Ellie Mae Inc (NASDAQ:ELLI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $113.00 price target on the stock. Zacks Investment Research’s price objective indicates a potential upside of 11.65% from the stock’s previous close.
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. “
Several other brokerages also recently weighed in on ELLI. Pacific Crest began coverage on Ellie Mae in a research note on Tuesday, September 6th. They set an “overweight” rating and a $124.00 target price for the company. JPMorgan Chase & Co. began coverage on Ellie Mae in a research note on Friday, September 9th. They set an “overweight” rating and a $118.00 target price for the company. Needham & Company LLC raised their target price on Ellie Mae from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, July 29th. JMP Securities raised their target price on Ellie Mae from $94.00 to $107.00 and gave the company a “market outperform” rating in a research note on Friday, July 29th. Finally, Barclays PLC increased their price target on shares of Ellie Mae from $97.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Friday, July 29th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $113.86.
Shares of Ellie Mae (NASDAQ:ELLI) traded up 2.52% on Tuesday, reaching $101.21. The company had a trading volume of 536,410 shares. The company has a market capitalization of $3.06 billion and a P/E ratio of 131.44. The company has a 50 day moving average of $97.13 and a 200-day moving average of $90.08. Ellie Mae has a 52 week low of $57.88 and a 52 week high of $102.63.
Ellie Mae (NASDAQ:ELLI) last announced its earnings results on Thursday, July 28th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.09. The business had revenue of $90.10 million for the quarter, compared to analyst estimates of $85.54 million. The firm’s revenue was up 36.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.48 earnings per share. Analysts predict that Ellie Mae will post $2.05 earnings per share for the current fiscal year.
In other Ellie Mae news, EVP Limin Hu sold 5,000 shares of the firm’s 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jonathan Corr sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $91.13, for a total transaction of $318,955.00. Following the completion of the transaction, the chief executive officer now directly owns 114,843 shares in the company, valued at approximately $10,465,642.59. The disclosure for this sale can be found here.
A number of institutional investors have recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new position in shares of Ellie Mae during the second quarter worth about $104,000. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Ellie Mae during the second quarter worth about $269,000. ClariVest Asset Management LLC boosted its position in shares of Ellie Mae by 15.4% in the second quarter. ClariVest Asset Management LLC now owns 27,035 shares of the company’s stock worth $2,478,000 after buying an additional 3,600 shares in the last quarter. Redwood Investments LLC boosted its position in shares of Ellie Mae by 60.3% in the second quarter. Redwood Investments LLC now owns 52,333 shares of the company’s stock worth $4,796,000 after buying an additional 19,677 shares in the last quarter. Finally, Insight Capital Research & Management Inc. acquired a new position in shares of Ellie Mae during the second quarter worth about $2,314,000.
Ellie Mae Company Profile
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.