Ellie Mae Inc (NASDAQ:ELLI) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lowered its stake in Ellie Mae Inc (NASDAQ:ELLI) by 23.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 93,165 shares of the software maker’s stock after selling 28,326 shares during the period. Bank of America Corp DE owned 0.27% of Ellie Mae worth $9,342,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Weiss Multi Strategy Advisers LLC raised its stake in shares of Ellie Mae by 183.3% in the first quarter. Weiss Multi Strategy Advisers LLC now owns 17,000 shares of the software maker’s stock valued at $1,705,000 after buying an additional 11,000 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Ellie Mae during the first quarter valued at $1,294,000. Schwab Charles Investment Management Inc. raised its stake in shares of Ellie Mae by 7.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 136,559 shares of the software maker’s stock valued at $13,693,000 after buying an additional 8,964 shares during the last quarter. United Capital Financial Advisers LLC purchased a new stake in shares of Ellie Mae during the first quarter valued at $231,000. Finally, BlackRock Inc. raised its stake in shares of Ellie Mae by 83,812.6% in the first quarter. BlackRock Inc. now owns 2,189,279 shares of the software maker’s stock valued at $219,519,000 after buying an additional 2,186,670 shares during the last quarter.

Ellie Mae Inc (NASDAQ ELLI) opened at 87.00 on Wednesday. The firm has a 50-day moving average price of $106.67 and a 200 day moving average price of $101.91. Ellie Mae Inc has a 12 month low of $77.60 and a 12 month high of $114.95. The company has a market cap of $2.99 billion and a P/E ratio of 57.69.

Ellie Mae (NASDAQ:ELLI) last announced its quarterly earnings results on Thursday, July 27th. The software maker reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.16. Ellie Mae had a return on equity of 10.74% and a net margin of 18.08%. 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 earned $0.64 EPS. Ellie Mae’s revenue was up 15.5% compared to the same quarter last year. On average, equities analysts expect that Ellie Mae Inc will post $1.49 earnings per share for the current year.

Several analysts have recently weighed in on the company. BidaskClub lowered Ellie Mae from a “buy” rating to a “hold” rating in a report on Monday. Zacks Investment Research lowered Ellie Mae from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target (down previously from $135.00) on shares of Ellie Mae in a research note on Sunday, July 30th. ValuEngine lowered Ellie Mae from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Finally, Roth Capital lowered Ellie Mae from a “buy” rating to a “neutral” rating in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. Ellie Mae presently has an average rating of “Hold” and a consensus target price of $116.54.

In other news, CFO Matthew Lavay sold 1,495 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $107.82, for a total value of $161,190.90. Following the completion of the transaction, the chief financial officer now directly owns 13,097 shares in the company, valued at approximately $1,412,118.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jonathan Corr sold 2,211 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $88.44, for a total value of $195,540.84. Following the completion of the transaction, the chief executive officer now owns 114,902 shares of the company’s stock, valued at $10,161,932.88. The disclosure for this sale can be found here. Insiders sold a total of 65,516 shares of company stock valued at $7,083,087 over the last quarter.

About Ellie Mae

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.