Ellie Mae (ELLI) Cut to “Neutral” at Roth Capital

Ellie Mae (NYSE:ELLI) was downgraded by equities researchers at Roth Capital from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, The Fly reports. They currently have a $99.00 target price on the software maker’s stock, down from their prior target price of $100.00. Roth Capital’s price target would suggest a potential downside of 0.01% from the stock’s current price.

A number of other analysts also recently issued reports on ELLI. Barclays reissued a “buy” rating and set a $102.00 target price on shares of Ellie Mae in a research report on Tuesday, October 16th. ValuEngine lowered Ellie Mae from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. JPMorgan Chase & Co. lowered Ellie Mae from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $125.00 to $76.00 in a research report on Friday, October 26th. Royal Bank of Canada lowered Ellie Mae from an “outperform” rating to a “sector perform” rating in a research report on Friday, October 26th. Finally, Compass Point dropped their target price on Ellie Mae from $60.00 to $55.00 and set a “sell” rating on the stock in a research report on Friday, October 26th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $83.14.

Shares of NYSE ELLI traded up $17.09 on Tuesday, reaching $99.01. 8,215,209 shares of the company traded hands, compared to its average volume of 648,468. The company has a market cap of $2.89 billion, a P/E ratio of 96.13, a P/E/G ratio of 6.20 and a beta of 1.38. Ellie Mae has a fifty-two week low of $58.49 and a fifty-two week high of $116.90.

In other news, EVP Gates Cathleen Schreiner sold 2,549 shares of the firm’s stock in a transaction on Friday, December 28th. The stock was sold at an average price of $64.00, for a total transaction of $163,136.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sigmund Anderman sold 44,800 shares of the firm’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $82.49, for a total value of $3,695,552.00. Following the transaction, the director now directly owns 6,945 shares in the company, valued at $572,893.05. The disclosure for this sale can be found here. Insiders sold 76,190 shares of company stock worth $5,725,870 over the last ninety days. 3.14% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Eagle Asset Management bought a new stake in shares of Ellie Mae during the third quarter worth $8,512,000. Capital Impact Advisors raised its stake in Ellie Mae by 78.4% in the fourth quarter. Capital Impact Advisors now owns 10,471 shares of the software maker’s stock worth $631,000 after buying an additional 4,600 shares in the last quarter. Summit Creek Advisors raised its stake in Ellie Mae by 27.0% in the fourth quarter. Summit Creek Advisors now owns 116,895 shares of the software maker’s stock worth $7,041,000 after buying an additional 24,842 shares in the last quarter. Shaker Investments LLC OH bought a new position in Ellie Mae in the fourth quarter worth about $2,467,000. Finally, Russell Frank Co raised its stake in Ellie Mae by 3.1% in the fourth quarter. Russell Frank Co now owns 283,731 shares of the software maker’s stock worth $17,859,000 after buying an additional 8,468 shares in the last quarter.

Ellie Mae Company Profile

Ellie Mae, Inc provides cloud-based platform for the mortgage finance industry in the United States. The company provides Encompass, a proprietary software solution that combines lead management; loan origination and processing; underwriting; preparation of mortgage applications, disclosure agreements, and closing documents; loan funding and closing; compliance with regulatory and investor requirements; and enterprise management.

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