Bank of America Trims Ellie Mae (ELLI) Target Price to $85.00

Ellie Mae (NYSE:ELLI) had its price objective cut by Bank of America from $115.00 to $85.00 in a research report released on Friday, Marketbeat Ratings reports. They currently have a neutral rating on the software maker’s stock.

ELLI has been the subject of several other reports. Royal Bank of Canada decreased their price objective on Ellie Mae to $109.00 and set an outperform rating for the company in a research report on Friday, October 5th. They noted that the move was a valuation call. Barclays reaffirmed 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 reduced their price target on Ellie Mae from $60.00 to $55.00 and set a sell rating for the company in a research report on Friday. JPMorgan Chase & Co. downgraded Ellie Mae from a neutral rating to an underweight rating and reduced their price target for the stock from $125.00 to $76.00 in a research report on Friday. Finally, TheStreet downgraded Ellie Mae from a b- rating to a c+ rating in a research report on Wednesday, September 26th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $88.36.

Shares of ELLI opened at $64.95 on Friday. Ellie Mae has a 52-week low of $61.51 and a 52-week high of $116.90. The company has a market capitalization 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.



In other Ellie Mae news, CEO Jonathan Corr sold 589 shares of the company’s stock in a transaction that occurred on Thursday, October 11th. The stock was sold at an average price of $83.87, for a total transaction of $49,399.43. Following the completion of the transaction, the chief executive officer now owns 109,572 shares of the company’s stock, valued at approximately $9,189,803.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Peter Hirsch sold 1,164 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $103.04, for a total value of $119,938.56. Following the transaction, the executive vice president now directly owns 27,007 shares of the company’s stock, valued at approximately $2,782,801.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,264 shares of company stock valued at $2,167,821. Insiders own 3.14% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of Ellie Mae by 7.2% in the 2nd quarter. BlackRock Inc. now owns 2,426,968 shares of the software maker’s stock valued at $252,014,000 after buying an additional 163,737 shares during the last quarter. FMR LLC boosted its holdings in shares of Ellie Mae by 14.9% in the 2nd quarter. FMR LLC now owns 1,559,695 shares of the software maker’s stock valued at $161,959,000 after buying an additional 202,708 shares during the last quarter. Sylebra HK Co Ltd boosted its holdings in shares of Ellie Mae by 12.2% in the 2nd quarter. Sylebra HK Co Ltd now owns 1,256,481 shares of the software maker’s stock valued at $130,473,000 after buying an additional 136,427 shares during the last quarter. Meritage Group LP boosted its holdings in shares of Ellie Mae by 27.4% in the 2nd quarter. Meritage Group LP now owns 1,116,510 shares of the software maker’s stock valued at $115,938,000 after buying an additional 240,016 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its holdings in shares of Ellie Mae by 6.4% in the 2nd quarter. Baillie Gifford & Co. now owns 1,029,367 shares of the software maker’s stock valued at $106,889,000 after buying an additional 61,830 shares during the last quarter.

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.

Featured Article: Understanding the different types of bonds

Analyst Recommendations for Ellie Mae (NYSE:ELLI)

Receive News & Ratings for Ellie Mae Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ellie Mae and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply