Wells Fargo & Company Boosts Marcus & Millichap (NYSE:MMI) Price Target to $30.00

Marcus & Millichap (NYSE:MMI) had its price objective hoisted by investment analysts at Wells Fargo & Company from $20.00 to $30.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 21.79% from the stock’s previous close.

Separately, StockNews.com upgraded Marcus & Millichap from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th.

Marcus & Millichap Trading Up 0.2 %

Shares of MMI stock opened at $38.36 on Friday. The firm’s 50 day moving average is $36.96 and its 200 day moving average is $34.45. The stock has a market capitalization of $1.48 billion, a P/E ratio of -38.36 and a beta of 1.12. Marcus & Millichap has a 12 month low of $26.81 and a 12 month high of $44.24.

Marcus & Millichap (NYSE:MMI) last posted its earnings results on Wednesday, August 7th. The real estate investment trust reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. The firm had revenue of $158.37 million for the quarter. Marcus & Millichap had a negative return on equity of 5.50% and a negative net margin of 5.68%.

Insider Buying and Selling at Marcus & Millichap

In other news, CEO Hessam Nadji sold 15,000 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $35.27, for a total value of $529,050.00. Following the transaction, the chief executive officer now owns 224,123 shares of the company’s stock, valued at $7,904,818.21. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold a total of 29,700 shares of company stock valued at $1,119,675 in the last three months. Company insiders own 39.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new position in Marcus & Millichap in the first quarter worth $85,000. EntryPoint Capital LLC purchased a new position in shares of Marcus & Millichap in the 1st quarter worth about $85,000. LRI Investments LLC bought a new position in shares of Marcus & Millichap during the 1st quarter valued at about $143,000. Scharf Investments LLC raised its holdings in shares of Marcus & Millichap by 18.8% during the 1st quarter. Scharf Investments LLC now owns 5,905 shares of the real estate investment trust’s stock valued at $202,000 after buying an additional 933 shares in the last quarter. Finally, Heritage Family Offices LLP bought a new stake in Marcus & Millichap in the 2nd quarter worth approximately $207,000. Hedge funds and other institutional investors own 62.78% of the company’s stock.

About Marcus & Millichap

Marcus & Millichap, Inc, an investment brokerage company, provides real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real estate investment sales, financing, research, and advisory services for multifamily, retail, office, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing, as well as capital markets.