Royal Bank Of Canada Downgrades Ellie Mae Inc. (ELLI) to Sector Perform
Ellie Mae Inc. (NYSE:ELLI) was downgraded by equities research analysts at Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Thursday. They currently have a $90.00 price objective on the stock, down from their prior price objective of $114.00. Royal Bank Of Canada’s target price suggests a potential upside of 4.05% from the company’s current price.
A number of other equities analysts have also commented on ELLI. 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 target on the stock. Needham & Company LLC boosted their target price 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. JPMorgan Chase & Co. began coverage on shares of Ellie Mae in a research note on Friday, September 9th. They issued an “overweight” rating and a $118.00 target price for the company. Finally, Barclays PLC dropped their target price on shares of Ellie Mae from $110.00 to $97.00 and set an “equal weight” rating for the company in a research note on Friday, July 29th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $94.40.
Shares of Ellie Mae (NYSE:ELLI) opened at 86.50 on Thursday. The company’s 50-day moving average is $100.69 and its 200-day moving average is $93.54. The company has a market capitalization of $2.90 billion, a PE ratio of 87.11 and a beta of 0.53. Ellie Mae has a one year low of $57.88 and a one year high of $109.99.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Ellie Mae by 114.7% in the first quarter. BlackRock Inc. now owns 2,059 shares of the company’s stock valued at $187,000 after buying an additional 1,100 shares during the period. BlueMountain Capital Management LLC acquired a new position in shares of Ellie Mae during the first quarter valued at approximately $233,000. LPL Financial LLC boosted its position in shares of Ellie Mae by 20.2% in the first quarter. LPL Financial LLC now owns 9,776 shares of the company’s stock valued at $866,000 after buying an additional 1,646 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Ellie Mae by 19.5% in the first quarter. Envestnet Asset Management Inc. now owns 10,005 shares of the company’s stock valued at $907,000 after buying an additional 1,635 shares during the last quarter. Finally, BlackRock Group LTD boosted its position in shares of Ellie Mae by 28.4% in the first quarter. BlackRock Group LTD now owns 16,572 shares of the company’s stock valued at $1,503,000 after buying an additional 3,662 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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