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I was curious about the meaning of the name myself, I thought it was pretty, so I did a quick google search. Admittedly I did not check the results at various places, so I could easily be mistaken.
The first sight said it was only a variation of Margaret, which also means Pearl.
http://www.yeahbaby.com/baby-name.php?name=Margolo
The second site
http://www.cutebabyname.com/margolo.html
was more specific.
I continued searching and have found several other sites that all agree it is a Greek name meaning pearl.

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http://www.pickbabynames.com/Greek/M/Margolo.html

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http://www.babynamestats.com/search.php?list=firstnames

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http://www.weddingvendors.com/baby-names/search/?keywords=margolo&gender=&origin=&sw=&ew=

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http://www.paulsadowski.com/NameData.asp

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