Ellie Mae Inc (ELLI) Receives Average Recommendation of “Buy” from Brokerages
Ellie Mae Inc (NASDAQ:ELLI) has been assigned an average rating of “Buy” from the seventeen brokerages that are currently covering the company, MarketBeat.com reports. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $112.85.
Several equities research analysts have weighed in on ELLI shares. Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $101.00 price objective on shares of Ellie Mae in a report on Wednesday, September 13th. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price objective on shares of Ellie Mae in a report on Sunday, September 3rd. J P Morgan Chase & Co reiterated a “buy” rating on shares of Ellie Mae in a report on Friday, September 1st. BidaskClub cut Ellie Mae from a “strong-buy” rating to a “buy” rating in a report on Tuesday, August 1st. Finally, KeyCorp reiterated a “buy” rating and issued a $116.00 price objective on shares of Ellie Mae in a report on Wednesday, October 4th.
In related news, insider Sigmund Anderman sold 12,000 shares of Ellie Mae stock in a transaction on 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 completion of the sale, the insider now owns 98,321 shares of the company’s stock, valued at $8,774,166.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jonathan Corr sold 2,211 shares of Ellie Mae stock in a transaction on Monday, October 9th. The stock was sold at an average price of $83.76, for a total value of $185,193.36. The disclosure for this sale can be found here. In the last three months, insiders sold 22,397 shares of company stock valued at $1,939,593.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global X MANAGEMENT CO LLC lifted its position in Ellie Mae by 110.0% during the third quarter. Global X MANAGEMENT CO LLC now owns 7,412 shares of the software maker’s stock valued at $609,000 after purchasing an additional 3,882 shares in the last quarter. State of Wisconsin Investment Board lifted its position in Ellie Mae by 247.4% during the third quarter. State of Wisconsin Investment Board now owns 33,000 shares of the software maker’s stock valued at $2,710,000 after purchasing an additional 23,500 shares in the last quarter. Frontier Capital Management Co. LLC lifted its position in Ellie Mae by 13.2% during the third quarter. Frontier Capital Management Co. LLC now owns 466,044 shares of the software maker’s stock valued at $38,276,000 after purchasing an additional 54,291 shares in the last quarter. Baillie Gifford & Co. lifted its position in Ellie Mae by 51.5% during the third quarter. Baillie Gifford & Co. now owns 818,296 shares of the software maker’s stock valued at $67,207,000 after purchasing an additional 278,321 shares in the last quarter. Finally, Victory Capital Management Inc. purchased a new position in Ellie Mae during the third quarter valued at $139,000.
Shares of Ellie Mae (NASDAQ:ELLI) opened at $86.99 on Monday. Ellie Mae has a fifty-two week low of $77.60 and a fifty-two week high of $114.95.
Ellie Mae (NASDAQ:ELLI) last released its quarterly earnings data on Thursday, October 26th. The software maker reported $0.53 earnings per share for the quarter, topping the 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 business had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $105.62 million. During the same quarter last year, the business posted $0.60 EPS. The business’s revenue was up 6.6% on a year-over-year basis.
Ellie Mae announced that its board has approved a share buyback program on Tuesday, September 5th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the software maker to buy up to 8.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management 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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