Ellie Mae Inc (NASDAQ:ELLI) Downgraded by Zacks Investment Research to “Hold”
Ellie Mae Inc (NASDAQ:ELLI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
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. “
A number of other brokerages also recently weighed in on ELLI. KeyCorp reissued a “buy” rating and issued a $130.00 price objective on shares of Ellie Mae in a research note on Wednesday, June 14th. Royal Bank Of Canada cut their price objective on Ellie Mae from $111.00 to $96.00 and set a “sector perform” rating on the stock in a research note on Monday, April 24th. Pacific Crest reissued an “overweight” rating and issued a $130.00 price objective (up from $110.00) on shares of Ellie Mae in a research note on Sunday, April 23rd. Bank of America Corporation assumed coverage on Ellie Mae in a research note on Monday, May 15th. They issued a “buy” rating and a $130.00 price objective on the stock. Finally, William Blair raised Ellie Mae from a “market perform” rating to an “outperform” rating in a research note on Monday, April 3rd. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $115.54.
Ellie Mae (NASDAQ ELLI) traded up 1.62% during mid-day trading on Thursday, reaching $111.75. 275,281 shares of the company were exchanged. The company has a market cap of $3.81 billion and a P/E ratio of 84.53. Ellie Mae has a 12 month low of $77.60 and a 12 month high of $114.38. The stock’s 50-day moving average is $110.20 and its 200-day moving average is $98.30.
Ellie Mae (NASDAQ:ELLI) last posted its quarterly earnings results on Thursday, April 27th. The software maker reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.06 by $0.03. Ellie Mae had a return on equity of 5.72% and a net margin of 10.32%. The firm had revenue of $93 million for the quarter, compared to analysts’ expectations of $93.17 million. During the same period last year, the business earned $0.24 earnings per share. The firm’s revenue for the quarter was up 26.3% on a year-over-year basis. Equities analysts expect that Ellie Mae will post $1.91 earnings per share for the current year.
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In other Ellie Mae news, Director A Barr Dolan sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $107.69, for a total value of $646,140.00. Following the sale, the director now owns 11,053 shares of the company’s stock, valued at approximately $1,190,297.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jonathan Corr sold 2,211 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $108.08, for a total value of $238,964.88. Following the completion of the sale, the chief executive officer now directly owns 115,465 shares in the company, valued at approximately $12,479,457.20. The disclosure for this sale can be found here. Insiders sold a total of 64,197 shares of company stock worth $6,977,683 in the last ninety days.
Hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can raised its stake in Ellie Mae by 1.4% in the second quarter. Bank of Montreal Can now owns 1,817 shares of the software maker’s stock worth $200,000 after buying an additional 25 shares during the period. 1st Global Advisors Inc. raised its stake in shares of Ellie Mae by 3.9% in the first quarter. 1st Global Advisors Inc. now owns 4,524 shares of the software maker’s stock valued at $454,000 after buying an additional 168 shares during the last quarter. Neuberger Berman Group LLC raised its stake in shares of Ellie Mae by 1.6% in the first quarter. Neuberger Berman Group LLC now owns 15,722 shares of the software maker’s stock valued at $1,576,000 after buying an additional 240 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Ellie Mae by 1.6% in the first quarter. Principal Financial Group Inc. now owns 19,896 shares of the software maker’s stock valued at $1,995,000 after buying an additional 321 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its stake in shares of Ellie Mae by 0.7% in the first quarter. Kornitzer Capital Management Inc. KS now owns 48,570 shares of the software maker’s stock valued at $4,870,000 after buying an additional 355 shares during the last quarter.
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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