Ellie Mae (NYSE:ELLI) had its price objective lowered by research analysts at Wedbush from $70.00 to $53.00 in a research report issued to clients and investors on Monday, Marketbeat reports. The firm currently has an “underperform” rating on the software maker’s stock. Wedbush’s price objective would indicate a potential downside of 18.40% from the company’s previous close.
Several other equities analysts have also issued reports on the company. JMP Securities lowered their price target on Ellie Mae from $125.00 to $99.00 and set an “outperform” rating on the stock in a research note on Friday. Bank of America lowered their price target on Ellie Mae from $115.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday. Morgan Stanley set a $77.00 price target on Ellie Mae and gave the company a “hold” rating in a research note on Friday. Royal Bank of Canada lowered their price target on Ellie Mae to $109.00 and set an “outperform” rating on the stock in a research note on Friday, October 5th. They noted that the move was a valuation call. Finally, Barclays restated a “buy” rating and set a $102.00 price target on shares of Ellie Mae in a research note on Tuesday, October 16th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $88.36.
NYSE ELLI opened at $64.95 on Monday. Ellie Mae has a twelve month low of $61.51 and a twelve month high of $116.90. The stock has a market cap of $2.23 billion, a P/E ratio of 63.06, a price-to-earnings-growth ratio of 3.57 and a beta of 0.77.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd bought a new stake in Ellie Mae during the 1st quarter worth approximately $242,000. Cubist Systematic Strategies LLC grew its position in Ellie Mae by 129.8% during the 1st quarter. Cubist Systematic Strategies LLC now owns 2,643 shares of the software maker’s stock worth $243,000 after acquiring an additional 1,493 shares during the last quarter. Alps Advisors Inc. bought a new stake in Ellie Mae during the 2nd quarter worth approximately $286,000. Oppenheimer & Co. Inc. bought a new stake in Ellie Mae during the 3rd quarter worth approximately $342,000. Finally, Palo Capital Inc. bought a new stake in Ellie Mae during the 3rd quarter worth approximately $379,000.
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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