Ellie Mae (ELLI) Downgraded to “Underperform” at Wedbush

Wedbush lowered shares of Ellie Mae (NYSE:ELLI) from a neutral rating to an underperform rating in a research note released on Thursday morning, MarketBeat reports. The firm currently has $109.00 price target on the software maker’s stock, up from their prior price target of $90.00.

Several other brokerages have also recently weighed in on ELLI. Zacks Investment Research cut shares of Ellie Mae from a hold rating to a sell rating in a research note on Tuesday. KeyCorp reissued a buy rating and issued a $120.00 price objective on shares of Ellie Mae in a research note on Wednesday, March 21st. Compass Point started coverage on shares of Ellie Mae in a research note on Wednesday, January 3rd. They issued a sell rating and a $65.00 price objective on the stock. Bank of America reduced their price objective on shares of Ellie Mae from $115.00 to $110.00 and set a buy rating on the stock in a research note on Friday, February 9th. Finally, Stephens reissued a hold rating and issued a $92.00 price objective on shares of Ellie Mae in a research note on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $105.25.

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Shares of NYSE:ELLI traded down $2.95 during trading on Thursday, hitting $87.01. 453,810 shares of the company were exchanged, compared to its average volume of 428,148. The company has a market capitalization of $3,223.24, a PE ratio of 84.42, a price-to-earnings-growth ratio of 7.99 and a beta of 0.53. Ellie Mae has a 1-year low of $79.71 and a 1-year high of $114.95.

Ellie Mae (NYSE:ELLI) last announced its quarterly earnings results on Thursday, February 8th. The software maker reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. The company had revenue of $112.89 million during the quarter, compared to the consensus estimate of $108.27 million. Ellie Mae had a net margin of 12.67% and a return on equity of 5.39%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.46 earnings per share. sell-side analysts expect that Ellie Mae will post 0.78 earnings per share for the current fiscal year.

In other news, Director Karen Blasing sold 1,728 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $100.00, for a total transaction of $172,800.00. Following the transaction, the director now owns 7,275 shares of the company’s stock, valued at approximately $727,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Brian E. Brown sold 2,081 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $89.47, for a total transaction of $186,187.07. Following the transaction, the executive vice president now directly owns 14,238 shares in the company, valued at approximately $1,273,873.86. The disclosure for this sale can be found here. Insiders have sold 58,727 shares of company stock worth $5,367,643 in the last ninety days. Insiders own 3.39% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in ELLI. Ameriprise Financial Inc. boosted its position in shares of Ellie Mae by 378.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 191,316 shares of the software maker’s stock worth $15,712,000 after purchasing an additional 151,347 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Ellie Mae by 12.3% during the 3rd quarter. Legal & General Group Plc now owns 13,940 shares of the software maker’s stock worth $1,143,000 after purchasing an additional 1,527 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Ellie Mae by 547.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 120,431 shares of the software maker’s stock worth $9,759,000 after purchasing an additional 101,821 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Ellie Mae by 5.5% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 151,846 shares of the software maker’s stock worth $12,472,000 after purchasing an additional 7,886 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Ellie Mae by 56.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 308,930 shares of the software maker’s stock worth $25,371,000 after purchasing an additional 111,311 shares in the last quarter.

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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.

Analyst Recommendations for Ellie Mae (NYSE:ELLI)

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