Ellie Mae Inc (ELLI) Receives Average Recommendation of “Hold” from Analysts
Shares of Ellie Mae Inc (NASDAQ:ELLI) have been assigned an average rating of “Hold” from the sixteen ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $113.35.
Several research analysts recently weighed in on ELLI shares. ValuEngine upgraded shares of Ellie Mae from a “sell” rating to a “hold” rating in a report on Friday, September 1st. J P Morgan Chase & Co restated a “buy” rating on shares of Ellie Mae in a report on Friday, September 1st. Roth Capital cut shares of Ellie Mae from a “buy” rating to a “neutral” rating in a report on Friday, July 28th. BidaskClub cut shares of Ellie Mae from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $100.00 price target (down from $135.00) on shares of Ellie Mae in a report on Sunday, July 30th.
Shares of Ellie Mae (NASDAQ ELLI) opened at 85.40 on Friday. The stock has a 50 day moving average of $84.64 and a 200-day moving average of $100.85. Ellie Mae has a one year low of $77.60 and a one year high of $114.95. The company has a market capitalization of $2.94 billion and a PE ratio of 56.63.
Ellie Mae (NASDAQ:ELLI) last released its quarterly earnings results on Thursday, July 27th. The software maker reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.16. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The business had revenue of $104.10 million for the quarter, compared to analysts’ expectations of $110.69 million. During the same period in the previous year, the company earned $0.64 earnings per share. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, equities analysts forecast that Ellie Mae will post $1.49 earnings per share for the current fiscal year.
Ellie Mae announced that its Board of Directors has approved a stock repurchase program on Tuesday, September 5th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the software maker to reacquire up to 8.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other Ellie Mae news, Director Karen Blasing sold 414 shares of Ellie Mae stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $112.40, for a total value of $46,533.60. Following the sale, the director now owns 5,547 shares of the company’s stock, valued at $623,482.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Marina Levinson sold 2,861 shares of Ellie Mae stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $82.39, for a total transaction of $235,717.79. Following the completion of the sale, the director now directly owns 3,358 shares in the company, valued at approximately $276,665.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,465 shares of company stock worth $6,105,069.
A number of hedge funds have recently made changes to their positions in the business. 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. 1st Global Advisors Inc. raised its position in shares of Ellie Mae by 0.7% in the second quarter. 1st Global Advisors Inc. now owns 4,554 shares of the software maker’s stock valued at $501,000 after purchasing an additional 30 shares during the period. Teacher Retirement System of Texas raised its position in shares of Ellie Mae by 1.3% in the second quarter. Teacher Retirement System of Texas now owns 2,691 shares of the software maker’s stock valued at $296,000 after purchasing an additional 35 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. Finally, Prudential Financial Inc. raised its position in shares of Ellie Mae by 3.2% in the second quarter. Prudential Financial Inc. now owns 3,590 shares of the software maker’s stock valued at $395,000 after purchasing an additional 110 shares during the period.
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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