ValuEngine upgraded shares of Ellie Mae Inc (NASDAQ:ELLI) from a sell rating to a hold rating in a report released on Friday, September 1st.
Other research analysts also recently issued research reports about the company. J P Morgan Chase & Co reiterated a buy rating on shares of Ellie Mae in a report on Friday, September 1st. Needham & Company LLC reiterated a buy rating and set a $100.00 target price on shares of Ellie Mae in a report on Monday, August 14th. Zacks Investment Research upgraded 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. KeyCorp restated a buy rating and issued a $130.00 price target on shares of Ellie Mae in a research note on Wednesday, June 14th. Finally, Bank of America Corporation started coverage on Ellie Mae in a research note on Monday, May 15th. They set a buy rating and a $130.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. The company has an average rating of Hold and an average price target of $114.23.
Shares of Ellie Mae (ELLI) opened at 85.40 on Friday. The firm has a market cap of $2.94 billion and a P/E ratio of 56.63. Ellie Mae has a 52 week low of $77.60 and a 52 week high of $114.95. The stock has a 50 day moving average of $84.64 and a 200 day moving average of $100.85.
Ellie Mae (NASDAQ:ELLI) last released its quarterly earnings results on Thursday, July 27th. The software maker reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.16. Ellie Mae had a return on equity of 10.74% and a net margin of 18.08%. The business had revenue of $104.10 million during the quarter, compared to analyst estimates of $110.69 million. During the same quarter in the prior year, the company posted $0.64 EPS. Ellie Mae’s quarterly revenue was up 15.5% compared to the same quarter last year. Equities analysts forecast that Ellie Mae will post $1.49 earnings per share for the current year.
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Ellie Mae declared that its board has approved a stock buyback program on Tuesday, September 5th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 8.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
In related news, CEO Jonathan Corr sold 2,210 shares of Ellie Mae stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $83.71, for a total value of $184,999.10. Following the completion of the transaction, the chief executive officer now owns 116,002 shares in the company, valued at $9,710,527.42. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Marina Levinson sold 2,861 shares of Ellie Mae stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $82.39, for a total value of $235,717.79. Following the completion of the transaction, the director now owns 3,358 shares of the company’s stock, valued at approximately $276,665.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,465 shares of company stock valued at $6,105,069.
A number of hedge funds and other institutional investors have recently made changes to their positions in ELLI. Advisor Group Inc. lifted its stake in Ellie Mae by 13.2% in the second quarter. Advisor Group Inc. now owns 1,014 shares of the software maker’s stock worth $112,000 after purchasing an additional 118 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in Ellie Mae by 8.8% in the second quarter. Nisa Investment Advisors LLC now owns 1,230 shares of the software maker’s stock worth $135,000 after purchasing an additional 100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Ellie Mae by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,339 shares of the software maker’s stock worth $147,000 after purchasing an additional 119 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Ellie Mae by 1.4% during the second quarter. Bank of Montreal Can now owns 1,817 shares of the software maker’s stock valued at $200,000 after acquiring an additional 25 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of Ellie Mae during the first quarter valued at approximately $214,000.
Ellie Mae Company Profile
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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