Principal Financial Group Inc. Grows Stake in Ellie Mae Inc (ELLI)
Principal Financial Group Inc. lifted its holdings in Ellie Mae Inc (NASDAQ:ELLI) by 28.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,645 shares of the software maker’s stock after acquiring an additional 5,749 shares during the quarter. Principal Financial Group Inc. owned 0.07% of Ellie Mae worth $2,819,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in ELLI. Great West Life Assurance Co. Can increased its stake in shares of Ellie Mae by 29.9% in the first quarter. Great West Life Assurance Co. Can now owns 3,912 shares of the software maker’s stock worth $392,000 after acquiring an additional 900 shares during the period. Comerica Bank acquired a new stake in shares of Ellie Mae in the first quarter worth $1,386,000. Parametric Portfolio Associates LLC increased its stake in shares of Ellie Mae by 28.4% in the first quarter. Parametric Portfolio Associates LLC now owns 47,518 shares of the software maker’s stock worth $4,765,000 after acquiring an additional 10,505 shares during the period. American International Group Inc. increased its stake in shares of Ellie Mae by 17.2% in the first quarter. American International Group Inc. now owns 19,859 shares of the software maker’s stock worth $1,991,000 after acquiring an additional 2,913 shares during the period. Finally, Neuberger Berman Group LLC increased its stake in shares of Ellie Mae by 1.6% in the first quarter. Neuberger Berman Group LLC now owns 15,722 shares of the software maker’s stock worth $1,576,000 after acquiring an additional 240 shares during the period.
In other Ellie Mae news, insider Sigmund Anderman sold 1,319 shares of the company’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $109.90, for a total transaction of $144,958.10. Following the completion of the transaction, the insider now owns 98,321 shares in the company, valued at approximately $10,805,477.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jonathan Corr sold 2,211 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $88.44, for a total transaction of $195,540.84. Following the transaction, the chief executive officer now owns 114,902 shares of the company’s stock, valued at approximately $10,161,932.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,716 shares of company stock valued at $1,670,159.
ELLI has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Ellie Mae from a “hold” rating to a “buy” rating and set a $123.00 price objective on the stock in a research note on Monday, July 3rd. J P Morgan Chase & Co reiterated a “buy” rating on shares of Ellie Mae in a research note on Friday, September 1st. Morgan Stanley reiterated 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 reiterated a “buy” rating and issued a $100.00 price objective (down previously from $135.00) on shares of Ellie Mae in a research note on Sunday, July 30th. Finally, ValuEngine upgraded shares of Ellie Mae from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $112.95.
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Shares of Ellie Mae Inc (NASDAQ ELLI) opened at 83.72 on Friday. The firm has a market cap of $2.88 billion and a price-to-earnings ratio of 55.52. The company’s 50-day moving average is $83.55 and its 200 day moving average is $99.32. Ellie Mae Inc has a 52-week low of $77.60 and a 52-week high of $114.95.
Ellie Mae (NASDAQ:ELLI) last announced its quarterly earnings data on Thursday, July 27th. The software maker reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.16. The company had revenue of $104.10 million during 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%. Ellie Mae’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.64 EPS. On average, analysts expect that Ellie Mae Inc will post $1.49 earnings per share for the current fiscal 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 purchase up to 8.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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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