Wall Street brokerages forecast that Ellie Mae Inc (NASDAQ:ELLI) will post sales of $108.43 million for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Ellie Mae’s earnings, with the highest sales estimate coming in at $110.70 million and the lowest estimate coming in at $107.40 million. Ellie Mae posted sales of $96.18 million in the same quarter last year, which suggests a positive year-over-year growth rate of 12.7%. The business is scheduled to issue its next quarterly earnings results on Thursday, February 8th.
According to Zacks, analysts expect that Ellie Mae will report full year sales of $108.43 million for the current year, with estimates ranging from $411.60 million to $414.90 million. For the next year, analysts anticipate that the company will post sales of $488.81 million per share, with estimates ranging from $479.84 million to $499.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Ellie Mae.
Ellie Mae (NASDAQ:ELLI) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.13. The business had revenue of $107.00 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 EPS.
Several equities research analysts have recently commented on ELLI shares. Zacks Investment Research cut shares of Ellie Mae from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $115.00 target price (up from $106.00) on shares of Ellie Mae in a research report on Thursday, July 20th. Roth Capital cut shares of Ellie Mae from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. Barclays PLC raised their target price on shares of Ellie Mae from $92.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Friday, October 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 target price (down from $135.00) on shares of Ellie Mae in a research report on Sunday, July 30th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $110.71.
Shares of Ellie Mae (NASDAQ ELLI) traded up $1.07 on Thursday, reaching $86.99. 396,818 shares of the company’s stock traded hands, compared to its average volume of 577,663. Ellie Mae has a fifty-two week low of $77.60 and a fifty-two week high of $114.95.
Ellie Mae declared that its Board of Directors has initiated a share repurchase plan on Tuesday, September 5th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the software maker to repurchase up to 8.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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In other Ellie Mae news, CEO Jonathan Corr sold 2,211 shares of the firm’s 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 sale, the chief executive officer now directly owns 114,902 shares in the company, valued at approximately $10,161,932.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Sigmund Anderman sold 12,000 shares of the firm’s stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $89.24, for a total transaction of $1,070,880.00. Following the sale, the insider now owns 98,321 shares of the company’s stock, valued at $8,774,166.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,608 shares of company stock valued at $2,135,134.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Ellie Mae by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 2,637,165 shares of the software maker’s stock valued at $289,851,000 after purchasing an additional 49,323 shares in the last quarter. BlackRock Inc. grew its stake in shares of Ellie Mae by 83,812.6% in the first quarter. BlackRock Inc. now owns 2,189,279 shares of the software maker’s stock worth $219,519,000 after acquiring an additional 2,186,670 shares during the period. Alliancebernstein L.P. grew its stake in shares of Ellie Mae by 10.6% in the second quarter. Alliancebernstein L.P. now owns 1,046,902 shares of the software maker’s stock worth $115,065,000 after acquiring an additional 100,103 shares during the period. Baillie Gifford & Co. grew its stake in shares of Ellie Mae by 51.5% in the third quarter. Baillie Gifford & Co. now owns 818,296 shares of the software maker’s stock worth $67,207,000 after acquiring an additional 278,321 shares during the period. Finally, FMR LLC grew its stake in shares of Ellie Mae by 1.2% in the second quarter. FMR LLC now owns 727,992 shares of the software maker’s stock worth $80,014,000 after acquiring an additional 8,843 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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