• The company has a near unassailable market position and keeps on gaining market share.
• However, we think for the foreseeable future, tailwinds and headwinds (mostly from the mortgage market) will roughly cancel each other out.
• Therefore, we see the shares as range-bound, at least for now.
• There is also downside risk if the bond market sells off.

Source: Ellie Mae: Growing In A Declining Industry – Ellie Mae, Inc. (NYSEMKT:ELLI) | Seeking Alpha