Zacks Investment Research Lowers Ellie Mae Inc (ELLI) to Hold

Zacks Investment Research downgraded shares of Ellie Mae Inc (NASDAQ:ELLI) from a buy rating to a hold rating in a research note issued to investors on Friday, May 5th.

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 equities research analysts have also weighed in on ELLI. Vetr lowered Ellie Mae from a strong-buy rating to a buy rating and set a $97.50 price target on the stock. in a research report on Monday, February 6th. Pacific Crest reissued an overweight rating on shares of Ellie Mae in a report on Saturday, January 7th. Needham & Company LLC reissued a buy rating and issued a $135.00 target price on shares of Ellie Mae in a report on Friday, January 13th. Morgan Stanley initiated coverage on Ellie Mae in a research note on Thursday, January 12th. They issued an equal weight rating and a $95.00 price target for the company. Finally, Oppenheimer Holdings Inc. restated an outperform rating and issued a $125.00 price target (up previously from $120.00) on shares of Ellie Mae in a research note on Thursday, March 23rd. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Ellie Mae currently has an average rating of Buy and a consensus target price of $106.89.

Shares of Ellie Mae (NASDAQ:ELLI) traded up 0.73% during mid-day trading on Friday, reaching $107.99. The company had a trading volume of 278,471 shares. The firm has a market capitalization of $3.68 billion and a PE ratio of 81.69. The stock has a 50 day moving average price of $105.83 and a 200 day moving average price of $93.99. Ellie Mae has a 12-month low of $77.60 and a 12-month high of $112.77.

Ellie Mae (NASDAQ:ELLI) last released its quarterly earnings results on Thursday, April 27th. The software maker reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by $0.03. The company had revenue of $93 million during the quarter, compared to the consensus estimate of $93.17 million. During the same quarter in the previous year, the company earned $0.24 EPS. The firm’s quarterly revenue was up 26.3% compared to the same quarter last year. On average, equities analysts forecast that Ellie Mae will post $1.91 earnings per share for the current year.

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In other news, insider Sigmund Anderman sold 53,431 shares of the business’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $98.04, for a total transaction of $5,238,375.24. Following the transaction, the insider now directly owns 120,509 shares in the company, valued at approximately $11,814,702.36. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Edgar Luce sold 4,574 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $94.45, for a total value of $432,014.30. Following the transaction, the chief financial officer now owns 50,132 shares in the company, valued at $4,734,967.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 116,622 shares of company stock worth $11,523,125.

Hedge funds have recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Ellie Mae during the third quarter worth approximately $12,300,000. Capital Fund Management S.A. purchased a new position in shares of Ellie Mae during the third quarter worth approximately $853,000. Wells Fargo & Company MN increased its position in shares of Ellie Mae by 904.8% in the third quarter. Wells Fargo & Company MN now owns 1,163,583 shares of the software maker’s stock worth $122,525,000 after buying an additional 1,047,786 shares during the last quarter. Gilder Gagnon Howe & Co. LLC increased its position in Ellie Mae by 48.9% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 4,372 shares of the software maker’s stock valued at $460,000 after buying an additional 1,436 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in Ellie Mae by 56.4% in the third quarter. Prudential Financial Inc. now owns 6,211 shares of the software maker’s stock valued at $654,000 after buying an additional 2,241 shares in the last quarter.

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.

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