Royal Bank Of Canada reaffirmed their hold rating on shares of Ellie Mae Inc (NASDAQ:ELLI) in a research note issued to investors on Tuesday. The firm currently has a $90.00 price target on the software maker’s stock.
Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Ellie Mae from a hold rating to a buy rating and set a $123.00 target price for the company in a report on Monday, July 3rd. BidaskClub cut shares of Ellie Mae from a strong-buy rating to a buy rating in a report on Tuesday, August 1st. ValuEngine cut shares of Ellie Mae from a hold rating to a sell rating in a report on Friday, July 28th. Needham & Company LLC reaffirmed a buy rating and issued a $100.00 target price on shares of Ellie Mae in a report on Monday, August 14th. Finally, KeyCorp reaffirmed a buy rating and issued a $116.00 target price on shares of Ellie Mae in a report on Wednesday, October 4th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $112.41.
Ellie Mae (NASDAQ:ELLI) last issued its earnings results on Thursday, July 27th. The software maker reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.16. The business had revenue of $104.10 million during the quarter, compared to analysts’ expectations of $110.69 million. Ellie Mae had a net margin of 18.08% and a return on equity of 10.74%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 earnings per share.
Ellie Mae declared that its board has authorized a stock repurchase plan on Tuesday, September 5th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the software maker to repurchase up to 8.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
In related news, insider Sigmund Anderman sold 1,319 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $109.90, for a total transaction of $144,958.10. Following the completion of the sale, the insider now directly owns 98,321 shares in the company, valued at $10,805,477.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gates Cathleen Schreiner sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $84.58, for a total transaction of $101,496.00. Following the sale, the executive vice president now owns 45,049 shares of the company’s stock, valued at $3,810,244.42. The disclosure for this sale can be found here. Insiders have sold 13,927 shares of company stock valued at $1,209,212 over the last three months.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. grew its position in Ellie Mae by 13.2% during the second quarter. Advisor Group Inc. now owns 1,014 shares of the software maker’s stock valued at $112,000 after buying an additional 118 shares during the period. Nisa Investment Advisors LLC grew its position in Ellie Mae by 8.8% during the second quarter. Nisa Investment Advisors LLC now owns 1,230 shares of the software maker’s stock valued at $135,000 after buying an additional 100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ellie Mae by 9.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,339 shares of the software maker’s stock valued at $147,000 after buying an additional 119 shares during the period. Bank of Montreal Can grew its position in Ellie Mae by 1.4% during the second quarter. Bank of Montreal Can now owns 1,817 shares of the software maker’s stock valued at $200,000 after buying an additional 25 shares during the period. Finally, Jane Street Group LLC bought a new stake in Ellie Mae during the first quarter valued at approximately $214,000.
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.
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