Needham & Company LLC reaffirmed their buy rating on shares of Ellie Mae Inc (NASDAQ:ELLI) in a report released on Sunday, July 30th. They currently have a $100.00 target price on the software maker’s stock, down from their previous target price of $135.00.
ELLI has been the topic of several other research reports. William Blair raised shares of Ellie Mae from a market perform rating to an outperform rating in a report on Monday, April 3rd. KeyCorp reaffirmed a buy rating and issued a $130.00 target price on shares of Ellie Mae in a report on Wednesday, June 14th. ValuEngine lowered shares of Ellie Mae from a hold rating to a sell rating in a research note on Friday, July 28th. Bank of America Corporation started coverage on shares of Ellie Mae in a research note on Monday, May 15th. They issued a buy rating and a $130.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Ellie Mae from a hold rating to a buy rating and set a $123.00 price target on the stock in a research note on Monday, July 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $116.54.
Ellie Mae (NASDAQ:ELLI) opened at 80.86 on Friday. The stock has a 50 day moving average of $99.05 and a 200-day moving average of $101.97. The stock has a market cap of $2.78 billion and a P/E ratio of 53.62. Ellie Mae has a 12 month low of $77.60 and a 12 month high of $114.95.
Ellie Mae (NASDAQ:ELLI) last issued its earnings results on Thursday, July 27th. The software maker reported $0.52 earnings per share 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 net margin of 18.08% and a return on equity of 10.74%. The firm’s revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.64 earnings per share. On average, equities analysts forecast that Ellie Mae will post $1.49 EPS for the current fiscal year.
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In other news, EVP Peter Hirsch sold 1,817 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $84.30, for a total transaction of $153,173.10. Following the transaction, the executive vice president now directly owns 24,972 shares in the company, valued at $2,105,139.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Sigmund Anderman sold 12,253 shares of the firm’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $111.31, for a total transaction of $1,363,881.43. Following the transaction, the insider now owns 105,167 shares in the company, valued at $11,706,138.77. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,523 shares of company stock worth $6,283,799.
Several large investors have recently modified their holdings of the company. BlackRock Inc. increased its stake 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 valued at $219,519,000 after buying an additional 2,186,670 shares in the last quarter. FMR LLC increased its stake 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 valued at $72,109,000 after buying an additional 537,095 shares in the last quarter. Baillie Gifford & Co. increased its stake 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 valued at $51,894,000 after buying an additional 336,420 shares in the last quarter. Quantitative Investment Management LLC bought a new stake in shares of Ellie Mae during the first quarter valued at $14,057,000. Finally, Vanguard Group Inc. increased its stake 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 valued at $259,482,000 after buying an additional 127,005 shares in the last quarter.
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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