Ellie Mae Inc (ELLI) Shares Bought by Alliancebernstein L.P.
Alliancebernstein L.P. lifted its stake in Ellie Mae Inc (NASDAQ:ELLI) by 10.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,046,902 shares of the software maker’s stock after purchasing an additional 100,103 shares during the quarter. Alliancebernstein L.P. owned 3.05% of Ellie Mae worth $115,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of ELLI. BlackRock Inc. lifted 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 worth $219,519,000 after purchasing an additional 2,186,670 shares in the last quarter. FMR LLC lifted 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 worth $72,109,000 after purchasing an additional 537,095 shares in the last quarter. Baillie Gifford & Co. lifted 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 worth $51,894,000 after purchasing an additional 336,420 shares in the last quarter. Vanguard Group Inc. lifted 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 worth $259,482,000 after purchasing an additional 127,005 shares in the last quarter. Finally, Clough Capital Partners L P purchased a new stake in shares of Ellie Mae in the first quarter worth approximately $12,433,000.
ELLI has been the subject of a number of research analyst reports. Bank of America Corporation initiated coverage on shares of Ellie Mae in a research report on Monday, May 15th. They issued a “buy” rating and a $130.00 price target for the company. KeyCorp reissued a “buy” rating and issued a $130.00 price target on shares of Ellie Mae in a research report on Wednesday, June 14th. Zacks Investment Research raised shares of Ellie Mae from a “hold” rating to a “buy” rating and set a $123.00 price target for the company in a research report on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $115.00 price target (up from $106.00) on shares of Ellie Mae in a research report on Thursday, July 20th. Finally, Roth Capital lowered shares of Ellie Mae from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $116.41.
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In other news, Director Marina Levinson sold 2,861 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $82.39, for a total transaction of $235,717.79. Following the sale, the director now owns 3,358 shares in the company, valued at approximately $276,665.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Gates Cathleen Schreiner sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $84.58, for a total value of $101,496.00. Following the sale, the executive vice president now owns 45,049 shares in the company, valued at approximately $3,810,244.42. The disclosure for this sale can be found here. Insiders sold a total of 58,465 shares of company stock worth $6,105,069 in the last 90 days.
Ellie Mae Inc (NASDAQ ELLI) opened at 83.84 on Monday. The company’s 50-day moving average is $88.58 and its 200 day moving average is $101.17. The company has a market cap of $2.88 billion and a price-to-earnings ratio of 55.60. Ellie Mae Inc has a 12 month low of $77.60 and a 12 month high of $114.95.
Ellie Mae (NASDAQ:ELLI) last released its earnings results on Thursday, July 27th. The software maker reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.16. The firm had revenue of $104.10 million for the quarter, compared to analysts’ expectations of $110.69 million. Ellie Mae had a return on equity of 10.74% and a net margin of 18.08%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 EPS. Equities analysts forecast that Ellie Mae Inc will post $1.49 earnings per share for the current fiscal year.
Ellie Mae announced that its Board of Directors has initiated a share repurchase program on Tuesday, September 5th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire up to 8.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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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