Bank of America cut shares of Ellie Mae (NYSE:ELLI) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, Marketbeat reports. The firm currently has $110.00 target price on the software maker’s stock.
Several other research firms have also recently weighed in on ELLI. Morgan Stanley upped their target price on Ellie Mae from $101.00 to $109.00 and gave the stock an equal weight rating in a research note on Tuesday, January 30th. Zacks Investment Research downgraded shares of Ellie Mae from a hold rating to a sell rating in a report on Tuesday, April 10th. KeyCorp reiterated a buy rating and set a $120.00 price target on shares of Ellie Mae in a report on Wednesday, March 21st. Wedbush downgraded shares of Ellie Mae from a neutral rating to an underperform rating and upped their price target for the stock from $90.00 to $109.00 in a report on Thursday, April 12th. Finally, Oppenheimer reiterated a buy rating and set a $110.00 price target on shares of Ellie Mae in a report on Thursday, February 1st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. Ellie Mae has a consensus rating of Hold and a consensus target price of $105.25.
NYSE ELLI opened at $89.72 on Monday. Ellie Mae has a fifty-two week low of $79.71 and a fifty-two week high of $114.95. The firm has a market cap of $2,990.07, a price-to-earnings ratio of 87.11, a price-to-earnings-growth ratio of 7.53 and a beta of 0.53.
In related news, CEO Jonathan Corr sold 11,232 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $89.20, for a total value of $1,001,894.40. Following the completion of the sale, the chief executive officer now directly owns 106,196 shares in the company, valued at $9,472,683.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sigmund Anderman sold 3,151 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $90.35, for a total value of $284,692.85. Following the completion of the sale, the insider now owns 59,262 shares of the company’s stock, valued at $5,354,321.70. The disclosure for this sale can be found here. Insiders sold 58,727 shares of company stock valued at $5,367,643 over the last 90 days. 3.14% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB acquired a new stake in Ellie Mae in the fourth quarter valued at $300,000. MetLife Investment Advisors LLC acquired a new stake in Ellie Mae in the fourth quarter valued at $1,406,000. Jane Street Group LLC acquired a new stake in Ellie Mae in the fourth quarter valued at $473,000. LPL Financial LLC increased its holdings in Ellie Mae by 22.4% in the fourth quarter. LPL Financial LLC now owns 6,878 shares of the software maker’s stock valued at $615,000 after purchasing an additional 1,258 shares during the period. Finally, Millennium Management LLC acquired a new stake in Ellie Mae in the fourth quarter valued at $531,000.
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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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