California Public Employees Retirement System Grows Holdings in Ellie Mae Inc (ELLI)
California Public Employees Retirement System raised its stake in shares of Ellie Mae Inc (NASDAQ:ELLI) by 3.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 134,700 shares of the software maker’s stock after purchasing an additional 4,000 shares during the period. California Public Employees Retirement System owned 0.39% of Ellie Mae worth $14,805,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC increased its holdings in shares of Ellie Mae by 8.8% in the second quarter. Nisa Investment Advisors LLC now owns 1,230 shares of the software maker’s stock worth $135,000 after purchasing an additional 100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Ellie Mae by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,339 shares of the software maker’s stock worth $147,000 after buying an additional 119 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Ellie Mae by 1.4% in the second quarter. Bank of Montreal Can now owns 1,817 shares of the software maker’s stock worth $200,000 after buying an additional 25 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Ellie Mae in the first quarter worth about $214,000. Finally, United Capital Financial Advisers LLC purchased a new stake in shares of Ellie Mae in the first quarter worth about $231,000.
Shares of Ellie Mae Inc (NASDAQ ELLI) opened at 84.17 on Wednesday. The stock has a market cap of $2.89 billion and a price-to-earnings ratio of 55.82. Ellie Mae Inc has a 12-month low of $77.60 and a 12-month high of $114.95. The company’s 50-day moving average price is $83.53 and its 200 day moving average price is $99.65.
Ellie Mae (NASDAQ:ELLI) last issued its earnings results on Thursday, July 27th. The software maker reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.16. The business had revenue of $104.10 million during the quarter, compared to analysts’ expectations of $110.69 million. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 earnings per share. On average, equities analysts predict that Ellie Mae Inc will post $1.49 earnings per share for the current year.
Ellie Mae declared that its board has authorized a share buyback 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 shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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In other Ellie Mae news, CEO Jonathan Corr sold 2,210 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $83.71, for a total value of $184,999.10. Following the transaction, the chief executive officer now directly owns 116,002 shares of the company’s stock, valued at approximately $9,710,527.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sigmund Anderman sold 1,319 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $109.90, for a total value of $144,958.10. Following the transaction, the insider now owns 98,321 shares in the company, valued at $10,805,477.90. The disclosure for this sale can be found here. Insiders have sold 19,927 shares of company stock worth $1,909,124 over the last 90 days.
A number of brokerages recently commented on ELLI. Zacks Investment Research raised Ellie Mae from a “hold” rating to a “buy” rating and set a $123.00 price target for the company in a research note on Monday, July 3rd. J P Morgan Chase & Co reaffirmed a “buy” rating on shares of Ellie Mae in a research note on Friday, September 1st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $115.00 price objective (up previously from $106.00) on shares of Ellie Mae in a research note on Thursday, July 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price objective (down from $135.00) on shares of Ellie Mae in a report on Sunday, July 30th. Finally, ValuEngine raised Ellie Mae from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Ellie Mae currently has a consensus rating of “Buy” and a consensus target price of $112.95.
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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