Ellie Mae (ELLI) Downgraded by Zacks Investment Research

Ellie Mae (NYSE:ELLI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.

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. “

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ELLI has been the subject of several other reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $106.00 price objective on shares of Ellie Mae in a report on Wednesday, February 14th. KeyCorp reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Ellie Mae in a report on Wednesday, March 21st. Wedbush cut Ellie Mae from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $90.00 to $109.00 in a report on Thursday. Barclays raised Ellie Mae from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $100.00 to $114.00 in a report on Tuesday, January 9th. Finally, Compass Point initiated coverage on Ellie Mae in a report on Wednesday, January 3rd. They issued a “sell” rating and a $65.00 price objective for the company. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $105.25.

NYSE:ELLI traded up $0.73 during mid-day trading on Monday, hitting $87.20. 1,312,096 shares of the stock were exchanged, compared to its average volume of 451,899. The stock has a market cap of $2,965.04, a P/E ratio of 84.66, a PEG ratio of 7.47 and a beta of 0.53. Ellie Mae has a fifty-two week low of $79.71 and a fifty-two week high of $114.95.

Ellie Mae (NYSE:ELLI) last released its quarterly earnings results on Thursday, February 8th. The software maker reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The business had revenue of $112.89 million during the quarter, compared to analysts’ expectations of $108.27 million. Ellie Mae had a return on equity of 5.39% and a net margin of 12.67%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the firm posted $0.46 EPS. equities research analysts predict that Ellie Mae will post 0.77 earnings per share for the current fiscal year.

In other news, Director Karen Blasing sold 1,728 shares of Ellie Mae stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $100.00, for a total value of $172,800.00. Following the transaction, the director now owns 7,275 shares in the company, valued at approximately $727,500. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Brian E. Brown sold 2,081 shares of Ellie Mae stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $89.47, for a total value of $186,187.07. Following the completion of the transaction, the executive vice president now owns 14,238 shares in the company, valued at approximately $1,273,873.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,727 shares of company stock worth $5,367,643. Corporate insiders own 3.14% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ellie Mae by 45.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,941 shares of the software maker’s stock worth $174,000 after acquiring an additional 602 shares during the last quarter. Barings LLC bought a new stake in Ellie Mae during the 4th quarter worth $201,000. Atria Investments LLC bought a new stake in Ellie Mae during the 4th quarter worth $261,000. Stifel Financial Corp grew its position in Ellie Mae by 42.5% during the 3rd quarter. Stifel Financial Corp now owns 3,502 shares of the software maker’s stock worth $288,000 after acquiring an additional 1,044 shares during the last quarter. Finally, Jefferies Group LLC bought a new stake in Ellie Mae during the 4th quarter worth $292,000.

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Ellie Mae Company Profile

Ellie Mae, Inc provides cloud-based platform for the mortgage finance industry in the United States. The company provides Encompass, a proprietary software solution that combines lead management; loan origination and processing; underwriting; preparation of mortgage applications, disclosure agreements, and closing documents; loan funding and closing; compliance with regulatory and investor requirements; and enterprise management.

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