares of Ellie Mae from $94.00 to $107.00 and gave the company a “market outperform” rating in a research note on Friday, July 29th. Finally, JPMorgan Chase & Co. began coverage on shares of Ellie Mae in a research note on Friday, September 9th. They set an “overweight” rating and a $118.00 price target on the stock. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Ellie Mae currently has a consensus rating of “Buy” and an average target price of $113.86.
Shares of Ellie Mae (NASDAQ:ELLI) opened at 102.24 on Tuesday. Ellie Mae has a 52 week low of $57.88 and a 52 week high of $102.63. The firm’s 50-day moving average is $97.27 and its 200 day moving average is $90.16. The firm has a market capitalization of $3.09 billion and a P/E ratio of 132.78.
Ellie Mae (NASDAQ:ELLI) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.09. The firm had revenue of $90.10 million for the quarter, compared to the consensus estimate of $85.54 million. Ellie Mae’s quarterly revenue was up 36.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.48 earnings per share. Equities research analysts forecast that Ellie Mae will post $2.05 EPS for the current fiscal year.
In other Ellie Mae news, EVP Limin Hu sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $95.21, for a total value of $476,050.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jonathan Corr sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $91.13, for a total transaction of $318,955.00. Following the completion of the transaction, the chief executive officer now directly owns 114,843 shares in the company, valued at $10,465,642.59. The disclosure for this sale can be found here.
A number of institutional investors have recently made changes to their positions in ELLI. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Ellie Mae during the second quarter worth about $104,000. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Ellie Mae during the second quarter worth about $269,000. ClariVest Asset Management LLC boosted its position in shares of Ellie Mae by 15.4% in the second quarter. ClariVest Asset Management LLC now owns 27,035 shares of the company’s stock worth $2,478,000 after buying an additional 3,600 shares during the last quarter. Redwood Investments LLC boosted its position in shares of Ellie Mae by 60.3% in the second quarter. Redwood Investments LLC now owns 52,333 shares of the company’s stock worth $4,796,000 after buying an additional 19,677 shares during the last quarter. Finally, Insight Capital Research & Management Inc. acquired a new position in shares of Ellie Mae during the second quarter worth about $2,314,000.
Ellie Mae Company Profile
Ellie Mae, Inc (Ellie Mae) is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. The Company’s Encompass all-in-one mortgage management solution provides one system of record that allows banks, credit unions, and mortgage lenders to originate and fund mortgages and improve compliance, loan quality, and efficiency.
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