Ellie Mae Inc (NASDAQ:ELLI) – Wedbush raised their FY2017 earnings estimates for shares of Ellie Mae in a research note issued on Monday. Wedbush analyst J. Weaver now expects that the software maker will post earnings of $0.90 per share for the year, up from their previous forecast of $0.80. Wedbush also issued estimates for Ellie Mae’s Q4 2017 earnings at $0.08 EPS.

Ellie Mae (NASDAQ:ELLI) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.13. Ellie Mae had a return on equity of 10.74% and a net margin of 18.08%. The company had revenue of $107.00 million during the quarter, compared to analyst estimates of $105.62 million. During the same quarter in the previous year, the firm posted $0.60 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis.

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Other research analysts have also issued reports about the company. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $101.00 price target on shares of Ellie Mae in a research note on Wednesday, September 13th. ValuEngine raised Ellie Mae from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research raised Ellie Mae from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 27th. J P Morgan Chase & Co reissued a “buy” rating on shares of Ellie Mae in a research note on Friday, September 1st. Finally, BidaskClub downgraded Ellie Mae from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Ellie Mae currently has a consensus rating of “Buy” and a consensus price target of $110.71.

Several large investors have recently added to or reduced their stakes in ELLI. Advisor Group Inc. increased its position in Ellie Mae by 13.2% during the second quarter. Advisor Group Inc. now owns 1,014 shares of the software maker’s stock worth $112,000 after buying an additional 118 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Ellie Mae by 8.8% during the second 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 during the last quarter. Victory Capital Management Inc. acquired a new position in Ellie Mae during the third quarter worth approximately $139,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Ellie Mae by 9.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,339 shares of the software maker’s stock worth $147,000 after buying an additional 119 shares during the last quarter. Finally, Bank of Montreal Can increased its position in Ellie Mae by 1.4% during 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 last quarter.

In related news, insider Sigmund Anderman sold 12,000 shares of Ellie Mae stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $89.24, for a total value of $1,070,880.00. Following the sale, the insider now owns 98,321 shares of the company’s stock, valued at $8,774,166.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Hirsch sold 1,817 shares of Ellie Mae stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $84.30, for a total value of $153,173.10. Following the completion of the sale, the executive vice president now directly owns 24,972 shares in the company, valued at approximately $2,105,139.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,608 shares of company stock worth $2,135,134.

Ellie Mae declared that its Board of Directors has authorized a share repurchase program on Tuesday, September 5th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the software maker to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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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