Ellie Mae (ELLI) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Ellie Mae (NYSE:ELLI) from a buy rating to a hold rating in a report released on Monday.

According to Zacks, “Ellie Mae, Inc. operates electronic mortgage origination networks in the United States. The Company’s network and technology-enabled solutions help streamline and automate the mortgage origination process. Solutions offered by Ellie include Encompass software, a comprehensive operating system that handles key business and management functions involved in running a mortgage origination business, and serves as a gateway to the Ellie Mae Network. Through its solutions the Company also offers services like: automated preparation of the disclosure and closing documents; electronic document management and websites and electronic connectivity. Ellie Mae, Inc. is headquartered in Pleasanton, California. “

ELLI has been the topic of a number of other reports. Royal Bank of Canada raised shares of Ellie Mae from a sector perform rating to an outperform rating and raised their target price for the stock from $90.00 to $105.00 in a research report on Wednesday, October 18th. KeyCorp reaffirmed a buy rating and set a $116.00 target price on shares of Ellie Mae in a research report on Sunday, November 19th. Oppenheimer reaffirmed a buy rating and set a $110.00 target price on shares of Ellie Mae in a research report on Thursday, February 1st. Barclays raised shares of Ellie Mae from an equal weight rating to an overweight rating and raised their target price for the stock from $100.00 to $114.00 in a research report on Tuesday, January 9th. Finally, Bank of America reduced their target price on shares of Ellie Mae from $115.00 to $110.00 and set a buy rating on the stock in a research report on Friday, February 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $106.11.

Shares of Ellie Mae (NYSE ELLI) opened at $88.94 on Monday. Ellie Mae has a 1 year low of $79.71 and a 1 year high of $114.95. The firm has a market cap of $3,041.47, a PE ratio of 81.52, a P/E/G ratio of 7.56 and a beta of 0.57.

Ellie Mae (NYSE:ELLI) last issued its earnings results on Thursday, February 8th. The software maker reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.01. The business had revenue of $112.89 million for the quarter, compared to analyst estimates of $108.27 million. Ellie Mae had a net margin of 12.67% and a return on equity of 5.43%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the company posted $0.46 earnings per share. analysts anticipate that Ellie Mae will post 0.78 EPS for the current year.

In other news, Director Karen Blasing sold 1,728 shares of the stock in a transaction that occurred on 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 directly owns 7,275 shares in the company, valued at $727,500. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Sigmund Anderman sold 18,726 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $88.80, for a total transaction of $1,662,868.80. Following the transaction, the insider now owns 81,087 shares in the company, valued at $7,200,525.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,253 shares of company stock worth $4,743,558. Insiders own 3.39% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brown Capital Management LLC boosted its stake in shares of Ellie Mae by 11.9% during the fourth quarter. Brown Capital Management LLC now owns 2,775,314 shares of the software maker’s stock valued at $248,113,000 after purchasing an additional 295,702 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of Ellie Mae by 51.5% during the third quarter. Baillie Gifford & Co. now owns 818,296 shares of the software maker’s stock valued at $67,207,000 after purchasing an additional 278,321 shares in the last quarter. Van Berkom & Associates Inc. boosted its stake in shares of Ellie Mae by 5.2% during the third quarter. Van Berkom & Associates Inc. now owns 678,721 shares of the software maker’s stock valued at $55,743,000 after purchasing an additional 33,828 shares in the last quarter. State Street Corp boosted its stake in shares of Ellie Mae by 6.6% during the second quarter. State Street Corp now owns 674,428 shares of the software maker’s stock valued at $74,129,000 after purchasing an additional 41,894 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in Ellie Mae by 22.0% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 515,365 shares of the software maker’s stock valued at $42,327,000 after acquiring an additional 93,101 shares in the last quarter.

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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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