Hedge Funds Are Betting On Ellie Mae Inc (ELLI)

Ellie Mae Inc (NYSE:ELLI) was in 17 hedge funds’ portfolio at the end of March. ELLI investors should be aware of an increase in hedge fund interest recently. There were 13 hedge funds in our database with ELLI holdings at the end of the previous quarter.

Ellie Mae IncIn the financial world, there are tons of metrics investors can use to track publicly traded companies. A duo of the most innovative are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the elite money managers can beat their index-focused peers by a significant amount (see just how much).

Just as key, optimistic insider trading sentiment is a second way to parse down the marketplace. Obviously, there are a variety of reasons for an insider to get rid of shares of his or her company, but just one, very clear reason why they would initiate a purchase. Many academic studies have demonstrated the valuable potential of this strategy if piggybackers know what to do (learn more here).

Consequently, it’s important to take a gander at the latest action encompassing Ellie Mae Inc (NYSE:ELLI).

How are hedge funds trading Ellie Mae Inc (NYSE:ELLI)?

At the end of the first quarter, a total of 17 of the hedge funds we track held long positions in this stock, a change of 31% from one quarter earlier. With hedgies’ capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were upping their holdings meaningfully.

Of the funds we track, Brett Barakett’s Tremblant Capital had the biggest position in Ellie Mae Inc (NYSE:ELLI), worth close to $30.3 million, comprising 1.4% of its total 13F portfolio. Sitting at the No. 2 spot is ZWEIG DIMENNA PARTNERS, managed by Joe DiMenna, which held a $25.9 million position; 1.2% of its 13F portfolio is allocated to the company. Some other peers that are bullish include Jim Simons’s Renaissance Technologies, Philip Hempleman’s Ardsley Partners and Joseph A. Jolson’s Harvest Capital Strategies.

With a general bullishness amongst the heavyweights, some big names were breaking ground themselves. Tremblant Capital, managed by Brett Barakett, established the largest position in Ellie Mae Inc (NYSE:ELLI). Tremblant Capital had 30.3 million invested in the company at the end of the quarter. Scott Burney’s Bluefin Investment Management also made a $5.2 million investment in the stock during the quarter. The following funds were also among the new ELLI investors: Philip Hempleman’s Ardsley Partners, SAC Subsidiary’s Sigma Capital Management, and Israel Englander’s Millennium Management.

What do corporate executives and insiders think about Ellie Mae Inc (NYSE:ELLI)?

Bullish insider trading is best served when the primary stock in question has seen transactions within the past six months. Over the last half-year time period, Ellie Mae Inc (NYSE:ELLI) has experienced zero unique insiders purchasing, and 6 insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to Ellie Mae Inc (NYSE:ELLI). These stocks are BroadSoft Inc (NASDAQ:BSFT), SciQuest, Inc. (NASDAQ:SQI), Accelrys, Inc. (NASDAQ:ACCL), Proofpoint Inc (NASDAQ:PFPT), and SPS Commerce, Inc. (NASDAQ:SPSC). This group of stocks are in the application software industry and their market caps are similar to ELLI’s market cap.

Company Name # of Hedge Funds # of Insiders Buying # of Insiders Selling
BroadSoft Inc (NASDAQ:BSFT) 12 2 3
SciQuest, Inc. (NASDAQ:SQI) 7 0 2
Accelrys, Inc. (NASDAQ:ACCL) 9 0 4
Proofpoint Inc (NASDAQ:PFPT) 9 0 8
SPS Commerce, Inc. (NASDAQ:SPSC) 5 0 6

With the results exhibited by our time-tested strategies, everyday investors must always monitor hedge fund and insider trading sentiment, and Ellie Mae Inc (NYSE:ELLI) shareholders fit into this picture quite nicely.

Click here to learn why you should track hedge funds

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!