Ellie Mae Inc (ELLI) Downgraded by RBC Capital Markets to Sector Perform
RBC Capital Markets downgraded shares of Ellie Mae Inc (NASDAQ:ELLI) from an outperform rating to a sector perform rating in a research report report published on Thursday morning. RBC Capital Markets currently has $90.00 price target on the stock, down from their previous price target of $114.00.
Several other equities research analysts also recently issued reports on the company. Royal Bank Of Canada downgraded Ellie Mae from an outperform rating to a sector perform rating and decreased their price target for the stock from $114.00 to $90.00 in a report on Thursday. Zacks Investment Research upgraded Ellie Mae from a sell rating to a hold rating in a report on Thursday, November 3rd. Oppenheimer Holdings Inc. reiterated an outperform rating and set a $120.00 price target (up previously from $110.00) on shares of Ellie Mae in a report on Friday, October 21st. JPMorgan Chase & Co. assumed coverage on Ellie Mae in a report on Friday, September 9th. They set an overweight rating and a $118.00 price target for the company. Finally, Pacific Crest assumed coverage on Ellie Mae in a report on Tuesday, September 6th. They set an overweight rating and a $124.00 price target for the company. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Ellie Mae currently has an average rating of Buy and a consensus price target of $110.78.
Ellie Mae (NASDAQ:ELLI) traded down 1.64% during midday trading on Thursday, hitting $80.41. The stock had a trading volume of 357,735 shares. The company has a 50-day moving average price of $100.12 and a 200-day moving average price of $93.45. The stock has a market cap of $2.70 billion and a P/E ratio of 80.98. Ellie Mae has a 52 week low of $57.88 and a 52 week high of $109.99.
Ellie Mae (NASDAQ:ELLI) last announced its quarterly earnings results on Thursday, October 27th. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.13. The company had revenue of $100.38 million for the quarter, compared to the consensus estimate of $91.86 million. During the same quarter last year, the company posted $0.45 EPS. The company’s quarterly revenue was up 45.7% compared to the same quarter last year. Equities analysts expect that Ellie Mae will post $2.19 EPS for the current year.
In related news, VP Brian E. Brown sold 540 shares of the stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $101.39, for a total transaction of $54,750.60. Following the sale, the vice president now owns 7,476 shares of the company’s stock, valued at approximately $757,991.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jonathan Corr sold 3,500 shares of the stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $104.81, for a total value of $366,835.00. Following the sale, the chief executive officer now directly owns 85,603 shares in the company, valued at approximately $8,972,050.43. The disclosure for this sale can be found here.
A number of hedge funds have recently modified their holdings of ELLI. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new stake in shares of Ellie Mae during the second quarter worth about $104,000. Winslow Evans & Crocker Inc. boosted its stake in shares of Ellie Mae by 120.0% in the third quarter. Winslow Evans & Crocker Inc. now owns 1,100 shares of the company’s stock worth $116,000 after buying an additional 600 shares during the period. Advisor Group Inc. boosted its stake in shares of Ellie Mae by 9.2% in the third quarter. Advisor Group Inc. now owns 1,130 shares of the company’s stock worth $119,000 after buying an additional 95 shares during the period. Daiwa Securities Group Inc. bought a new stake in shares of Ellie Mae during the second quarter worth about $174,000. Finally, Bank of Montreal Can bought a new stake in shares of Ellie Mae during the second quarter worth about $177,000.
Ellie Mae Company Profile
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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