Ellie Mae (NYSE:ELLI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Ellie Mae is benefiting from continued momentum in its Data Connect and Investor Connect offerings. Increased adoption of new products and network strength are driving its per loan revenues. The company added new components to the Encompass Lending Platform, enhancing its strong wholesale and correspondent channel capabilities. The depth in its product portfolio has been the major growth driver in recent times. Estimates have been stable lately ahead of the company’s Q4 bearnings release. The company has positive record of earnings surprises in recent quarters. However, Ellie Mae's serviceable industry, being concentrated to the financial mortgage industry is a major headwind for the company, especially, when the mortgage origination environment is facing hurdles such as low housing inventory and rising interest rates. Shares have underperformed the industry in the past year.”
Other equities analysts have also issued research reports about the company. Needham & Company LLC cut their target price on Ellie Mae to $85.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. They noted that the move was a valuation call. Barclays reaffirmed a “buy” rating and set a $102.00 price target on shares of Ellie Mae in a research report on Tuesday, October 16th. Morgan Stanley set a $77.00 price target on Ellie Mae and gave the stock a “hold” rating in a research report on Friday, October 26th. ValuEngine lowered Ellie Mae from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. Finally, Susquehanna Bancshares assumed coverage on Ellie Mae in a research report on Thursday, November 29th. They set a “negative” rating and a $53.00 price target on the stock. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $83.21.
NYSE:ELLI opened at $82.94 on Friday. Ellie Mae has a 1-year low of $58.49 and a 1-year high of $116.90. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 80.52, a P/E/G ratio of 6.20 and a beta of 1.38.
In related news, EVP Gates Cathleen Schreiner sold 8,164 shares of Ellie Mae stock in a transaction that occurred on Friday, January 11th. The stock was sold at an average price of $67.26, for a total value of $549,110.64. Following the sale, the executive vice president now owns 34,025 shares of the company’s stock, valued at approximately $2,288,521.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sigmund Anderman sold 18,128 shares of Ellie Mae stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $63.71, for a total value of $1,154,934.88. Following the completion of the sale, the director now directly owns 25,073 shares in the company, valued at approximately $1,597,400.83. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,190 shares of company stock worth $5,725,870. 3.14% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Ellie Mae by 6.9% in the 3rd quarter. Vanguard Group Inc. now owns 3,104,393 shares of the software maker’s stock valued at $294,203,000 after buying an additional 199,908 shares during the last quarter. Vanguard Group Inc raised its position in Ellie Mae by 6.9% in the 3rd quarter. Vanguard Group Inc now owns 3,104,393 shares of the software maker’s stock valued at $294,203,000 after buying an additional 199,908 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in Ellie Mae by 26.8% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,562,234 shares of the software maker’s stock valued at $160,986,000 after buying an additional 541,636 shares during the last quarter. BlackRock Inc. raised its position in Ellie Mae by 1.0% in the 4th quarter. BlackRock Inc. now owns 2,467,891 shares of the software maker’s stock valued at $155,058,000 after buying an additional 23,928 shares during the last quarter. Finally, FMR LLC raised its position in Ellie Mae by 14.9% in the 2nd quarter. FMR LLC now owns 1,559,695 shares of the software maker’s stock valued at $161,959,000 after buying an additional 202,708 shares during the last quarter.
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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