LegalZoom.com (NASDAQ:LZ) Shares Gap Up Following Analyst Upgrade

LegalZoom.com, Inc. (NASDAQ:LZ)’s share price gapped up prior to trading on Monday after Morgan Stanley raised their price target on the stock from $7.00 to $8.00. The stock had previously closed at $7.52, but opened at $7.86. Morgan Stanley currently has an underweight rating on the stock. LegalZoom.com shares last traded at $7.88, with a volume of 262,884 shares trading hands.

Other equities research analysts have also recently issued research reports about the company. UBS Group started coverage on LegalZoom.com in a research report on Friday, December 6th. They issued a “neutral” rating and a $9.00 target price on the stock. JPMorgan Chase & Co. raised shares of LegalZoom.com from an “underweight” rating to an “overweight” rating and upped their target price for the company from $8.00 to $9.00 in a research report on Monday. Barclays boosted their price target on shares of LegalZoom.com from $7.00 to $8.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Citigroup increased their price objective on shares of LegalZoom.com from $7.00 to $8.50 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, William Blair began coverage on LegalZoom.com in a research note on Monday, September 16th. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $8.81.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Coastal Bridge Advisors LLC boosted its holdings in LegalZoom.com by 10.2% in the second quarter. Coastal Bridge Advisors LLC now owns 1,996,558 shares of the company’s stock valued at $16,751,000 after purchasing an additional 184,696 shares in the last quarter. Barclays PLC boosted its holdings in shares of LegalZoom.com by 308.5% in the 3rd quarter. Barclays PLC now owns 224,782 shares of the company’s stock valued at $1,427,000 after buying an additional 169,761 shares in the last quarter. Mainstream Capital Management LLC purchased a new stake in LegalZoom.com in the third quarter valued at $1,429,000. Renaissance Technologies LLC boosted its stake in LegalZoom.com by 26.8% in the second quarter. Renaissance Technologies LLC now owns 2,466,933 shares of the company’s stock valued at $20,698,000 after acquiring an additional 521,200 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of LegalZoom.com by 97.2% during the third quarter. Victory Capital Management Inc. now owns 129,775 shares of the company’s stock worth $824,000 after purchasing an additional 63,980 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

LegalZoom.com Price Performance

The firm has a market cap of $1.37 billion, a price-to-earnings ratio of 60.93, a PEG ratio of 1.81 and a beta of 1.10. The stock has a 50-day moving average price of $7.95 and a 200 day moving average price of $7.11.

LegalZoom.com (NASDAQ:LZ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. LegalZoom.com had a net margin of 3.61% and a return on equity of 32.88%. The company had revenue of $168.60 million for the quarter, compared to analyst estimates of $167.66 million. During the same period in the previous year, the business posted $0.05 earnings per share. LegalZoom.com’s quarterly revenue was up .8% on a year-over-year basis. As a group, equities research analysts predict that LegalZoom.com, Inc. will post 0.25 earnings per share for the current year.

LegalZoom.com Company Profile

LegalZoom.com, Inc, together with its subsidiaries, operates an online platform that supports the legal, compliance, and business management needs of small businesses and consumers in the United States. The company’s platform offers business formation products, such as limited liability company, incorporation of C and S corporations, nonprofit formations, doing-business-as, corporate changes and filings, business licenses, legal forms, and beneficial ownership information reports; intellectual property products consisting of trademark and patent applications, and copyright registrations; and tax services, including business and personal tax preparations.