Ellie Mae Inc (NASDAQ:ELLI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $113.00 target price on the stock. Zacks Investment Research’s target price would suggest a potential upside of 11.65% from the company’s previous close.
According to Zacks, “Ellie Mae, Inc. operates electronic mortgage origination networks in the United States. The Company’s network and technology-enabled solutions help streamline and automate the mortgage origination process. Solutions offered by Ellie include Encompass software, a comprehensive operating system that handles key business and management functions involved in running a mortgage origination business, and serves as a gateway to the Ellie Mae Network. Through its solutions the Company also offers services like: automated preparation of the disclosure and closing documents; electronic document management and websites and electronic connectivity. Ellie Mae, Inc. is headquartered in Pleasanton, California. “
Several other brokerages have also recently commented on ELLI. Pacific Crest assumed coverage on shares of Ellie Mae in a report on Tuesday, September 6th. They set an “overweight” rating and a $124.00 target price for the company. JPMorgan Chase & Co. assumed coverage on shares of Ellie Mae in a report on Friday, September 9th. They set an “overweight” rating and a $118.00 target price for the company. Needham & Company LLC increased their target price on shares of Ellie Mae from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, July 29th. JMP Securities increased their target price on shares of Ellie Mae from $94.00 to $107.00 and gave the stock a “market outperform” rating in a report on Friday, July 29th. Finally, Barclays PLC increased their target price on shares of Ellie Mae from $97.00 to $110.00 and gave the stock an “equal weight” rating in a report on Friday, July 29th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Ellie Mae has a consensus rating of “Buy” and a consensus target price of $113.86.
Shares of Ellie Mae (NASDAQ:ELLI) traded up 2.52% during trading on Tuesday, reaching $101.21. 536,410 shares of the company’s stock were exchanged. Ellie Mae has a 52-week low of $57.88 and a 52-week high of $102.63. The company has a 50 day moving average price of $97.13 and a 200-day moving average price of $90.08. The company has a market capitalization of $3.06 billion and a PE ratio of 131.44.
Ellie Mae (NASDAQ:ELLI) last announced its earnings results on Thursday, July 28th. The company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.09. The business had revenue of $90.10 million for the quarter, compared to analyst estimates of $85.54 million. During the same quarter in the previous year, the company posted $0.48 EPS. The business’s revenue for the quarter was up 36.7% compared to the same quarter last year. On average, equities analysts forecast that Ellie Mae will post $2.05 earnings per share for the current year.
In other news, CFO Edgar Luce sold 5,000 shares of the stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $92.27, for a total value of $461,350.00. Following the transaction, the chief financial officer now directly owns 71,596 shares of the company’s stock, valued at $6,606,162.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jonathan Corr sold 3,500 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $98.84, for a total transaction of $345,940.00. Following the completion of the transaction, the chief executive officer now directly owns 85,822 shares in the company, valued at $8,482,646.48. The disclosure for this sale can be found here.
Institutional investors have recently modified their holdings of the stock. RS Investment Management Co. LLC bought a new position in shares of Ellie Mae during the second quarter valued at $18,175,000. Creative Planning raised its position in shares of Ellie Mae by 2,033.7% in the second quarter. Creative Planning now owns 5,505 shares of the company’s stock valued at $505,000 after buying an additional 5,247 shares during the last quarter. Geneva Advisors LLC raised its position in shares of Ellie Mae by 177.4% in the second quarter. Geneva Advisors LLC now owns 30,161 shares of the company’s stock valued at $2,764,000 after buying an additional 19,290 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Ellie Mae by 9.9% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 215,540 shares of the company’s stock valued at $19,755,000 after buying an additional 19,429 shares during the last quarter. Finally, Suntrust Banks Inc. raised its position in shares of Ellie Mae by 0.6% in the second quarter. Suntrust Banks Inc. now owns 16,050 shares of the company’s stock valued at $1,470,000 after buying an additional 93 shares during the last quarter.
About Ellie Mae
Ellie Mae, Inc (Ellie Mae) is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. The Company’s Encompass all-in-one mortgage management solution provides one system of record that allows banks, credit unions, and mortgage lenders to originate and fund mortgages and improve compliance, loan quality, and efficiency.
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