Ellie Mae Inc (ELLI) Given Average Rating of “Buy” by Brokerages
Ellie Mae Inc (NASDAQ:ELLI) has been assigned a consensus recommendation of “Buy” from the sixteen ratings firms that are currently covering the firm, Marketbeat reports. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $111.35.
A number of brokerages recently weighed in on ELLI. ValuEngine upgraded shares of Ellie Mae from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $101.00 price target on shares of Ellie Mae in a research report on Wednesday, September 13th. J P Morgan Chase & Co reiterated a “buy” rating on shares of Ellie Mae in a research report on Friday, September 1st. Roth Capital downgraded shares of Ellie Mae from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. Finally, BidaskClub downgraded shares of Ellie Mae from a “buy” rating to a “hold” rating in a research report on Monday, August 7th.
Ellie Mae (NASDAQ:ELLI) opened at 83.97 on Thursday. The firm has a market cap of $2.89 billion and a PE ratio of 55.68. Ellie Mae has a 52 week low of $77.60 and a 52 week high of $114.95. The stock has a 50 day moving average of $83.73 and a 200 day moving average of $99.04.
Ellie Mae (NASDAQ:ELLI) last released its earnings results on Thursday, July 27th. The software maker reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.16. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The company had revenue of $104.10 million for the quarter, compared to the consensus estimate of $110.69 million. During the same period in the prior year, the company posted $0.64 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. Analysts anticipate that Ellie Mae will post $1.49 EPS for the current year.
Ellie Mae announced that its board has initiated a share repurchase program 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 programs are often an indication that the company’s board believes its shares are undervalued.
In related news, CEO Jonathan Corr sold 2,211 shares of the stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $83.76, for a total transaction of $185,193.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gates Cathleen Schreiner sold 1,200 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $84.58, for a total value of $101,496.00. Following the sale, the executive vice president now directly owns 45,049 shares of the company’s stock, valued at $3,810,244.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,927 shares of company stock valued at $1,209,212.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. increased its stake in Ellie Mae by 13.2% during the 2nd quarter. Advisor Group Inc. now owns 1,014 shares of the software maker’s stock worth $112,000 after purchasing an additional 118 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Ellie Mae by 8.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,230 shares of the software maker’s stock worth $135,000 after purchasing an additional 100 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Ellie Mae by 9.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,339 shares of the software maker’s stock worth $147,000 after purchasing an additional 119 shares in the last quarter. Bank of Montreal Can increased its stake in Ellie Mae by 1.4% during the 2nd quarter. Bank of Montreal Can now owns 1,817 shares of the software maker’s stock worth $200,000 after purchasing an additional 25 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in Ellie Mae during the 1st quarter worth approximately $214,000.
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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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