Ellie Mae Inc (ELLI) Earns “Buy” Rating from Needham & Company LLC
ELLI has been the subject of a number of other research reports. Pacific Crest restated an overweight rating and issued a $130.00 price objective (up previously from $110.00) on shares of Ellie Mae in a research note on Sunday, April 23rd. BidaskClub lowered shares of Ellie Mae from a buy rating to a hold rating in a report on Monday, August 7th. Roth Capital lowered shares of Ellie Mae from a buy rating to a neutral rating in a report on Friday, July 28th. Zacks Investment Research lowered shares of Ellie Mae from a buy rating to a hold rating in a report on Friday, May 5th. Finally, Morgan Stanley reaffirmed an equal weight rating and issued a $115.00 target price (up previously from $106.00) on shares of Ellie Mae in a report on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $116.54.
Shares of Ellie Mae (ELLI) opened at 84.07 on Monday. Ellie Mae has a 1-year low of $77.60 and a 1-year high of $114.95. The stock has a market cap of $2.89 billion and a P/E ratio of 55.75. The company’s 50-day moving average is $100.69 and its 200 day moving average is $102.14.
Ellie Mae (NASDAQ:ELLI) last announced its quarterly earnings data on Thursday, July 27th. The software maker reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.16. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The company had revenue of $104.10 million during the quarter, compared to analysts’ expectations of $110.69 million. During the same quarter in the prior year, the company posted $0.64 EPS. The business’s revenue was up 15.5% on a year-over-year basis. Equities research analysts anticipate that Ellie Mae will post $1.49 EPS for the current year.
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In other news, CEO Jonathan Corr sold 2,210 shares of Ellie Mae stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $112.41, for a total transaction of $248,426.10. Following the completion of the sale, the chief executive officer now owns 116,002 shares of the company’s stock, valued at $13,039,784.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sigmund Anderman sold 12,253 shares of Ellie Mae stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $111.31, for a total value of $1,363,881.43. Following the sale, the insider now directly owns 105,167 shares of the company’s stock, valued at approximately $11,706,138.77. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,706 shares of company stock valued at $6,130,626.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in shares of Ellie Mae by 83,812.6% in the first quarter. BlackRock Inc. now owns 2,189,279 shares of the software maker’s stock valued at $219,519,000 after buying an additional 2,186,670 shares during the last quarter. FMR LLC increased its position in shares of Ellie Mae by 295.0% in the first quarter. FMR LLC now owns 719,149 shares of the software maker’s stock valued at $72,109,000 after buying an additional 537,095 shares during the last quarter. Baillie Gifford & Co. increased its position in shares of Ellie Mae by 185.7% in the first quarter. Baillie Gifford & Co. now owns 517,544 shares of the software maker’s stock valued at $51,894,000 after buying an additional 336,420 shares during the last quarter. Quantitative Investment Management LLC acquired a new position in shares of Ellie Mae during the first quarter valued at approximately $14,057,000. Finally, Vanguard Group Inc. increased its position in shares of Ellie Mae by 5.2% in the first quarter. Vanguard Group Inc. now owns 2,587,842 shares of the software maker’s stock valued at $259,482,000 after buying an additional 127,005 shares during the last quarter.
About Ellie Mae
Ellie Mae, Inc is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. Banks, credit unions, mortgage lenders and mortgage brokers use the Company’s Encompass mortgage management solution to originate and fund mortgages. The Company’s Encompass software is an enterprise solution that handles functions involved in running the business of originating mortgages, including customer relationship management; loan processing; underwriting; preparation of application, disclosure and closing documents; funding and closing the loan for the borrower; compliance with regulatory and investor requirements, and overall enterprise management.
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