Royal Bank Of Canada reaffirmed their hold rating on shares of Ellie Mae Inc (NASDAQ:ELLI) in a research report released on Tuesday morning. They currently have a $90.00 target price on the software maker’s stock.

ELLI has been the subject of several other research reports. KeyCorp reiterated a buy rating and set a $130.00 price target on shares of Ellie Mae in a research note on Wednesday, June 14th. J P Morgan Chase & Co reiterated a buy rating on shares of Ellie Mae in a research note on Friday, September 1st. ValuEngine downgraded Ellie Mae from a hold rating to a sell rating in a research note on Friday, July 28th. Zacks Investment Research upgraded Ellie Mae from a strong sell rating to a hold rating in a research note on Wednesday, September 27th. Finally, Needham & Company LLC reiterated a buy rating and set a $100.00 price target (down previously from $135.00) on shares of Ellie Mae in a research note on Sunday, July 30th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $112.41.

Ellie Mae (ELLI) opened at 86.61 on Tuesday. Ellie Mae has a 52-week low of $77.60 and a 52-week high of $114.95. The firm’s 50-day moving average is $83.92 and its 200-day moving average is $98.86. The company has a market capitalization of $2.98 billion and a PE ratio of 57.43.

Ellie Mae (NASDAQ:ELLI) last posted its quarterly earnings results on Thursday, July 27th. The software maker reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.16. The company had revenue of $104.10 million during the quarter, compared to the consensus estimate of $110.69 million. Ellie Mae had a return on equity of 10.74% and a net margin of 18.08%. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 EPS. On average, equities research analysts forecast that Ellie Mae will post $1.49 EPS for the current year.

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Ellie Mae declared that its Board of Directors has approved a stock repurchase program on Tuesday, September 5th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 8.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

In other Ellie Mae news, Director Marina Levinson sold 2,861 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $82.39, for a total value of $235,717.79. Following the completion of the transaction, the director now owns 3,358 shares in the company, valued at approximately $276,665.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jonathan Corr sold 2,210 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $83.71, for a total value of $184,999.10. Following the completion of the transaction, the chief executive officer now owns 116,002 shares of the company’s stock, valued at approximately $9,710,527.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,927 shares of company stock valued at $1,209,212.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of Montreal Can boosted its stake in Ellie Mae by 1.4% in the 2nd quarter. Bank of Montreal Can now owns 1,817 shares of the software maker’s stock worth $200,000 after purchasing an additional 25 shares during the period. 1st Global Advisors Inc. boosted its stake in Ellie Mae by 0.7% in the 2nd quarter. 1st Global Advisors Inc. now owns 4,554 shares of the software maker’s stock worth $501,000 after purchasing an additional 30 shares during the period. Teacher Retirement System of Texas boosted its stake in Ellie Mae by 1.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 2,691 shares of the software maker’s stock worth $296,000 after purchasing an additional 35 shares during the period. Nisa Investment Advisors LLC boosted its stake in Ellie Mae by 8.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,230 shares of the software maker’s stock worth $135,000 after purchasing an additional 100 shares during the period. Finally, Prudential Financial Inc. boosted its stake in Ellie Mae by 3.2% in the 2nd quarter. Prudential Financial Inc. now owns 3,590 shares of the software maker’s stock worth $395,000 after purchasing an additional 110 shares during the period.

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.

Analyst Recommendations for Ellie Mae (NASDAQ:ELLI)

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