Zacks Investment Research Upgrades Ellie Mae Inc (ELLI) to Strong-Buy
Zacks Investment Research upgraded shares of Ellie Mae Inc (NASDAQ:ELLI) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning. They currently have $100.00 price objective on the software maker’s stock.
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. “
Several other analysts also recently weighed in on the stock. Needham & Company LLC reissued a buy rating on shares of Ellie Mae in a research report on Sunday, October 29th. Barclays PLC boosted their target price on shares of Ellie Mae from $92.00 to $100.00 and gave the stock an equal weight rating in a research report on Friday, October 27th. Royal Bank Of Canada raised shares of Ellie Mae from a sector perform rating to an outperform rating and upped their price objective for the company from $90.00 to $105.00 in a report on Wednesday, October 18th. BidaskClub raised shares of Ellie Mae from a hold rating to a buy rating in a report on Wednesday, October 18th. Finally, KeyCorp reaffirmed a buy rating and issued a $116.00 price objective on shares of Ellie Mae in a report on Wednesday, October 4th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of Buy and an average price target of $110.71.
Shares of Ellie Mae (ELLI) opened at $86.99 on Tuesday.
Ellie Mae (NASDAQ:ELLI) last released its earnings results on Thursday, October 26th. The software maker reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.13. The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $105.62 million. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. Ellie Mae’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 EPS.
Ellie Mae declared that its board has initiated a stock repurchase plan on Tuesday, September 5th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the software maker to repurchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, EVP Gates Cathleen Schreiner sold 1,200 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $84.58, for a total value of $101,496.00. Following the completion of the transaction, the executive vice president now directly owns 45,049 shares in the company, valued at approximately $3,810,244.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Sigmund Anderman sold 12,000 shares of the company’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $89.24, for a total transaction of $1,070,880.00. Following the transaction, the insider now owns 98,321 shares of the company’s stock, valued at $8,774,166.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,608 shares of company stock valued at $2,135,134.
A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Ellie Mae by 1.9% during the second quarter. Vanguard Group Inc. now owns 2,637,165 shares of the software maker’s stock worth $289,851,000 after acquiring an additional 49,323 shares during the period. BlackRock Inc. raised its position in Ellie Mae by 83,812.6% during the first quarter. BlackRock Inc. now owns 2,189,279 shares of the software maker’s stock worth $219,519,000 after acquiring an additional 2,186,670 shares during the period. Alliancebernstein L.P. raised its position in Ellie Mae by 10.6% during the second quarter. Alliancebernstein L.P. now owns 1,046,902 shares of the software maker’s stock worth $115,065,000 after acquiring an additional 100,103 shares during the period. Baillie Gifford & Co. raised its position in Ellie Mae by 51.5% during the third quarter. Baillie Gifford & Co. now owns 818,296 shares of the software maker’s stock worth $67,207,000 after acquiring an additional 278,321 shares during the period. Finally, FMR LLC raised its position in Ellie Mae by 1.2% during the second quarter. FMR LLC now owns 727,992 shares of the software maker’s stock worth $80,014,000 after acquiring an additional 8,843 shares during the period.
Ellie Mae Company Profile
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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