Ellie Mae (ELLI) Lowered to “Hold” at Zacks Investment Research

Ellie Mae (NYSE:ELLI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

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. “

Other analysts also recently issued research reports about the company. Stephens restated a “hold” rating and set a $92.00 target price on shares of Ellie Mae in a research note on Friday. KeyCorp increased their target price on Ellie Mae from $116.00 to $118.00 and gave the company an “overweight” rating in a research note on Monday, February 5th. Oppenheimer restated a “buy” rating and set a $110.00 target price on shares of Ellie Mae in a research note on Thursday, February 1st. Barclays increased their target price on Ellie Mae from $92.00 to $100.00 and gave the company an “equal weight” rating in a research note on Friday, October 27th. Finally, Needham & Company LLC restated a “buy” rating on shares of Ellie Mae in a research note on Sunday, October 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $105.89.

Ellie Mae (NYSE ELLI) traded down $4.03 on Monday, hitting $86.50. The stock had a trading volume of 847,000 shares, compared to its average volume of 440,210. The company has a market cap of $3,098.63, a P/E ratio of 58.45, a PEG ratio of 8.27 and a beta of 0.57. Ellie Mae has a 52 week low of $79.71 and a 52 week high of $114.95.

Ellie Mae (NYSE:ELLI) last released its quarterly earnings results on Thursday, February 8th. The software maker reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. The company had revenue of $112.89 million during the quarter, compared to the consensus estimate of $108.27 million. Ellie Mae had a return on equity of 5.43% and a net margin of 12.67%. The firm’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.46 EPS. sell-side analysts forecast that Ellie Mae will post 0.73 EPS for the current fiscal year.

In other news, CEO Jonathan Corr sold 1,131 shares of the stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $93.50, for a total value of $105,748.50. Following the completion of the transaction, the chief executive officer now directly owns 114,922 shares of the company’s stock, valued at approximately $10,745,207. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 1,728 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $100.00, for a total value of $172,800.00. Following the completion of the transaction, the director now directly owns 7,275 shares of the company’s stock, valued at $727,500. The disclosure for this sale can be found here. Insiders sold a total of 59,721 shares of company stock valued at $5,402,858 in the last quarter. Corporate insiders own 3.39% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of ELLI. Advisor Group Inc. raised its holdings in shares of Ellie Mae by 13.2% in 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. Victory Capital Management Inc. acquired a new position in shares of Ellie Mae in the 3rd quarter worth approximately $139,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ellie Mae by 45.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,941 shares of the software maker’s stock worth $174,000 after buying an additional 602 shares in the last quarter. Barings LLC acquired a new position in shares of Ellie Mae in the 4th quarter worth approximately $201,000. Finally, Atria Investments LLC acquired a new position in shares of Ellie Mae in the 4th quarter worth approximately $261,000.

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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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