Ellie Mae Inc (ELLI) Rating Increased to Outperform at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of Ellie Mae Inc (NASDAQ:ELLI) from a sector perform rating to an outperform rating in a report released on Wednesday, October 18th, MarketBeat Ratings reports. Royal Bank Of Canada currently has $105.00 target price on the software maker’s stock, up from their prior target price of $90.00.

A number of other research analysts also recently issued reports on ELLI. Zacks Investment Research raised shares of Ellie Mae from a hold rating to a buy rating and set a $123.00 price objective on the stock in a research report on Monday, July 3rd. Morgan Stanley restated an equal weight rating and set a $115.00 target price (up previously from $106.00) on shares of Ellie Mae in a report on Thursday, July 20th. Roth Capital cut shares of Ellie Mae from a buy rating to a neutral rating in a report on Friday, July 28th. ValuEngine cut shares of Ellie Mae from a hold rating to a sell rating in a report on Friday, July 28th. Finally, Needham & Company LLC restated a buy rating and set a $100.00 target price (down previously from $135.00) on shares of Ellie Mae in a report on Sunday, July 30th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Ellie Mae presently has an average rating of Buy and an average price target of $112.63.

Shares of Ellie Mae (ELLI) traded down 5.58% during trading on Wednesday, reaching $85.98. 2,099,371 shares of the company’s stock were exchanged. Ellie Mae has a 52-week low of $77.60 and a 52-week high of $114.95. The stock’s 50 day moving average price is $85.47 and its 200-day moving average price is $97.92. The stock has a market cap of $2.96 billion and a PE ratio of 57.02.

Ellie Mae (NASDAQ:ELLI) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.13. The business 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%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 EPS. On average, equities research analysts forecast that Ellie Mae will post $1.48 EPS for the current year.

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Ellie Mae announced that its board has initiated a stock buyback program on Tuesday, September 5th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the software maker to purchase up to 8.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

In related news, CEO Jonathan Corr sold 2,211 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $88.44, for a total value of $195,540.84. Following the completion of the sale, the chief executive officer now directly owns 114,902 shares in the company, valued at $10,161,932.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sigmund Anderman sold 12,000 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $89.24, for a total value of $1,070,880.00. Following the completion of the sale, the insider now owns 98,321 shares in the company, valued at approximately $8,774,166.04. The disclosure for this sale can be found here. Insiders sold a total of 24,608 shares of company stock valued at $2,135,134 over the last three months.

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Ellie Mae by 1.9% in the second quarter. Vanguard Group Inc. now owns 2,637,165 shares of the software maker’s stock worth $289,851,000 after purchasing an additional 49,323 shares during the period. BlackRock Inc. increased its stake in Ellie Mae by 83,812.6% in the first quarter. BlackRock Inc. now owns 2,189,279 shares of the software maker’s stock worth $219,519,000 after purchasing an additional 2,186,670 shares during the period. Alliancebernstein L.P. increased its stake in shares of Ellie Mae by 10.6% during the second quarter. Alliancebernstein L.P. now owns 1,046,902 shares of the software maker’s stock valued at $115,065,000 after buying an additional 100,103 shares during the period. Baillie Gifford & Co. increased its stake in shares of Ellie Mae by 51.5% during the third quarter. Baillie Gifford & Co. now owns 818,296 shares of the software maker’s stock valued at $67,207,000 after buying an additional 278,321 shares during the period. Finally, FMR LLC increased its stake in shares of Ellie Mae by 1.2% during the second quarter. FMR LLC now owns 727,992 shares of the software maker’s stock valued at $80,014,000 after buying 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.

Analyst Recommendations for Ellie Mae (NASDAQ:ELLI)

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