Zacks Investment Research upgraded shares of Ellie Mae (NYSE:ELLI) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $74.00 target price on the software maker’s stock.

According to Zacks, “Ellie Mae is benefiting from continued momentum in its Data Connect and Investor Connect offerings. Its continued focus on core business and Velocify is a positive. Increased adoption of new products and network strength aredriving its per loan revenues. The company added new components to the Encompass Lending Platform, enhancing its strong wholesale and correspondent channel capabilities. The depth in its product portfolio has been the major growth driver in recent times. However, Ellie Mae's serviceable industry, being concentrated to the financial mortgage industry is a major headwind for the company, especially, when the mortgage origination environment is facing hurdles such as low housing inventory and rising interest rates. Shares have underperformed the industry in the past one year.”

A number of other equities analysts have also recently weighed in on the stock. Zelman & Associates cut shares of Ellie Mae from a hold rating to a sell rating in a research report on Monday, December 24th. Oppenheimer reduced their price target on shares of Ellie Mae from $92.00 to $80.00 and set an outperform rating on the stock in a research report on Thursday, November 29th. Susquehanna Bancshares assumed coverage on shares of Ellie Mae in a research report on Thursday, November 29th. They set a negative rating and a $53.00 price target on the stock. Wedbush reduced their price target on shares of Ellie Mae from $70.00 to $53.00 and set an underperform rating on the stock in a research report on Monday, October 29th. Finally, Morgan Stanley set a $77.00 price target on shares of Ellie Mae and gave the stock a hold rating in a research report on Friday, October 26th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $82.60.

ELLI stock traded up $0.75 during midday trading on Tuesday, reaching $68.34. The company’s stock had a trading volume of 14,340 shares, compared to its average volume of 517,609. Ellie Mae has a 52 week low of $58.49 and a 52 week high of $116.90. The stock has a market cap of $2.31 billion, a PE ratio of 66.36, a PEG ratio of 4.95 and a beta of 1.27.

Ellie Mae (NYSE:ELLI) last announced its quarterly earnings results on Thursday, October 25th. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.10. The company had revenue of $122.97 million for the quarter, compared to analysts’ expectations of $128.22 million. Ellie Mae had a net margin of 7.11% and a return on equity of 4.78%. As a group, analysts forecast that Ellie Mae will post 0.93 EPS for the current year.

In other Ellie Mae news, Director Sigmund Anderman sold 18,128 shares of Ellie Mae stock in a transaction on Wednesday, January 2nd. The shares were sold at an average price of $63.71, for a total value of $1,154,934.88. Following the sale, the director now directly owns 25,073 shares in the company, valued at approximately $1,597,400.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Popi Heron sold 731 shares of Ellie Mae stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $64.83, for a total transaction of $47,390.73. Following the completion of the sale, the vice president now owns 6,128 shares in the company, valued at $397,278.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,957 shares of company stock worth $1,528,598. 3.14% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of ELLI. Palo Capital Inc. acquired a new position in shares of Ellie Mae during the 3rd quarter worth about $379,000. Vanguard Group Inc increased its stake in shares of Ellie Mae by 6.9% during the 3rd quarter. Vanguard Group Inc now owns 3,104,393 shares of the software maker’s stock worth $294,203,000 after purchasing an additional 199,908 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Ellie Mae by 6.9% during the 3rd quarter. Vanguard Group Inc. now owns 3,104,393 shares of the software maker’s stock worth $294,203,000 after purchasing an additional 199,908 shares during the last quarter. Standard Life Aberdeen plc increased its stake in shares of Ellie Mae by 6.3% during the 3rd quarter. Standard Life Aberdeen plc now owns 477,750 shares of the software maker’s stock worth $45,276,000 after purchasing an additional 28,471 shares during the last quarter. Finally, Teachers Advisors LLC increased its stake in shares of Ellie Mae by 1.6% during the 3rd quarter. Teachers Advisors LLC now owns 84,251 shares of the software maker’s stock worth $7,984,000 after purchasing an additional 1,300 shares during 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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