Ellie Mae (ELLI) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Ellie Mae (NYSE:ELLI) from a hold rating to a buy rating in a report issued on Wednesday morning. Zacks Investment Research currently has $92.00 price objective on the software maker’s stock.

According to Zacks, “Ellie Mae is benefiting from continued momentum in its Data Connect and Investor Connect offerings. Increased adoption of new products and network strength are driving its per loan revenues. The company added new components to the Encompass Lending Platform, enhancing its strong wholesale and correspondent channel capabilities. The depth in its product portfolio has been the major growth driver in recent times. Estimates have been stable lately ahead of the company’s Q4 earnings release. The company has positive record of earnings surprises in recent quarters. However, Ellie Mae's serviceable industry, being concentrated to the financial mortgage industry is a major headwind for the company, especially, when the mortgage origination environment is facing hurdles such as low housing inventory and rising interest rates. Shares have underperformed the industry in the past year.”

Several other research analysts have also commented on the company. Barclays restated a buy rating and set a $102.00 price target on shares of Ellie Mae in a research report on Tuesday, October 16th. Compass Point decreased their target price on Ellie Mae from $60.00 to $55.00 and set a sell rating for the company in a report on Friday, October 26th. JMP Securities decreased their target price on Ellie Mae from $125.00 to $99.00 and set an outperform rating for the company in a report on Friday, October 26th. Zelman & Associates lowered Ellie Mae from a hold rating to a sell rating in a report on Monday, December 24th. Finally, JPMorgan Chase & Co. lowered Ellie Mae from a neutral rating to an underweight rating and decreased their target price for the company from $125.00 to $76.00 in a report on Friday, October 26th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Ellie Mae presently has an average rating of Hold and an average price target of $83.80.

ELLI opened at $82.94 on Wednesday. Ellie Mae has a 52 week low of $58.49 and a 52 week high of $116.90. The firm has a market cap of $2.91 billion, a PE ratio of 82.57, a PEG ratio of 6.23 and a beta of 1.38.

In other Ellie Mae news, Director Sigmund Anderman sold 44,800 shares of Ellie Mae stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $82.49, for a total transaction of $3,695,552.00. Following the completion of the sale, the director now directly owns 6,945 shares of the company’s stock, valued at approximately $572,893.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gates Cathleen Schreiner sold 2,549 shares of Ellie Mae stock in a transaction dated Friday, December 28th. The stock was sold at an average price of $64.00, for a total value of $163,136.00. Following the sale, the executive vice president now directly owns 44,338 shares of the company’s stock, valued at $2,837,632. The disclosure for this sale can be found here. Insiders have sold a total of 76,190 shares of company stock valued at $5,725,870 over the last ninety days. 3.14% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in ELLI. First Interstate Bank purchased a new stake in Ellie Mae during the 4th quarter worth about $28,000. We Are One Seven LLC purchased a new stake in Ellie Mae during the 4th quarter worth about $75,000. Bank of Montreal Can lifted its holdings in Ellie Mae by 7.1% during the 4th quarter. Bank of Montreal Can now owns 2,271 shares of the software maker’s stock worth $143,000 after buying an additional 150 shares during the last quarter. Ffcm LLC lifted its holdings in Ellie Mae by 328.9% during the 4th quarter. Ffcm LLC now owns 2,329 shares of the software maker’s stock worth $146,000 after buying an additional 1,786 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Ellie Mae during the 3rd quarter worth about $223,000.

Ellie Mae Company Profile

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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