Ellie Mae Inc (ELLI) Rating Lowered to Hold at Zacks Investment Research
Ellie Mae Inc (NASDAQ:ELLI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
ELLI has been the subject of several other research reports. Pacific Crest began coverage on shares of Ellie Mae in a research report on Tuesday, September 6th. They issued an “overweight” rating and a $124.00 price objective for the company. Barclays PLC lowered shares of Ellie Mae from an “overweight” rating to an “equal weight” rating and set a $97.00 price target for the company. in a report on Tuesday, July 5th. JMP Securities raised their price target on shares of Ellie Mae from $94.00 to $107.00 and gave the company a “market outperform” rating in a report on Friday, July 29th. JPMorgan Chase & Co. assumed coverage on shares of Ellie Mae in a report on Friday, September 9th. They set an “overweight” rating and a $118.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $125.00 price target on shares of Ellie Mae in a report on Sunday, August 28th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $113.86.
Shares of Ellie Mae (NASDAQ:ELLI) opened at 103.38 on Wednesday. The stock has a market capitalization of $3.12 billion and a PE ratio of 134.26. The company has a 50-day moving average of $97.44 and a 200-day moving average of $90.26. Ellie Mae has a 12 month low of $57.88 and a 12 month high of $104.56.
Ellie Mae (NASDAQ:ELLI) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.09. The business earned $90.10 million during the quarter, compared to analyst estimates of $85.54 million. During the same period in the previous year, the company earned $0.48 EPS. Ellie Mae’s revenue was up 36.7% on a year-over-year basis. On average, equities research analysts expect that Ellie Mae will post $2.05 EPS for the current fiscal year.
In other Ellie Mae news, insider Sigmund Anderman sold 55,000 shares of the stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $96.81, for a total transaction of $5,324,550.00. Following the transaction, the insider now directly owns 157,874 shares in the company, valued at approximately $15,283,781.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jonathan Corr sold 3,500 shares of the stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $98.84, for a total transaction of $345,940.00. Following the transaction, the chief executive officer now owns 85,822 shares in the company, valued at $8,482,646.48. The disclosure for this sale can be found here.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Merriman Wealth Management LLC bought a new position in Ellie Mae during the second quarter worth approximately $5,346,000. Creative Planning increased its position in Ellie Mae by 2,033.7% in the second quarter. Creative Planning now owns 5,505 shares of the company’s stock worth $505,000 after buying an additional 5,247 shares during the last quarter. Eagle Asset Management Inc. increased its position in Ellie Mae by 127.7% in the second quarter. Eagle Asset Management Inc. now owns 553,475 shares of the company’s stock worth $50,725,000 after buying an additional 310,427 shares during the last quarter. Summit Creek Advisors LLC increased its position in Ellie Mae by 46.7% in the second quarter. Summit Creek Advisors LLC now owns 182,974 shares of the company’s stock worth $16,770,000 after buying an additional 58,208 shares during the last quarter. Finally, Daiwa Securities Group Inc. acquired a new position in Ellie Mae during the second quarter worth about $174,000.
About Ellie Mae
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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