market folly

Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Ellie Mae (ELLI).  Per the filing, Eminence now owns 6% of the company with 2.06 million shares. 

This is a brand new equity stake for the hedge fund as they did not own any shares at the end of the second quarter.  The filing was made due to activity on October 27th.

We've also highlighted another stock Eminence has been buying recently.

Per Google Finance, Ellie Mae is "a provider of on-demand software solutions and services for the residential mortgage industry in the United States. Banks, credit unions, mortgage lenders and mortgage brokers use the Company's Encompass mortgage management solution to originate and fund mortgages. The Company's Encompass software is an enterprise solution that handles functions involved in running the business of originating mortgages, including customer relationship management; loan processing; underwriting; preparation of application, disclosure and closing documents; funding and closing the loan for the borrower; compliance with regulatory and investor requirements, and overall enterprise management. It delivers Encompass software in an on-demand Software-as-a-Service (SaaS). It also hosts the Ellie Mae Network, an electronic platform that allows Encompass users to conduct electronic business transactions with investors and service providers they work with in order to process and fund loans."