Zacks Investment Research Upgrades Ellie Mae Inc (ELLI) to “Strong-Buy”
Ellie Mae Inc (NASDAQ:ELLI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday. The firm currently has a $100.00 price objective on the software maker’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.17% 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. “
Several other equities research analysts have also commented on ELLI. Morgan Stanley reiterated an “equal weight” rating and issued a $115.00 price objective (up previously from $106.00) on shares of Ellie Mae in a research report on Thursday, July 20th. Roth Capital downgraded shares of Ellie Mae from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. ValuEngine downgraded shares of Ellie Mae from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price objective (down previously from $135.00) on shares of Ellie Mae in a research report on Sunday, July 30th. Finally, BidaskClub downgraded shares of Ellie Mae from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $110.71.
Ellie Mae (ELLI) traded up 3.71% on Tuesday, hitting $89.95. The stock had a trading volume of 821,500 shares. Ellie Mae has a 1-year low of $77.60 and a 1-year high of $114.95. The stock has a 50 day moving average price of $85.72 and a 200 day moving average price of $97.66. The company has a market cap of $3.09 billion and a P/E ratio of 59.65.
Ellie Mae (NASDAQ:ELLI) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.13. The firm had revenue of $107.00 million for the quarter, compared to analyst estimates of $105.62 million. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 earnings per share. On average, equities research analysts expect that Ellie Mae will post $1.53 EPS for the current fiscal year.
Ellie Mae announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 5th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the software maker to buy up to 8.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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In related news, CEO Jonathan Corr sold 2,211 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $88.44, for a total transaction of $195,540.84. Following the completion of the transaction, the chief executive officer now owns 114,902 shares of the company’s stock, valued at approximately $10,161,932.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $101,496.00. Following the transaction, the executive vice president now directly owns 45,049 shares of the company’s stock, valued at approximately $3,810,244.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,608 shares of company stock valued at $2,135,134.
Several large investors have recently bought and sold shares of ELLI. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. acquired a new stake in Ellie Mae during the 2nd quarter worth approximately $104,000. Advisor Group Inc. lifted its holdings 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 buying an additional 118 shares in the last quarter. Winslow Evans & Crocker Inc. lifted its holdings in Ellie Mae by 120.0% during the 3rd quarter. Winslow Evans & Crocker Inc. now owns 1,100 shares of the software maker’s stock worth $116,000 after buying an additional 600 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings 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 buying an additional 100 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Ellie Mae during the 3rd quarter worth approximately $139,000.
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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