Ellie Mae (ELLI) Sets New 52-Week High Following Analyst Upgrade

Ellie Mae Inc (NYSE:ELLI) reached a new 52-week high during trading on Tuesday after Royal Bank of Canada raised their price target on the stock to $125.00. Royal Bank of Canada currently has an outperform rating on the stock. Ellie Mae traded as high as $116.08 and last traded at $115.84, with a volume of 482400 shares trading hands. The stock had previously closed at $114.35.

A number of other research firms also recently issued reports on ELLI. Zacks Investment Research upgraded shares of Ellie Mae from a “sell” rating to a “strong-buy” rating and set a $113.00 target price on the stock in a research report on Wednesday, May 2nd. Wedbush reiterated an “underperform” rating and set a $69.00 target price on shares of Ellie Mae in a research report on Friday, April 27th. KeyCorp reiterated a “buy” rating and set a $120.00 target price on shares of Ellie Mae in a research report on Wednesday, March 21st. Zelman & Associates upgraded shares of Ellie Mae from a “sell” rating to a “hold” rating in a research report on Friday, April 20th. Finally, Compass Point reiterated a “sell” rating and set a $60.00 target price (up previously from $58.75) on shares of Ellie Mae in a research report on Friday, April 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $102.00.

In other Ellie Mae news, EVP Brian E. Brown sold 465 shares of the company’s stock in a transaction on Tuesday, April 3rd. The shares were sold at an average price of $91.95, for a total transaction of $42,756.75. Following the transaction, the executive vice president now owns 17,708 shares in the company, valued at $1,628,250.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jonathan Corr sold 2,306 shares of the company’s stock in a transaction on Tuesday, April 3rd. The stock was sold at an average price of $91.56, for a total transaction of $211,137.36. Following the transaction, the chief executive officer now owns 111,289 shares in the company, valued at approximately $10,189,620.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,071 shares of company stock worth $4,418,491. Corporate insiders own 3.14% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELLI. We Are One Seven LLC raised its holdings in Ellie Mae by 238.3% during the first quarter. We Are One Seven LLC now owns 1,316 shares of the software maker’s stock worth $121,000 after buying an additional 927 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Ellie Mae by 45.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,941 shares of the software maker’s stock worth $174,000 after buying an additional 602 shares during the last quarter. Barings LLC acquired a new position in Ellie Mae during the fourth quarter worth $201,000. M&T Bank Corp acquired a new position in Ellie Mae during the first quarter worth $206,000. Finally, ETRADE Capital Management LLC acquired a new position in Ellie Mae during the first quarter worth $215,000.

The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of 110.13, a price-to-earnings-growth ratio of 7.40 and a beta of 0.58.

Ellie Mae (NYSE:ELLI) last announced its earnings results on Thursday, April 26th. The software maker reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.25. The company had revenue of $117.91 million during the quarter, compared to the consensus estimate of $108.80 million. Ellie Mae had a net margin of 10.28% and a return on equity of 5.73%. The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 earnings per share. analysts forecast that Ellie Mae Inc will post 0.86 earnings per share for the current year.

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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