Ellie Mae Inc (NASDAQ:ELLI) has been given an average recommendation of “Buy” by the seven analysts that are covering the company. Two research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $114.00.

Several brokerages recently issued reports on ELLI. Zacks Investment Research cut Ellie Mae from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Pacific Crest started coverage on Ellie Mae in a report on Tuesday, September 6th. They set an “overweight” rating and a $124.00 price target on the stock. JPMorgan Chase & Co. started coverage on Ellie Mae in a report on Friday, September 9th. They set an “overweight” rating and a $118.00 price target on the stock. Barclays PLC lowered Ellie Mae from an “overweight” rating to an “equal weight” rating and set a $97.00 price target on the stock. in a report on Tuesday, July 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $125.00 price target on shares of Ellie Mae in a report on Sunday, August 28th.

In other news, EVP Gates Cathleen Schreiner sold 675 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $92.29, for a total value of $62,295.75. Following the completion of the transaction, the executive vice president now owns 26,369 shares of the company’s stock, valued at approximately $2,433,595.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Edgar Luce sold 5,000 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $93.96, for a total value of $469,800.00. Following the completion of the transaction, the chief financial officer now directly owns 67,496 shares of the company’s stock, valued at approximately $6,341,924.16. The disclosure for this sale can be found here.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Whale Rock Capital Management LLC raised its position in shares of Ellie Mae by 38.5% in the second quarter. Whale Rock Capital Management LLC now owns 1,120,745 shares of the company’s stock valued at $102,716,000 after buying an additional 311,350 shares in the last quarter. Eagle Asset Management Inc. raised its position in shares of Ellie Mae by 127.7% in the second quarter. Eagle Asset Management Inc. now owns 553,475 shares of the company’s stock valued at $50,725,000 after buying an additional 310,427 shares in the last quarter. Lord Abbett & CO. LLC raised its position in shares of Ellie Mae by 48.5% in the second quarter. Lord Abbett & CO. LLC now owns 808,775 shares of the company’s stock valued at $74,124,000 after buying an additional 263,998 shares in the last quarter. Brown Capital Management LLC raised its position in shares of Ellie Mae by 20.1% in the second quarter. Brown Capital Management LLC now owns 1,488,452 shares of the company’s stock valued at $136,417,000 after buying an additional 248,684 shares in the last quarter. Finally, RS Investment Management Co. LLC purchased a new position in shares of Ellie Mae during the second quarter valued at about $18,175,000.

Ellie Mae (NASDAQ:ELLI) opened at 99.74 on Tuesday. The firm has a 50-day moving average price of $98.95 and a 200-day moving average price of $91.56. Ellie Mae has a one year low of $57.88 and a one year high of $105.98. The firm has a market capitalization of $3.01 billion and a price-to-earnings ratio of 129.53.

Ellie Mae (NASDAQ:ELLI) last announced its earnings results on Thursday, July 28th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.09. The company had revenue of $90.10 million for the quarter, compared to analysts’ expectations of $85.54 million. The firm’s quarterly revenue was up 36.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.48 EPS. Analysts expect that Ellie Mae will post $2.05 EPS for the current year.

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.

5 Day Chart for NASDAQ:ELLI

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