Needham & Company analyst Mayank Tandon raised estimates and its price target on Buy-rated Ellie Mae (NYSE: ELLI) to $85.00 (from $75.00) following "another excellent quarter'.

Tandon commented, " ELLI delivered another exceptionally strong quarter, pummeling estimates for 2Q, providing upbeat guidance for 3Q, and raising FY15 estimates well above expectations. We believe the positive results and guidance reflect the strong demand from mortgage lenders to automate and streamline the mortgage loan origination process, ELLI’s successful push into the mega lender market, and market share gains. We believe the opportunity remains large with high barriers to entry, positioning ELLI for robust multi-year revenue growth as it penetrates the market with its flagship Encompass SaaS platform. We are increasing our FY15 and FY16 estimates and reiterating our BUY rating and raising our target to $85."

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 $69.13 yesterday.