Oppenheimer Holdings, Inc. reaffirmed their buy rating on shares of Ellie Mae Inc (NASDAQ:ELLI) in a report published on Wednesday morning. Oppenheimer Holdings, Inc. currently has a $101.00 price target on the software maker’s stock.
Several other equities research analysts have also recently weighed in on the stock. Zacks Investment Research upgraded shares of Ellie Mae from a hold rating to a buy rating and set a $123.00 price objective for the company in a research report on Monday, July 3rd. Morgan Stanley reiterated an equal weight rating and set a $115.00 price objective (up from $106.00) on shares of Ellie Mae in a research report on Thursday, July 20th. Needham & Company LLC reiterated a buy rating and set a $100.00 price objective (down from $135.00) on shares of Ellie Mae in a research report on Sunday, July 30th. KeyCorp reiterated a buy rating and set a $130.00 price objective on shares of Ellie Mae in a research report on Wednesday, June 14th. Finally, ValuEngine cut shares of Ellie Mae from a hold rating to a sell rating in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. Ellie Mae presently has a consensus rating of Hold and a consensus target price of $114.23.
Ellie Mae (ELLI) opened at 85.40 on Wednesday. Ellie Mae has a 12 month low of $77.60 and a 12 month high of $114.95. The stock’s 50 day moving average is $84.64 and its 200-day moving average is $100.85. The company has a market capitalization of $2.94 billion and a PE ratio of 56.63.
Ellie Mae (NASDAQ:ELLI) last posted its quarterly earnings data on Thursday, July 27th. The software maker reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.16. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The company had revenue of $104.10 million during the quarter, compared to analysts’ expectations of $110.69 million. During the same period in the prior year, the company posted $0.64 earnings per share. Ellie Mae’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, analysts expect that Ellie Mae will post $1.49 EPS for the current year.
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Ellie Mae announced that its board has approved a share repurchase program on Tuesday, September 5th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the software maker to purchase up to 8.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
In other Ellie Mae news, Director Karen Blasing sold 414 shares of the firm’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $112.40, for a total value of $46,533.60. Following the transaction, the director now directly owns 5,547 shares of the company’s stock, valued at $623,482.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sigmund Anderman sold 12,253 shares of the firm’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $111.31, for a total transaction of $1,363,881.43. Following the completion of the transaction, the insider now directly owns 105,167 shares in the company, valued at $11,706,138.77. The disclosure for this sale can be found here. Insiders sold 58,465 shares of company stock valued at $6,105,069 over the last 90 days.
Several institutional investors have recently added to or reduced their stakes in ELLI. Strs Ohio lifted its stake in shares of Ellie Mae by 36.7% in the first quarter. Strs Ohio now owns 4,100 shares of the software maker’s stock valued at $411,000 after buying an additional 1,100 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Ellie Mae by 29.9% in the first quarter. Great West Life Assurance Co. Can now owns 3,912 shares of the software maker’s stock valued at $392,000 after buying an additional 900 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Ellie Mae by 3.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 18,748 shares of the software maker’s stock valued at $1,880,000 after buying an additional 540 shares in the last quarter. Comerica Bank bought a new position in shares of Ellie Mae in the first quarter valued at $1,386,000. Finally, Swiss National Bank lifted its stake in shares of Ellie Mae by 0.9% in the first quarter. Swiss National Bank now owns 55,300 shares of the software maker’s stock valued at $5,545,000 after buying an additional 500 shares in the last quarter.
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.
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