Don't worry Anthony. I think you've got the right idea. It just depends on how accurate you want to be. Technically it means "they" but it is more specific. Ellas could refer to anything designated as female. Just like in English, pronouns are used after you know what they refer to (ex. I used "they" in this sentence and you know it refers to "pronouns"). If the sentences leading up to this sentence were talking about women, then ellas refers to women. If the sentences before it referred to first grade girls, then ellas would refer to first grade girls.
Since most nouns are designated as either male or female, ellas could technically refer to anything designated as female, such as tables (mesas)... as long as the subject has already been made clear in the preceding sentences.