Ellie Mae Inc (NASDAQ:ELLI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
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. “
ELLI has been the topic of several other research reports. Barclays PLC raised their price objective on Ellie Mae from $97.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Friday, July 29th. Needham & Company LLC raised their price objective on Ellie Mae from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. JPMorgan Chase & Co. assumed coverage on Ellie Mae in a research note on Friday, September 9th. They set an “overweight” rating and a $118.00 price objective on the stock. JMP Securities raised their price objective on Ellie Mae from $94.00 to $107.00 and gave the stock a “market outperform” rating in a research note on Friday, July 29th. Finally, Pacific Crest assumed coverage on Ellie Mae in a research note on Tuesday, September 6th. They set an “overweight” rating and a $124.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Ellie Mae presently has a consensus rating of “Buy” and an average target price of $113.86.
Shares of Ellie Mae (NASDAQ:ELLI) traded up 0.19% on Friday, reaching $99.93. The company’s stock had a trading volume of 271,097 shares. The company has a market cap of $3.02 billion and a P/E ratio of 129.78. Ellie Mae has a 52-week low of $57.88 and a 52-week high of $105.98. The company has a 50 day moving average price of $99.02 and a 200 day moving average price of $91.60.
Ellie Mae (NASDAQ:ELLI) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.09. The company earned $90.10 million during the quarter, compared to the consensus estimate of $85.54 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The firm’s revenue for the quarter was up 36.7% on a year-over-year basis. On average, analysts anticipate that Ellie Mae will post $2.05 earnings per share for the current fiscal year.
In related news, EVP Limin Hu sold 5,000 shares of Ellie Mae stock in a transaction dated Monday, October 10th. The stock was sold at an average price of $102.75, for a total transaction of $513,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sigmund Anderman sold 55,000 shares of Ellie Mae stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $96.81, for a total value of $5,324,550.00. Following the transaction, the insider now owns 157,874 shares of the company’s stock, valued at approximately $15,283,781.94. The disclosure for this sale can be found here.
A number of institutional investors have recently bought and sold shares of ELLI. Vanguard Group Inc. boosted its position in Ellie Mae by 2.6% in the second quarter. Vanguard Group Inc. now owns 2,090,769 shares of the company’s stock worth $191,619,000 after buying an additional 53,799 shares during the last quarter. Brown Capital Management LLC boosted its position in Ellie Mae by 20.1% in the second quarter. Brown Capital Management LLC now owns 1,488,452 shares of the company’s stock worth $136,417,000 after buying an additional 248,684 shares during the last quarter. Whale Rock Capital Management LLC boosted its position in Ellie Mae by 38.5% in the second quarter. Whale Rock Capital Management LLC now owns 1,120,745 shares of the company’s stock worth $102,716,000 after buying an additional 311,350 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in Ellie Mae by 48.5% in the second quarter. Lord Abbett & CO. LLC now owns 808,775 shares of the company’s stock worth $74,124,000 after buying an additional 263,998 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in Ellie Mae by 0.5% in the second quarter. BlackRock Fund Advisors now owns 764,425 shares of the company’s stock worth $70,060,000 after buying an additional 3,508 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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