LegalZoom.com (NASDAQ:LZ) Stock Gets Price Target Cut from Citigroup

LegalZoom.com (NASDAQ:LZ) had its target price trimmed by Citigroup from $6.00 to $5.50 in a report issued on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

LZ has been the topic of several other reports. Bank of America downgraded LegalZoom.com from a “buy” rating to an “underperform” rating in a report on Thursday, November 5th. Weiss Ratings cut LegalZoom.com from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, October 29th. William Blair downgraded LegalZoom.com from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 6th. Wall Street Zen lowered LegalZoom.com from a “buy” rating to a “hold” rating in a research note on Saturday, November 7th. Finally, JPMorgan Chase & Co. cut their price objective on LegalZoom.com from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, November 5th. Five research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, LegalZoom.com currently has an average rating of “Reduce” and a consensus target price of $6.12.

LegalZoom.com Stock Performance

LZ stock opened at $4.89 on Tuesday. The company has a fifty day moving average price of $6.03 and a 200-day moving average price of $6.42. The company has a market capitalization of $807.63 million, a P/E ratio of 40.75, a PEG ratio of 1.61 and a beta of 1.16. LegalZoom.com has a 52-week low of $4.54 and a 52-week high of $10.51.

LegalZoom.com (NASDAQ:LZ) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.19 EPS for the quarter, hitting analysts’ consensus estimates of $0.19. The company had revenue of $195.15 million for the quarter, compared to analyst estimates of $193.83 million. LegalZoom.com had a net margin of 2.56% and a return on equity of 23.63%. LegalZoom.com’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 earnings per share. As a group, sell-side analysts forecast that LegalZoom.com will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling at LegalZoom.com

In related news, insider Nicole Miller sold 43,996 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $5.51, for a total value of $242,417.96. Following the transaction, the insider owned 976,932 shares in the company, valued at $5,382,895.32. The trade was a 4.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Noel Watson sold 416,371 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $5.91, for a total transaction of $2,460,752.61. Following the sale, the chief financial officer directly owned 1,491,430 shares in the company, valued at $8,814,351.30. This trade represents a 21.82% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 577,475 shares of company stock worth $3,375,197. 7.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in LZ. Allspring Global Investments Holdings LLC grew its stake in LegalZoom.com by 11.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 27,012 shares of the company’s stock worth $154,000 after purchasing an additional 2,716 shares during the period. Allworth Financial LP boosted its holdings in shares of LegalZoom.com by 255.1% during the 2nd quarter. Allworth Financial LP now owns 5,014 shares of the company’s stock worth $31,000 after buying an additional 3,602 shares in the last quarter. Arkadios Wealth Advisors boosted its holdings in shares of LegalZoom.com by 5.6% during the 1st quarter. Arkadios Wealth Advisors now owns 74,819 shares of the company’s stock worth $424,000 after buying an additional 3,953 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of LegalZoom.com by 11,415.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,600 shares of the company’s stock worth $43,000 after buying an additional 7,534 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of LegalZoom.com during the 2nd quarter worth approximately $47,000. 81.99% of the stock is owned by institutional investors and hedge funds.

LegalZoom.com Company Profile

LegalZoom.com, Inc. provides online legal and compliance services to individuals and small businesses. Its platform helps customers complete common legal tasks through guided tools and access to professional services. Services include forming limited liability companies and corporations, registered agent services, business compliance support, trademark applications, and personal legal documents such as wills and estate plans. The company also offers access to attorneys for legal advice and assistance.