Barclays Maintains an 'Overweight' on Ellie Mae (ELLI); Takeaways from Investor Meetings

Barclays maintains an 'Overweight' on Ellie Mae (NYSE: ELLI) price target of $10.00.

Barclays analyst says, "View Shares as Attractive Given Growth Prospects and Current Valuation: Friday, we hosted investor meetings with Ellie Mae management in San Francisco. We believe that the company is tracking to solid revenue growth in 2HFY11, driven by strong H1 new user adds going live, continued ramp in transaction ASP from increasing cross sale activity and a recent uptick in refinancing activity in the wake of recent mortgage rate declines. Trading at an EV sales of 1.1x C12 revenue, we view shares as attractive given the company's growth prospects."

For more ratings news on Ellie Mae click here and for the rating history of Ellie Mae click here.

Shares of Ellie Mae closed at $5.16 yesterday.

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