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Why Medallia Stock Is Surging Today

TheMotleyFool

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Why Medallia Stock Is Surging TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Marc Adamus: https://img.theapi.app/temp/012f8213-0bd1-4831-98f2-6d5fae956d6a.png

Shares of Medallia (NYSE: MDLA) jumped on Friday after a filing with the Securities and Exchange Commission disclosed that a director of the software-as-a-service company had bought a substantial number of shares. The stock was up about 21.5% at 11:55 a.m. EDT.

Director Douglas Leone bought nearly 400,000 shares of Medallia between Sept. 10 and Sept. 11, paying around $11 million. Those purchases account for his entire direct stake in the company, although he has an indirect stake through Sequoia Capital, where he is the managing partner.

Image source: Getty Images.

Source Fool.com

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