Artisan Partners Limited Partnership boosted its holdings in Ellie Mae Inc (NASDAQ:ELLI) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 425,481 shares of the software maker’s stock after purchasing an additional 3,890 shares during the quarter. Artisan Partners Limited Partnership owned about 1.24% of Ellie Mae worth $46,765,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Legato Capital Management LLC acquired a new stake in Ellie Mae in the 2nd quarter valued at $319,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Ellie Mae in the 2nd quarter valued at $1,461,000. Teachers Advisors LLC grew its position in Ellie Mae by 2.1% in the 1st quarter. Teachers Advisors LLC now owns 74,482 shares of the software maker’s stock valued at $7,468,000 after purchasing an additional 1,548 shares during the period. Renaissance Technologies LLC acquired a new stake in Ellie Mae in the 1st quarter valued at $6,858,000. Finally, Jane Street Group LLC acquired a new stake in Ellie Mae in the 1st quarter valued at $214,000.
Several analysts recently issued reports on the stock. Zacks Investment Research raised shares of Ellie Mae from a “hold” rating to a “buy” rating and set a $123.00 price target for the company in a research report on Monday, July 3rd. BidaskClub downgraded shares of Ellie Mae from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 1st. ValuEngine downgraded shares of Ellie Mae from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Needham & Company LLC reissued a “buy” rating and issued a $100.00 price target on shares of Ellie Mae in a research report on Monday, August 14th. Finally, KeyCorp reissued a “buy” rating and issued a $130.00 price target on shares of Ellie Mae in a research report on Wednesday, June 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. Ellie Mae currently has a consensus rating of “Hold” and a consensus price target of $114.23.
In other news, EVP Joseph P. Tyrrell sold 25,871 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $107.67, for a total transaction of $2,785,530.57. Following the completion of the transaction, the executive vice president now directly owns 41,269 shares in the company, valued at $4,443,433.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gates Cathleen Schreiner sold 1,200 shares of the firm’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 transaction, the executive vice president now owns 45,049 shares of the company’s stock, valued at $3,810,244.42. The disclosure for this sale can be found here. Insiders have sold 45,798 shares of company stock valued at $4,694,654 over the last 90 days.
Ellie Mae Inc (NASDAQ:ELLI) opened at 84.93 on Wednesday. The firm’s 50-day moving average is $84.44 and its 200-day moving average is $100.75. Ellie Mae Inc has a 12-month low of $77.60 and a 12-month high of $114.95. The stock has a market capitalization of $2.92 billion and a P/E ratio of 56.32.
Ellie Mae (NASDAQ:ELLI) last issued its quarterly earnings results on Thursday, July 27th. The software maker reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.16. Ellie Mae had a return on equity of 10.74% and a net margin of 18.08%. The firm had revenue of $104.10 million during the quarter, compared to the consensus estimate of $110.69 million. During the same period last year, the company earned $0.64 earnings per share. The company’s revenue was up 15.5% on a year-over-year basis. Analysts predict that Ellie Mae Inc will post $1.49 EPS for the current fiscal year.
Ellie Mae declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 5th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the software maker to repurchase up to 8.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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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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