Ellie Mae Inc (NASDAQ:ELLI) had its price target upped by Barclays PLC from $92.00 to $100.00 in a research report released on Friday, October 27th, Marketbeat reports. They currently have an equal weight rating on the software maker’s stock.
Several other equities research analysts also recently commented 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 objective on the stock in a report on Monday, July 3rd. Morgan Stanley restated an equal weight rating and issued a $115.00 price objective (up from $106.00) on shares of Ellie Mae in a research report on Thursday, July 20th. J P Morgan Chase & Co restated a buy rating on shares of Ellie Mae in a research report on Friday, September 1st. ValuEngine upgraded shares of Ellie Mae from a sell rating to a hold rating in a research report on Friday, September 1st. Finally, Needham & Company LLC reissued a buy rating and set a $100.00 price objective (down previously from $135.00) on shares of Ellie Mae in a research note on Sunday, July 30th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Ellie Mae has a consensus rating of Buy and a consensus target price of $110.71.
Shares of Ellie Mae (ELLI) traded up $0.06 during mid-day trading on Friday, reaching $86.90. 451,300 shares of the company’s stock were exchanged, compared to its average volume of 447,060. Ellie Mae has a fifty-two week low of $77.60 and a fifty-two week high of $114.95.
Ellie Mae (NASDAQ:ELLI) last posted its earnings results on Thursday, October 26th. The software maker reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.13. The firm had revenue of $107.00 million during the quarter, compared to analyst estimates of $105.62 million. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The business’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 EPS.
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Ellie Mae declared that its board has approved a share buyback program on Tuesday, September 5th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the software maker to repurchase up to 8.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In other news, Director A Barr Dolan sold 4,666 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $87.59, for a total transaction of $408,694.94. Following the transaction, the director now owns 9,053 shares of the company’s stock, valued at approximately $792,952.27. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sigmund Anderman sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $89.24, for a total value of $1,070,880.00. Following the transaction, the insider now directly owns 98,321 shares in the company, valued at approximately $8,774,166.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,274 shares of company stock worth $2,541,795.
Institutional investors have recently added to or reduced their stakes in the business. Advisor Group Inc. raised its stake in Ellie Mae by 13.2% in the second quarter. Advisor Group Inc. now owns 1,014 shares of the software maker’s stock valued at $112,000 after buying an additional 118 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Ellie Mae by 8.8% in the second quarter. Nisa Investment Advisors LLC now owns 1,230 shares of the software maker’s stock valued at $135,000 after purchasing an additional 100 shares during the period. Victory Capital Management Inc. acquired a new position in shares of Ellie Mae in the third quarter valued at about $139,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Ellie Mae by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,339 shares of the software maker’s stock valued at $147,000 after purchasing an additional 119 shares during the period. Finally, Bank of Montreal Can increased its holdings in shares of Ellie Mae by 1.4% in the second quarter. Bank of Montreal Can now owns 1,817 shares of the software maker’s stock valued at $200,000 after purchasing an additional 25 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.
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