Ellie Mae Inc (ELLI) Upgraded to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Ellie Mae Inc (NASDAQ:ELLI) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday. Zacks Investment Research currently has $100.00 price objective on the software maker’s stock.

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. “

Other analysts have also issued research reports about the stock. J P Morgan Chase & Co reaffirmed a buy rating on shares of Ellie Mae in a research report on Friday, September 1st. Needham & Company LLC reaffirmed a buy rating and set a $100.00 price target on shares of Ellie Mae in a research report on Monday, August 14th. KeyCorp reaffirmed a buy rating and set a $116.00 price target on shares of Ellie Mae in a research report on Wednesday, October 4th. Oppenheimer Holdings, Inc. reaffirmed a buy rating and set a $101.00 price target on shares of Ellie Mae in a research report on Wednesday, September 13th. Finally, BidaskClub lowered shares of Ellie Mae from a strong-buy rating to a buy rating in a research report on Tuesday, August 1st. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $110.71.

Ellie Mae (NASDAQ ELLI) opened at 90.45 on Tuesday. The company has a 50-day moving average of $85.72 and a 200-day moving average of $97.66. Ellie Mae has a 1-year low of $77.60 and a 1-year high of $114.95. The firm has a market capitalization of $3.11 billion and a price-to-earnings ratio of 59.98.

Ellie Mae (NASDAQ:ELLI) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.53 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.13. The business had revenue of $107.00 million for the quarter, compared to analyst estimates of $105.62 million. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 earnings per share. On average, equities analysts predict that Ellie Mae will post $1.53 earnings per share for the current year.

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Ellie Mae declared that its Board of Directors has authorized a stock buyback plan on Tuesday, September 5th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the software maker to purchase up to 8.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other news, EVP Gates Cathleen Schreiner sold 1,200 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $84.58, for a total value of $101,496.00. Following the transaction, the executive vice president now directly owns 45,049 shares of the company’s stock, valued at $3,810,244.42. 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 2,211 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $88.44, for a total transaction of $195,540.84. Following the completion of the transaction, the chief executive officer now directly owns 114,902 shares in the company, valued at $10,161,932.88. The disclosure for this sale can be found here. Insiders sold 24,608 shares of company stock worth $2,135,134 over the last three months.

Several institutional investors and hedge funds have recently modified their holdings of ELLI. Advisor Group Inc. raised its position in shares of Ellie Mae by 13.2% in the second quarter. Advisor Group Inc. now owns 1,014 shares of the software maker’s stock valued at $112,000 after purchasing an additional 118 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Ellie Mae by 8.8% in the second quarter. Nisa Investment Advisors LLC now owns 1,230 shares of the software maker’s stock valued at $135,000 after purchasing an additional 100 shares during the period. Victory Capital Management Inc. bought a new position in shares of Ellie Mae in the third quarter valued at about $139,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Ellie Mae by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,339 shares of the software maker’s stock valued at $147,000 after purchasing an additional 119 shares during the period. Finally, Bank of Montreal Can raised its position in shares of Ellie Mae by 1.4% in the second quarter. Bank of Montreal Can now owns 1,817 shares of the software maker’s stock valued at $200,000 after purchasing an additional 25 shares during the period.

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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