Ellie Mae Inc (NASDAQ:ELLI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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. “
A number of other research firms have also issued reports on ELLI. Needham & Company LLC reaffirmed a “buy” rating and issued a $125.00 price target on shares of Ellie Mae in a research report on Sunday, August 28th. JPMorgan Chase & Co. started coverage on Ellie Mae in a research report on Friday, September 9th. They issued an “overweight” rating and a $118.00 price target on the stock. Barclays PLC lowered Ellie Mae from an “overweight” rating to an “equal weight” rating and set a $97.00 price target on the stock. in a research report on Tuesday, July 5th. JMP Securities increased their price target on Ellie Mae from $94.00 to $107.00 and gave the company a “market outperform” rating in a research report on Friday, July 29th. Finally, Oppenheimer Holdings Inc. reaffirmed a “buy” rating and issued a $100.00 price target on shares of Ellie Mae in a research report on Wednesday, June 15th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Ellie Mae has a consensus rating of “Buy” and a consensus target price of $113.86.
Ellie Mae (NASDAQ:ELLI) traded up 1.02% during trading on Wednesday, reaching $102.24. The company’s stock had a trading volume of 351,477 shares. Ellie Mae has a 1-year low of $57.88 and a 1-year high of $102.63. The stock has a 50 day moving average price of $97.13 and a 200 day moving average price of $90.08. The stock has a market capitalization of $3.09 billion and a PE ratio of 132.78.
Ellie Mae (NASDAQ:ELLI) last posted its 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 firm had revenue of $90.10 million for the quarter, compared to analyst estimates of $85.54 million. During the same period in the previous year, the company posted $0.48 EPS. Ellie Mae’s revenue was up 36.7% on a year-over-year basis. Analysts anticipate that Ellie Mae will post $2.05 earnings per share for the current fiscal year.
In other Ellie Mae news, insider Sigmund Anderman sold 55,000 shares of the 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 sale, the insider now owns 157,874 shares of the company’s stock, valued at approximately $15,283,781.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Limin Hu sold 5,000 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $95.21, for a total value of $476,050.00. The disclosure for this sale can be found here.
A number of large investors have recently bought and sold shares of ELLI. Vanguard Group Inc. raised its stake 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 in the last quarter. Brown Capital Management LLC increased 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 increased 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 increased 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 increased 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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