Ellie Mae (ELLI) Downgraded by Needham & Company LLC

Ellie Mae (NYSE:ELLI) was downgraded by equities research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, The Fly reports.

A number of other equities research analysts have also commented on ELLI. Zacks Investment Research lowered Ellie Mae from a “hold” rating to a “sell” rating in a research report on Monday, December 31st. Oppenheimer reduced their price target on Ellie Mae from $125.00 to $92.00 and set an “outperform” rating for the company in a report on Friday, October 26th. Finally, JMP Securities reiterated a “buy” rating and set a $99.00 price target on shares of Ellie Mae in a report on Monday. Five analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $83.21.

NYSE ELLI traded up $17.33 during trading on Tuesday, reaching $99.25. 453,875 shares of the company’s stock were exchanged, compared to its average volume of 648,468. Ellie Mae has a fifty-two week low of $58.49 and a fifty-two week high of $116.90. The firm has a market capitalization of $2.89 billion, a PE ratio of 96.45, a PEG ratio of 6.20 and a beta of 1.38.

In other Ellie Mae news, Director Sigmund Anderman sold 18,128 shares of Ellie Mae stock in a transaction that occurred on Wednesday, January 2nd. The stock was sold at an average price of $63.71, for a total value of $1,154,934.88. Following the transaction, the director now directly owns 25,073 shares of the company’s stock, valued at approximately $1,597,400.83. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Gates Cathleen Schreiner sold 8,164 shares of Ellie Mae stock in a transaction that occurred on Friday, January 11th. The stock was sold at an average price of $67.26, for a total value of $549,110.64. Following the completion of the transaction, the executive vice president now directly owns 34,025 shares in the company, valued at $2,288,521.50. The disclosure for this sale can be found here. Insiders sold a total of 76,190 shares of company stock worth $5,725,870 over the last three months. 3.14% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. First Interstate Bank bought a new position in Ellie Mae in the 4th quarter worth approximately $28,000. We Are One Seven LLC bought a new position in Ellie Mae in the 4th quarter worth approximately $75,000. Advisor Group Inc. increased its position in Ellie Mae by 32.6% in the 4th quarter. Advisor Group Inc. now owns 2,108 shares of the software maker’s stock worth $132,000 after buying an additional 518 shares during the period. Bank of Montreal Can increased its position in Ellie Mae by 7.1% in the 4th quarter. Bank of Montreal Can now owns 2,271 shares of the software maker’s stock worth $143,000 after buying an additional 150 shares during the period. Finally, Ffcm LLC increased its position in Ellie Mae by 328.9% in the 4th quarter. Ffcm LLC now owns 2,329 shares of the software maker’s stock worth $146,000 after buying an additional 1,786 shares during the period.

About Ellie Mae

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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