"ELLI has out-performed the NASDAQ by 33 points this year as it has continued to take share along with a better mortgage market, putting it on track for nearly 30 percent revenue growth this year. We step to the sidelines now as we believe risk reward is more balanced — on the upside, we continue to think ~$121, while on the downside we come to ~$58 based on our discounted cash flow analysis," wrote Barclays.
The bank kept its price target unchanged at $97.
At time of writing, Ellie Mae was down 0.76 percent on the day, trading at $92.20.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.