Zacks Investment Research downgraded shares of Ellie Mae Inc (NASDAQ:ELLI) from a hold rating to a sell rating in a research report sent to investors on Friday.

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. “

A number of other research firms have also recently weighed in on ELLI. Barclays PLC increased their price objective on shares of Ellie Mae from $97.00 to $110.00 and gave the stock an equal weight rating in a research report on Friday, July 29th. Needham & Company LLC raised their price target on shares of Ellie Mae from $110.00 to $125.00 and gave the company a buy rating in a research report on Friday, July 29th. JPMorgan Chase & Co. assumed coverage on shares of Ellie Mae in a research report on Friday, September 9th. They issued an overweight rating and a $118.00 price target for the company. 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 research report on Friday, July 29th. Finally, Pacific Crest assumed coverage on shares of Ellie Mae in a research report on Tuesday, September 6th. They issued an overweight rating and a $124.00 price target for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $113.86.

Analyst Recommendations for Ellie Mae (NASDAQ:ELLI)

Ellie Mae (NASDAQ:ELLI) traded up 0.27% during trading on Friday, hitting $100.20. The company had a trading volume of 22,264 shares. The stock has a market capitalization of $3.03 billion and a price-to-earnings ratio of 130.13. Ellie Mae has a 52-week low of $57.88 and a 52-week high of $105.98. The firm’s 50 day moving average is $99.04 and its 200-day moving average is $91.66.

Ellie Mae (NASDAQ:ELLI) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.64 earnings per share for the quarter, topping the Zacks’ 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 business’s revenue for the quarter was up 36.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.48 EPS. On average, equities analysts forecast that Ellie Mae will post $2.05 earnings per share for the current year.

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

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Ellie Mae by 2.6% in the second quarter. Vanguard Group Inc. now owns 2,090,769 shares of the company’s stock valued at $191,619,000 after buying an additional 53,799 shares in the last quarter. Brown Capital Management LLC raised its stake 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. Whale Rock Capital Management LLC raised its stake 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. Lord Abbett & CO. LLC raised its stake 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. Finally, BlackRock Fund Advisors raised its stake in shares of Ellie Mae by 0.5% in the second quarter. BlackRock Fund Advisors now owns 764,425 shares of the company’s stock valued at $70,060,000 after buying an additional 3,508 shares in 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.

5 Day Chart for NASDAQ:ELLI

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