Cubist Systematic Strategies LLC Sells 11,091 Shares of Ellie Mae Inc (ELLI)
Cubist Systematic Strategies LLC decreased its holdings in shares of Ellie Mae Inc (NASDAQ:ELLI) by 65.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,942 shares of the software maker’s stock after selling 11,091 shares during the period. Cubist Systematic Strategies LLC’s holdings in Ellie Mae were worth $653,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in ELLI. BlackRock Inc. increased its stake in Ellie Mae by 83,812.6% during the first quarter. BlackRock Inc. now owns 2,189,279 shares of the software maker’s stock valued at $219,519,000 after purchasing an additional 2,186,670 shares during the last quarter. FMR LLC increased its stake in Ellie Mae by 295.0% during the first quarter. FMR LLC now owns 719,149 shares of the software maker’s stock valued at $72,109,000 after purchasing an additional 537,095 shares during the last quarter. Vanguard Group Inc. increased its stake in Ellie Mae by 5.2% during the first quarter. Vanguard Group Inc. now owns 2,587,842 shares of the software maker’s stock valued at $259,482,000 after purchasing an additional 127,005 shares during the last quarter. Alliancebernstein L.P. increased its stake in Ellie Mae by 10.6% during the second quarter. Alliancebernstein L.P. now owns 1,046,902 shares of the software maker’s stock valued at $115,065,000 after purchasing an additional 100,103 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in Ellie Mae by 261.0% during the first quarter. California Public Employees Retirement System now owns 130,700 shares of the software maker’s stock valued at $13,105,000 after purchasing an additional 94,500 shares during the last quarter.
Several analysts have weighed in on ELLI shares. Zacks Investment Research upgraded shares of Ellie Mae from a “hold” rating to a “buy” rating and set a $123.00 target price for the company in a research note on Monday, July 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $115.00 target price (up previously from $106.00) on shares of Ellie Mae in a research note on Thursday, July 20th. J P Morgan Chase & Co reiterated a “buy” rating on shares of Ellie Mae in a research note on Friday, September 1st. ValuEngine upgraded shares of Ellie Mae from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $100.00 target price (down previously from $135.00) on shares of Ellie Mae in a research note on Sunday, July 30th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $113.77.
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In other news, CEO Jonathan Corr sold 2,211 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $88.44, for a total value of $195,540.84. Following the completion of the sale, the chief executive officer now directly owns 114,902 shares in the company, valued at $10,161,932.88. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Marina Levinson sold 2,861 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $82.39, for a total value of $235,717.79. Following the completion of the sale, the director now owns 3,358 shares of the company’s stock, valued at $276,665.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,608 shares of company stock valued at $1,064,254.
Ellie Mae Inc (NASDAQ ELLI) opened at 90.54 on Thursday. Ellie Mae Inc has a 52-week low of $77.60 and a 52-week high of $114.95. The stock’s 50 day moving average is $84.48 and its 200 day moving average is $98.60. The company has a market cap of $3.11 billion and a price-to-earnings ratio of 60.04.
Ellie Mae (NASDAQ:ELLI) last released its quarterly earnings data on Thursday, July 27th. The software maker reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.16. Ellie Mae had a return on equity of 10.74% and a net margin of 18.08%. The firm had revenue of $104.10 million during the quarter, compared to analyst estimates of $110.69 million. During the same period in the prior year, the company posted $0.64 earnings per share. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, analysts predict 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 authorized a share buyback plan on Tuesday, September 5th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the software maker to purchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board 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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