Oppenheimer Reiterates Outperform on Ellie Mae (ELLI) as Demand Picks Up
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Price: $22.68 -0.04%
Rating Summary:
9 Buy, 3 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
9 Buy, 3 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Trade ELLI Now!
Analysts at Oppenheimer reiterate an Outperform rating on Ellie Mae (NYSE: ELLI) on signs of end-market demand momentum.
"We believe recent data points reveal the following positive trends: 1) an attractive runway ahead for new software/subscriber sales; 2) a faster pace for mortgage originations; 3) a sustainable recovery in the housing market; and 4) current Street consensus revenue forecasts will carry an upward bias," wrote analyst Brian Schwartz.
Schwartz thinks market trends reinforce expectations that Ellie Mae will far outgrow broader the Saas Applications software market.
"We would use any macro-related pullbacks to buy the shares," he said.
Oppenheimer maintained an Outperform rating on Ellie Mae with a price target of $32.00.
For an analyst ratings summary and ratings history on Ellie Mae click here. For more ratings news on Ellie Mae click here.
Shares of Ellie Mae closed at $24.83 yesterday, with a 52 week range of $5.08-$30.40.
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"We believe recent data points reveal the following positive trends: 1) an attractive runway ahead for new software/subscriber sales; 2) a faster pace for mortgage originations; 3) a sustainable recovery in the housing market; and 4) current Street consensus revenue forecasts will carry an upward bias," wrote analyst Brian Schwartz.
Schwartz thinks market trends reinforce expectations that Ellie Mae will far outgrow broader the Saas Applications software market.
"We would use any macro-related pullbacks to buy the shares," he said.
Oppenheimer maintained an Outperform rating on Ellie Mae with a price target of $32.00.
For an analyst ratings summary and ratings history on Ellie Mae click here. For more ratings news on Ellie Mae click here.
Shares of Ellie Mae closed at $24.83 yesterday, with a 52 week range of $5.08-$30.40.
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