JMP Securities Reaffirms Buy Rating for Ellie Mae (ELLI)

JMP Securities restated their buy rating on shares of Ellie Mae (NYSE:ELLI) in a research note published on Monday morning. They currently have a $99.00 price objective on the software maker’s stock.

ELLI has been the topic of a number of other research reports. Zacks Investment Research raised Ellie Mae from a hold rating to a buy rating and set a $76.00 price objective on the stock in a research note on Wednesday, January 16th. Bank of America dropped their target price on Ellie Mae from $115.00 to $85.00 and set a neutral rating for the company in a report on Friday, October 26th. Morgan Stanley set a $77.00 target price on Ellie Mae and gave the stock a hold rating in a report on Friday, October 26th. Zelman & Associates cut Ellie Mae from a hold rating to a sell rating in a report on Monday, December 24th. Finally, Royal Bank of Canada cut Ellie Mae from an outperform rating to a sector perform rating in a report on Friday, October 26th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $86.43.

NYSE:ELLI opened at $98.90 on Monday. Ellie Mae has a 1 year low of $58.49 and a 1 year high of $116.90. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of 96.02, a PEG ratio of 6.20 and a beta of 1.38.

In other news, Director Sigmund Anderman sold 18,128 shares of Ellie Mae stock in a transaction that occurred on Wednesday, January 2nd. The stock was sold at an average price of $63.71, for a total value of $1,154,934.88. Following the completion of the transaction, the director now owns 25,073 shares in the company, valued at approximately $1,597,400.83. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the executive vice president now owns 34,025 shares of the company’s stock, valued at approximately $2,288,521.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,190 shares of company stock valued at $5,725,870. Company insiders own 3.14% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Ellie Mae by 6.9% during the 3rd quarter. Vanguard Group Inc. now owns 3,104,393 shares of the software maker’s stock valued at $294,203,000 after acquiring an additional 199,908 shares during the period. Vanguard Group Inc boosted its holdings in Ellie Mae by 6.9% during the 3rd quarter. Vanguard Group Inc now owns 3,104,393 shares of the software maker’s stock valued at $294,203,000 after acquiring an additional 199,908 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Ellie Mae by 26.8% during 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 acquiring an additional 541,636 shares during the period. BlackRock Inc. boosted its holdings in Ellie Mae by 1.0% during the 4th quarter. BlackRock Inc. now owns 2,467,891 shares of the software maker’s stock valued at $155,058,000 after acquiring an additional 23,928 shares during the period. Finally, HMI Capital LLC boosted its holdings in Ellie Mae by 311.5% during the 4th quarter. HMI Capital LLC now owns 1,974,986 shares of the software maker’s stock valued at $124,088,000 after acquiring an additional 1,495,069 shares during the period.

About Ellie Mae

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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