Ellie Mae Inc (NYSE:ELLI) – KeyCorp upped their FY2017 earnings estimates for Ellie Mae in a research report issued on Sunday. KeyCorp analyst B. Bracelin now forecasts that the software maker will post earnings of $0.92 per share for the year, up from their prior forecast of $0.88. KeyCorp has a “Overweight” rating and a $118.00 price objective on the stock. KeyCorp also issued estimates for Ellie Mae’s Q4 2017 earnings at $0.09 EPS, Q1 2018 earnings at ($0.04) EPS, Q2 2018 earnings at $0.23 EPS, Q3 2018 earnings at $0.26 EPS, Q4 2018 earnings at $0.21 EPS, FY2018 earnings at $0.65 EPS and FY2019 earnings at $1.30 EPS.
ELLI has been the topic of a number of other research reports. Royal Bank of Canada raised Ellie Mae from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $90.00 to $105.00 in a research report on Wednesday, October 18th. Oppenheimer reaffirmed a “buy” rating and set a $110.00 price target on shares of Ellie Mae in a research report on Thursday, February 1st. Barclays raised Ellie Mae from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $100.00 to $114.00 in a report on Tuesday, January 9th. Zacks Investment Research cut Ellie Mae from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 1st. Finally, BidaskClub raised Ellie Mae from a “hold” rating to a “buy” rating in a report on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. Ellie Mae has a consensus rating of “Buy” and an average target price of $108.88.
Institutional investors have recently made changes to their positions in the company. Advisor Group Inc. increased its position in shares of Ellie Mae by 13.2% during the 2nd quarter. Advisor Group Inc. now owns 1,014 shares of the software maker’s stock valued at $112,000 after purchasing an additional 118 shares during the last quarter. Victory Capital Management Inc. bought a new position in shares of Ellie Mae during the 3rd quarter valued at about $139,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Ellie Mae by 45.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,941 shares of the software maker’s stock valued at $174,000 after purchasing an additional 602 shares during the last quarter. Atria Investments LLC bought a new position in shares of Ellie Mae during the 4th quarter valued at about $261,000. Finally, Stifel Financial Corp bought a new position in shares of Ellie Mae during the 2nd quarter valued at about $270,000.
In other Ellie Mae news, CEO Jonathan Corr sold 1,131 shares of the firm’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $93.50, for a total value of $105,748.50. Following the sale, the chief executive officer now owns 114,922 shares of the company’s stock, valued at approximately $10,745,207. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Karen Blasing sold 1,728 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $100.00, for a total value of $172,800.00. Following the completion of the sale, the director now directly owns 7,275 shares in the company, valued at approximately $727,500. The disclosure for this sale can be found here. Insiders have sold a total of 59,721 shares of company stock worth $5,402,858 in the last three months. 3.39% of the stock is currently owned by insiders.
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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