KeyBanc analyst Brent Bracelin assigned a Buy rating to Ellie Mae Inc (NYSE: ELLI) today and set a price target of $130. The company’s shares closed on Friday at $107.68.
Bracelin wrote:
“We remain encouraged by new mortgage origination industry forecasts that have upticked slightly in the last three months. This reinforces our recovery thesis on ELLI in 2018 where moderating industry declines, new cloud software products (i.e., CRM, marketing, etc.), and new customers (TD Bank, AmeriHome, etc.) give us confidence that contracted revenue is on track to increase 25% y/y to $355M and overall revenue could rise 19% y/y and approach $500M. Moderating .”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 22.7% and a 78.5% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.
Currently, the analyst consensus on Ellie Mae Inc is a Moderate Buy with an average price target of $105.
See today’s analyst top recommended stocks >>
The company has a one-year high of $116.90 and a one-year low of $79.71. Currently, Ellie Mae Inc has an average volume of 495.1K.
Based on the recent corporate insider activity of 125 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Ellie Mae, Inc. engages in the provision of software solutions and services for the residential mortgage industry. Its services include Encompass education and certification, professional consulting, implementation, and business writing. The company was founded by Limin Hu and Sigmund Anderman in August 1997 and is headquartered in Pleasanton, CA.
