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Oppenheimer analyst Brian Schwartz maintained a Buy rating on Ellie Mae Inc (ELLI) yesterday and set a price target of $80. The company’s shares closed yesterday at $68.23, close to its 52-week low of $61.51.
Schwartz said:
“We are lowering our model estimates to reflect a continuing challenging mortgage originations market. In addition, we continue to expect ELLI shares to remain range- bound near term given the macro headwinds facing the end-market. Reduce PT to $80 (from $92) on group multiples compression and lower numbers.”
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 24.7% and a 72.6% success rate. Schwartz covers the Technology sector, focusing on stocks such as Ultimate Software, Instructure Inc, and Salesforce.com.
The word on The Street in general, suggests a Hold analyst consensus rating for Ellie Mae Inc with a $78 average price target.
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Based on Ellie Mae Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $12.42 million. In comparison, last year the company had a net profit of $14.52 million.
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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.
