Analysts at Pacific Crest initiated coverage on Ellie Mae Inc. (NYSE: 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 company recently, and the company has earned a consensus one-year price target of $115.00, $99.46. Ellie Mae Inc.stock has a 52-week high of $102.63.After initiating coverage,, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
Meanwhile U.S stocks were up on Tuesday after the long holiday weekend, with the NASDAQ establishing a new record closing high
The Dow Jones Industrial Average DJIA, +0.25% finished up 46.16 points, or 0.3%, at 18,538.12.
The S&P 500 index SPX, +0.30% rose 6.50 points, or 0.3%, to close at 2,186.48.
Meanwhile, the Nasdaq Composite Index COM P, +0.50% rose 26.01 points, or 0.5% to a new closing high of 5,275.91.
The Russell 2000 index RUT, +0.12% briefly touched a 52-week high of 1,254.41 Tuesday, and closed up fractionally just above 1,253.
Stock prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of Ellie Mae Inc. (NYSE: ELLI) opened at $99.46 and traded in a range between, $98.21 and $99.69 yesterday, and last traded at $99.60, which represents a change of $ 0.80 over the previous closing price.
Ellie Mae Inc. (NYSE: ELLI) now has a market cap of 3.01B
The stocks average daily volume is 505,408 shares out of a total float 27,139,000 of and some 305,966 shares crossed the trading desk yesterday, 65 percent lower than normal. Look for trading volume to pick up in the coming days as swing traders often use upticks 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 simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind Ellie Mae Inc. (NYSE: ELLI) now has a 50-day MA is $96.98 and 200-day MA is $88.68, and it has traded in a 52-week range between $57.88 – 102.63 and today’s last price is -2.95 percent off the 52 week high.
Earnings growth is an important factor to look at when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please see our terms and conditions page.