Zacks Investment Research downgraded shares of Ellie Mae (NYSE:ELLI) from a buy rating to a hold rating in a research report sent to investors on Monday.

According to Zacks, “Ellie Mae, Inc. operates electronic mortgage origination networks in the United States. The Company’s network and technology-enabled solutions help streamline and automate the mortgage origination process. Solutions offered by Ellie include Encompass software, a comprehensive operating system that handles key business and management functions involved in running a mortgage origination business, and serves as a gateway to the Ellie Mae Network. Through its solutions the Company also offers services like: automated preparation of the disclosure and closing documents; electronic document management and websites and electronic connectivity. Ellie Mae, Inc. is headquartered in Pleasanton, California. “

A number of other research firms have also recently issued reports on ELLI. Morgan Stanley raised their price target on shares of Ellie Mae from $101.00 to $109.00 and gave the stock an equal weight rating in a report on Tuesday, January 30th. Oppenheimer reaffirmed a buy rating and issued a $110.00 price target on shares of Ellie Mae in a report on Thursday, February 1st. Barclays raised their price target on shares of Ellie Mae from $92.00 to $100.00 and gave the stock an equal weight rating in a report on Friday, October 27th. KeyCorp raised their price target on shares of Ellie Mae from $118.00 to $120.00 and gave the stock an overweight rating in a report on Monday, February 5th. Finally, Compass Point began coverage on shares of Ellie Mae in a report on Wednesday, January 3rd. They issued a sell rating and a $65.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $106.11.

Shares of Ellie Mae (ELLI) opened at $88.94 on Monday. The firm has a market cap of $3,041.47, a P/E ratio of 81.52, a price-to-earnings-growth ratio of 7.56 and a beta of 0.57. Ellie Mae has a one year low of $79.71 and a one year high of $114.95.

Ellie Mae (NYSE:ELLI) last announced its earnings results on Thursday, February 8th. The software maker reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The company had revenue of $112.89 million during the quarter, compared to the consensus estimate of $108.27 million. Ellie Mae had a net margin of 12.67% and a return on equity of 5.43%. Ellie Mae’s revenue was up 17.3% compared to the same quarter last year. During the same period last year, the firm earned $0.46 earnings per share. research analysts forecast that Ellie Mae will post 0.78 EPS for the current fiscal year.

In related news, EVP Gates Cathleen Schreiner sold 1,900 shares of the firm’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $86.01, for a total transaction of $163,419.00. Following the completion of the transaction, the executive vice president now owns 43,149 shares of the company’s stock, valued at $3,711,245.49. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jonathan Corr sold 2,212 shares of the firm’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $88.95, for a total transaction of $196,757.40. Following the transaction, the chief executive officer now directly owns 114,633 shares of the company’s stock, valued at approximately $10,196,605.35. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,253 shares of company stock valued at $4,743,558. 3.39% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of ELLI. Advisor Group Inc. increased its holdings in Ellie Mae by 13.2% in 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 in the last quarter. Victory Capital Management Inc. purchased a new position in Ellie Mae in the third quarter valued at $139,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Ellie Mae by 45.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,941 shares of the software maker’s stock valued at $174,000 after buying an additional 602 shares in the last quarter. Barings LLC purchased a new position in Ellie Mae in the fourth quarter valued at $201,000. Finally, Atria Investments LLC purchased a new position in Ellie Mae in the fourth quarter valued at $261,000.

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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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