William Blair Equities Analysts Reduce Earnings Estimates for Ellie Mae Inc (ELLI)
Ellie Mae Inc (NASDAQ:ELLI) – Stock analysts at William Blair reduced their FY2016 EPS estimates for Ellie Mae in a research note issued on Tuesday. William Blair analyst B. Dobell now forecasts that the firm will earn $1.09 per share for the year, down from their prior forecast of $1.15. William Blair also issued estimates for Ellie Mae’s FY2017 earnings at $1.40 EPS.
Ellie Mae (NASDAQ:ELLI) last released its earnings results on Thursday, July 28th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates 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 last year, the business posted $0.48 EPS. Ellie Mae’s revenue was up 36.7% compared to the same quarter last year.
Other equities research analysts also recently issued reports about the company. Zacks Investment Research downgraded Ellie Mae from a “hold” rating to a “sell” rating in a report on Friday. Barclays PLC boosted their price target on Ellie Mae from $97.00 to $110.00 and gave the company an “equal weight” rating in a report on Friday, July 29th. Pacific Crest started coverage on Ellie Mae in a report on Tuesday, September 6th. They issued an “overweight” rating and a $124.00 price target for the company. Needham & Company LLC boosted their price target on Ellie Mae from $110.00 to $125.00 and gave the company a “buy” rating in a report on Friday, July 29th. Finally, JMP Securities boosted their price target on Ellie Mae from $94.00 to $107.00 and gave the company a “market outperform” rating in a report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $113.86.
Shares of Ellie Mae (NASDAQ:ELLI) opened at 99.93 on Friday. The firm has a 50-day moving average price of $99.04 and a 200-day moving average price of $91.66. The firm has a market cap of $3.02 billion and a P/E ratio of 129.78. Ellie Mae has a 12-month low of $57.88 and a 12-month high of $105.98.
In related news, CEO Jonathan Corr sold 31,500 shares of the company’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $96.72, for a total transaction of $3,046,680.00. Following the completion of the transaction, the chief executive officer now directly owns 112,385 shares in the company, valued at approximately $10,869,877.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Edgar Luce sold 5,000 shares of the company’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $104.25, for a total value of $521,250.00. Following the transaction, the chief financial officer now owns 47,989 shares of the company’s stock, valued at $5,002,853.25. The disclosure for this sale can be found here.
A number of hedge funds and other institutional investors have recently modified their holdings of ELLI. RS Investment Management Co. LLC bought a new position in shares of Ellie Mae during the second quarter worth approximately $18,175,000. Creative Planning increased its position in shares of 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. Geneva Advisors LLC increased its position in shares of Ellie Mae by 177.4% in the second quarter. Geneva Advisors LLC now owns 30,161 shares of the company’s stock worth $2,764,000 after buying an additional 19,290 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of Ellie Mae by 9.9% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 215,540 shares of the company’s stock worth $19,755,000 after buying an additional 19,429 shares during the last quarter. Finally, Suntrust Banks Inc. increased its position in shares of Ellie Mae by 0.6% in the second quarter. Suntrust Banks Inc. now owns 16,050 shares of the company’s stock worth $1,470,000 after buying an additional 93 shares during the last quarter.
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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