J P Morgan Chase & Co Reaffirms “Buy” Rating for Ellie Mae Inc (ELLI)
ELLI has been the subject of several other research reports. Roth Capital downgraded shares of Ellie Mae from a buy rating to a neutral rating in a research report on Friday, July 28th. BidaskClub downgraded shares of Ellie Mae from a buy rating to a hold rating in a research report on Monday, August 7th. Zacks Investment Research downgraded shares of Ellie Mae from a buy rating to a hold rating in a research report on Friday, May 5th. Needham & Company LLC reissued a buy rating and issued a $100.00 target price (down previously from $135.00) on shares of Ellie Mae in a research report on Sunday, July 30th. Finally, Morgan Stanley reissued an equal weight rating and issued a $115.00 target price (up previously from $106.00) on shares of Ellie Mae in a research report on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $116.54.
Shares of Ellie Mae (NASDAQ ELLI) opened at 85.80 on Friday. The firm has a 50-day moving average price of $92.13 and a 200-day moving average price of $101.47. Ellie Mae has a 12 month low of $77.60 and a 12 month high of $114.95. The stock has a market cap of $2.95 billion and a price-to-earnings ratio of 56.90.
Ellie Mae (NASDAQ:ELLI) last released its quarterly earnings results on Thursday, July 27th. The software maker reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.16. The firm had revenue of $104.10 million for the quarter, compared to the consensus estimate of $110.69 million. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 EPS. Equities analysts expect that Ellie Mae will post $1.49 EPS for the current fiscal year.
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In other news, CEO Jonathan Corr sold 2,210 shares of Ellie Mae stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $112.41, for a total value of $248,426.10. Following the completion of the transaction, the chief executive officer now directly owns 116,002 shares of the company’s stock, valued at approximately $13,039,784.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Marina Levinson sold 2,861 shares of Ellie Mae stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $82.39, for a total transaction of $235,717.79. Following the completion of the transaction, the director now directly owns 3,358 shares of the company’s stock, valued at $276,665.62. The disclosure for this sale can be found here. Insiders sold a total of 57,167 shares of company stock valued at $6,058,866 over the last ninety days.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Ellie Mae by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 2,637,165 shares of the software maker’s stock valued at $289,851,000 after buying an additional 49,323 shares during the period. BlackRock Inc. boosted its holdings in shares of Ellie Mae by 83,812.6% in the 1st 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 period. Brown Capital Management LLC boosted its holdings in shares of Ellie Mae by 0.7% in the 1st quarter. Brown Capital Management LLC now owns 2,090,428 shares of the software maker’s stock valued at $209,607,000 after buying an additional 15,047 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Ellie Mae by 10.6% in the 2nd quarter. Alliancebernstein L.P. now owns 1,046,902 shares of the software maker’s stock valued at $115,065,000 after buying an additional 100,103 shares during the period. Finally, Park West Asset Management LLC boosted its holdings in shares of Ellie Mae by 3.3% in the 1st quarter. Park West Asset Management LLC now owns 931,868 shares of the software maker’s stock valued at $93,438,000 after buying an additional 29,913 shares during the period.
Ellie Mae Company Profile
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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