Marketo Inc. (MKTO) Sees Large Volume Increase
Shares of Marketo Inc. (NASDAQ:MKTO) saw unusually-high trading volume on Tuesday . Approximately 2,061,554 shares traded hands during mid-day trading, an increase of 104% from the previous session’s volume of 1,010,763 shares.The stock last traded at $35.25 and had previously closed at $34.79.
MKTO has been the topic of a number of research analyst reports. JMP Securities reissued a “buy” rating on shares of Marketo in a research note on Tuesday, May 31st. Credit Suisse Group AG reissued an “outperform” rating and issued a $30.00 target price (up previously from $26.77) on shares of Marketo in a research note on Wednesday, May 11th. DA Davidson cut Marketo from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 1st. Lake Street Capital cut Marketo from a “buy” rating to a “hold” rating and set a $24.00 target price on the stock. in a research note on Wednesday, April 27th. Finally, Canaccord Genuity reissued a “buy” rating on shares of Marketo in a research note on Wednesday, April 27th. Seventeen research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Marketo currently has a consensus rating of “Hold” and an average target price of $33.49.
The stock has a 50-day moving average price of $35.02 and a 200-day moving average price of $26.18. The company’s market capitalization is $1.59 billion.
In other Marketo news, CEO Phillip M. Fernandez sold 10,800 shares of Marketo stock in a transaction on Tuesday, June 14th. The shares were sold at an average price of $35.06, for a total value of $378,648.00. Following the sale, the chief executive officer now directly owns 169,681 shares in the company, valued at approximately $5,949,015.86. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Steven M. Winter sold 2,656 shares of Marketo stock in a transaction on Monday, August 1st. The shares were sold at an average price of $35.15, for a total transaction of $93,358.40. Following the completion of the sale, the executive vice president now owns 84,350 shares in the company, valued at $2,964,902.50. The disclosure for this sale can be found here.
Other hedge funds recently made changes to their positions in the company. New York State Common Retirement Fund increased its stake in shares of Marketo by 3.1% in the fourth quarter. New York State Common Retirement Fund now owns 80,485 shares of the company’s stock worth $2,311,000 after buying an additional 2,400 shares in the last quarter. Morgan Stanley increased its stake in Marketo by 4.0% in the fourth quarter. Morgan Stanley now owns 1,062,911 shares of the company’s stock worth $30,515,000 after buying an additional 41,212 shares during the period. Wells Fargo & Company MN increased its stake in Marketo by 33.3% in the fourth quarter. Wells Fargo & Company MN now owns 615,565 shares of the company’s stock worth $17,672,000 after buying an additional 153,704 shares during the period. Finally, Jennison Associates LLC increased its stake in Marketo by 15.6% in the fourth quarter. Jennison Associates LLC now owns 763,902 shares of the company’s stock worth $21,932,000 after buying an additional 103,294 shares during the period.
Marketo, Inc is engaged in providing cloud-based marketing solutions platform for the organizations ranging from small and medium businesses (SMBs) to largest enterprises, to engage in modern relationship marketing. The Company designs, builds and markets the engagement marketing platform along with a set of applications for marketing professionals.
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