Ellie Mae (ELLI) Price Target Cut to $85.00

Ellie Mae (NYSE:ELLI) had its price objective decreased by Needham & Company LLC to $85.00 in a research report report published on Friday, The Fly reports. Needham & Company LLC currently has a buy rating on the software maker’s stock. The analysts noted that the move was a valuation call.

Other equities research analysts also recently issued reports about the stock. KeyCorp reaffirmed a buy rating and issued a $130.00 target price on shares of Ellie Mae in a research note on Sunday, July 22nd. ValuEngine raised shares of Ellie Mae from a hold rating to a buy rating in a research note on Friday, July 6th. Barclays reissued a buy rating and set a $102.00 price target on shares of Ellie Mae in a research note on Tuesday, October 16th. Roth Capital raised shares of Ellie Mae from a neutral rating to a buy rating and set a $100.00 price target on the stock in a research note on Wednesday, October 10th. Finally, TheStreet downgraded shares of Ellie Mae from a b- rating to a c+ rating in a research note on Wednesday, September 26th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. Ellie Mae presently has an average rating of Hold and an average price target of $88.36.

Shares of ELLI opened at $64.95 on Friday. The company has a market capitalization of $2.23 billion, a P/E ratio of 63.06, a P/E/G ratio of 3.57 and a beta of 0.77. Ellie Mae has a 1-year low of $61.51 and a 1-year high of $116.90.

In other news, CEO Jonathan Corr sold 589 shares of the firm’s stock in a transaction that occurred on Thursday, October 11th. The shares were sold at an average price of $83.87, for a total value of $49,399.43. Following the transaction, the chief executive officer now owns 109,572 shares in the company, valued at $9,189,803.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director A Barr Dolan sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $104.57, for a total transaction of $313,710.00. Following the completion of the transaction, the director now owns 9,212 shares in the company, valued at approximately $963,298.84. The disclosure for this sale can be found here. Insiders have sold 21,264 shares of company stock worth $2,167,821 over the last three months. Insiders own 3.14% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. bought a new position in shares of Ellie Mae in the third quarter worth approximately $342,000. Oppenheimer Asset Management Inc. grew its holdings in shares of Ellie Mae by 16.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 16,025 shares of the software maker’s stock worth $1,518,000 after purchasing an additional 2,283 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Ellie Mae by 22.8% in the third quarter. Russell Investments Group Ltd. now owns 58,773 shares of the software maker’s stock worth $5,570,000 after purchasing an additional 10,904 shares during the last quarter. Alps Advisors Inc. grew its holdings in shares of Ellie Mae by 87.3% in the third quarter. Alps Advisors Inc. now owns 5,150 shares of the software maker’s stock worth $488,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Palo Capital Inc. bought a new position in shares of Ellie Mae in the third quarter worth approximately $379,000.

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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