Analysts at Pacific Crest initiated coverage on Ellie Mae Inc (NASDAQ: ELLI) stock, starting the company at Overweight and a price target of $124.00. As a means of comparison, a number of other analysts have commented on the stock recently, and the company has earned a consensus one-year price target of $113.71, $99.46. Ellie Mae Incstock has a 52-week high of $102.63.
U.S. stocks finished August with its second consecutive day of losses, albeit moderately. Volume for the day was less than stellar as traders readied themselves for a long holiday weekend.
The Dow Jones Industrial Average fell 53 points, or 0.29 percent, to 18,401.
The S&P 500 shed a little more than 5 points, or 0.24 percent, to close at 2,171.
The Nasdaq lost 10 points, or 0.19 percent, to finish at 5,213.
Stock prices often move to the upside on recommendations and new price targets of professional brokerage firms.
Shares of Ellie Mae Inc (NASDAQ: ELLI) opened at $99.46 and traded in a range between, $98.21 and $99.69 yesterday, and last traded at $99.41, which represents a change of $ 0.61 over the previous closing price.
Ellie Mae Inc (NASDAQ: ELLI) now has a market cap of 3.00B
The stocks average daily volume is 500,386 shares out of a total float 27,139,000 of and some 161,748 shares traded hands yesterday, 3 percent lower than normal. Look for trading volume to pick up in the coming days as swing traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are considering.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind Ellie Mae Inc (NASDAQ: ELLI) now has a 50-day MA is $96.85 and 200-day MA is $88.33, and it has traded in a 52-week range between $57.88 – 102.63 and today’s last price is -3.14 percent off the 52 week high.
Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.
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