Ellie Mae’s (ELLI) “Equal Weight” Rating Reaffirmed at Morgan Stanley

Ellie Mae Inc (NASDAQ:ELLI)‘s stock had its “equal weight” rating reissued by stock analysts at Morgan Stanley in a research note issued on Thursday. They presently have a $115.00 price objective on the software maker’s stock, up from their previous price objective of $106.00. Morgan Stanley’s target price suggests a potential upside of 4.65% from the company’s current price.

A number of other research firms also recently weighed in on ELLI. Zacks Investment Research upgraded Ellie Mae from a “sell” rating to a “hold” rating and set a $116.00 target price for the company in a research report on Tuesday, April 11th. CIBC boosted their target price on Ellie Mae from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, March 24th. Pacific Crest restated an “overweight” rating and set a $130.00 target price (up previously from $110.00) on shares of Ellie Mae in a research report on Sunday, April 23rd. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $125.00 target price (up previously from $120.00) on shares of Ellie Mae in a research report on Thursday, March 23rd. Finally, Royal Bank Of Canada dropped their target price on Ellie Mae from $111.00 to $96.00 and set a “sector perform” rating for the company in a research report on Monday, April 24th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $116.96.

Shares of Ellie Mae (NASDAQ ELLI) traded down 0.02% on Thursday, reaching $109.89. The company had a trading volume of 202,568 shares. The company has a 50-day moving average price of $110.39 and a 200-day moving average price of $100.95. Ellie Mae has a one year low of $77.60 and a one year high of $114.38. The firm has a market cap of $3.74 billion and a P/E ratio of 83.12.

Ellie Mae (NASDAQ:ELLI) last released its earnings results on Thursday, April 27th. The software maker reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by $0.03. The firm had revenue of $93 million for the quarter, compared to the consensus estimate of $93.17 million. Ellie Mae had a return on equity of 5.72% and a net margin of 10.32%. The company’s revenue was up 26.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. On average, analysts expect that Ellie Mae will post $1.91 earnings per share for the current fiscal year.

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In related news, EVP Joseph P. Tyrrell sold 25,871 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $107.67, for a total value of $2,785,530.57. Following the completion of the sale, the executive vice president now owns 41,269 shares in the company, valued at $4,443,433.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jonathan Corr sold 2,210 shares of the company’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $112.41, for a total value of $248,426.10. Following the completion of the sale, the chief executive officer now owns 116,002 shares of the company’s stock, valued at approximately $13,039,784.82. The disclosure for this sale can be found here. Insiders sold 65,516 shares of company stock valued at $7,122,641 in the last quarter.

A number of large investors have recently added to or reduced their stakes in ELLI. Nisa Investment Advisors LLC increased its stake in Ellie Mae by 8.8% in the second quarter. Nisa Investment Advisors LLC now owns 1,230 shares of the software maker’s stock worth $135,000 after buying an additional 100 shares in the last quarter. Bank of Montreal Can boosted its position in Ellie Mae by 1.4% in the second quarter. Bank of Montreal Can now owns 1,817 shares of the software maker’s stock worth $200,000 after buying an additional 25 shares during the last quarter. Jane Street Group LLC acquired a new position in Ellie Mae during the first quarter worth about $214,000. Banco BTG Pactual S.A. acquired a new position in Ellie Mae during the first quarter worth about $221,000. Finally, United Capital Financial Advisers LLC acquired a new position in Ellie Mae during the first quarter worth about $231,000.

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.

Analyst Recommendations for Ellie Mae (NASDAQ:ELLI)

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