Ellie Mae (NYSE:ELLI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $103.00 price objective on the software maker’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.42% from the company’s current price.
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 recently issued research reports about the company. Barclays lifted their target price on Ellie Mae from $92.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Friday, October 27th. Royal Bank of Canada reiterated a “hold” rating and set a $90.00 target price on shares of Ellie Mae in a research report on Tuesday, October 10th. KeyCorp reiterated a “buy” rating and set a $116.00 target price on shares of Ellie Mae in a research report on Sunday, November 19th. Needham & Company LLC reiterated a “buy” rating on shares of Ellie Mae in a research report on Sunday, October 29th. Finally, BidaskClub upgraded Ellie Mae from a “hold” rating to a “buy” rating in a research report on Wednesday, October 18th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Ellie Mae has a consensus rating of “Buy” and an average price target of $110.96.
Ellie Mae (NYSE:ELLI) last posted its quarterly earnings results on Thursday, October 26th. The software maker reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.13. Ellie Mae had a return on equity of 6.39% and a net margin of 13.45%. The company had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $105.62 million. During the same period last year, the firm earned $0.60 earnings per share. Ellie Mae’s quarterly revenue was up 6.6% on a year-over-year basis. research analysts forecast that Ellie Mae will post 0.9 EPS for the current fiscal year.
In related news, EVP Gates Cathleen Schreiner sold 2,881 shares of the business’s stock in a transaction dated Tuesday, December 26th. The stock was sold at an average price of $92.08, for a total value of $265,282.48. Following the transaction, the executive vice president now owns 44,730 shares in the company, valued at approximately $4,118,738.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jonathan Corr sold 1,623 shares of the business’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $88.72, for a total value of $143,992.56. Following the completion of the transaction, the chief executive officer now owns 114,633 shares in the company, valued at approximately $10,170,239.76. The disclosure for this sale can be found here. Insiders have sold 46,224 shares of company stock worth $4,077,436 in the last quarter. Insiders own 3.39% of the company’s stock.
A number of hedge funds have recently modified their holdings of ELLI. Meritage Group LP acquired a new position in Ellie Mae in the 3rd quarter valued at about $38,834,000. Baillie Gifford & Co. boosted its holdings in Ellie Mae by 51.5% in the 3rd quarter. Baillie Gifford & Co. now owns 818,296 shares of the software maker’s stock valued at $67,207,000 after purchasing an additional 278,321 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Ellie Mae by 378.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 191,316 shares of the software maker’s stock valued at $15,712,000 after purchasing an additional 151,347 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Ellie Mae in the 3rd quarter valued at approximately $11,753,000. Finally, Tekne Capital Management LLC boosted its holdings in Ellie Mae by 35.8% in the 3rd quarter. Tekne Capital Management LLC now owns 429,539 shares of the software maker’s stock valued at $35,278,000 after purchasing an additional 113,237 shares in the last quarter.
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About Ellie Mae
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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