Zacks: Analysts Expect Ellie Mae Inc (ELLI) Will Post Quarterly Sales of $108.43 Million
Analysts expect Ellie Mae Inc (NASDAQ:ELLI) to announce sales of $108.43 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Ellie Mae’s earnings, with the highest sales estimate coming in at $110.70 million and the lowest estimate coming in at $107.40 million. Ellie Mae posted sales of $96.18 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 12.7%. The company is expected to announce its next earnings results on Thursday, February 8th.
According to Zacks, analysts expect that Ellie Mae will report full year sales of $108.43 million for the current fiscal year, with estimates ranging from $411.60 million to $414.90 million. For the next fiscal year, analysts expect that the company will post sales of $488.81 million per share, with estimates ranging from $479.84 million to $499.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Ellie Mae.
Ellie Mae (NASDAQ:ELLI) last announced its earnings results on Thursday, October 26th. The software maker reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.13. The firm had revenue of $107.00 million during 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 company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 EPS.
A number of research firms have commented on ELLI. Zacks Investment Research cut shares of Ellie Mae from a “strong-buy” rating to a “hold” rating in a report on Wednesday. BidaskClub cut shares of Ellie Mae from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of Ellie Mae in a report on Monday, August 14th. ValuEngine cut shares of Ellie Mae from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, Barclays PLC lifted their price objective on shares of Ellie Mae from $92.00 to $100.00 and gave the company an “equal weight” rating in a report on Friday, October 27th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $110.71.
In related news, insider Sigmund Anderman sold 12,000 shares of the firm’s stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $89.24, for a total transaction of $1,070,880.00. Following the transaction, the insider now directly owns 98,321 shares of the company’s stock, valued at $8,774,166.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marina Levinson sold 2,861 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $82.39, for a total transaction of $235,717.79. Following the transaction, the director now directly owns 3,358 shares in the company, valued at $276,665.62. The disclosure for this sale can be found here. Insiders have sold 24,608 shares of company stock worth $2,135,134 over the last three months.
A number of hedge funds have recently made changes to their positions in ELLI. Principal Financial Group Inc. raised its position in Ellie Mae by 1.6% in the first quarter. Principal Financial Group Inc. now owns 19,896 shares of the software maker’s stock worth $1,995,000 after acquiring an additional 321 shares during the period. Teachers Advisors LLC raised its position in Ellie Mae by 2.1% in the first quarter. Teachers Advisors LLC now owns 74,482 shares of the software maker’s stock worth $7,468,000 after acquiring an additional 1,548 shares during the period. Legal & General Group Plc raised its position in Ellie Mae by 5.2% in the first quarter. Legal & General Group Plc now owns 11,247 shares of the software maker’s stock worth $1,127,000 after acquiring an additional 557 shares during the period. Vanguard Group Inc. raised its position in Ellie Mae by 5.2% in the first quarter. Vanguard Group Inc. now owns 2,587,842 shares of the software maker’s stock worth $259,482,000 after acquiring an additional 127,005 shares during the period. Finally, Geode Capital Management LLC raised its position in Ellie Mae by 6.2% in the first quarter. Geode Capital Management LLC now owns 255,117 shares of the software maker’s stock worth $25,580,000 after acquiring an additional 14,833 shares during the period.
Ellie Mae declared that its board has authorized a share repurchase plan on Tuesday, September 5th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the software maker to purchase up to 8.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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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