UPDATE: BWS Financial Initiates Ellie Mae at Sell on Growth Risks

BWS Financial initiated Ellie Mae

with a Sell rating and a $16 price target. BWS Financial said, "There is a high degree of confidence the growth ELLI has been reporting would continue. We disagree. Not too pleasant feedback of the software from loan officers in a close knit industry sparks the risk of user growth slowing. The DataTrac customers ELLI has converted from the original DataTrac could be nearly all of the customers ELLI could convert. Loan officers are not adaptable to change. They are focused on originating and closing loans. Making the change to a different program would be cumbersome and inefficient for many loan originators." Ellie Mae closed at $27.39 on Wednesday.