Bank of America Corp DE grew its stake in LegalZoom.com, Inc. (NASDAQ:LZ - Free Report) by 187.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,509,891 shares of the company's stock after acquiring an additional 1,636,487 shares during the quarter. Bank of America Corp DE owned 1.46% of LegalZoom.com worth $14,231,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the business. Arkadios Wealth Advisors raised its stake in shares of LegalZoom.com by 5.6% in the 1st quarter. Arkadios Wealth Advisors now owns 74,819 shares of the company's stock valued at $424,000 after purchasing an additional 3,953 shares during the period. Amundi boosted its stake in shares of LegalZoom.com by 83.2% during the 1st quarter. Amundi now owns 101,925 shares of the company's stock worth $578,000 after buying an additional 46,285 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of LegalZoom.com by 1,656.5% during the 1st quarter. Royal Bank of Canada now owns 188,505 shares of the company's stock worth $1,069,000 after buying an additional 177,773 shares during the last quarter. Empowered Funds LLC bought a new position in shares of LegalZoom.com in the 1st quarter valued at about $2,918,000. Finally, Hawk Ridge Capital Management LP grew its holdings in shares of LegalZoom.com by 48.7% in the 1st quarter. Hawk Ridge Capital Management LP now owns 735,929 shares of the company's stock valued at $4,173,000 after acquiring an additional 241,100 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, insider Nicole Miller sold 33,479 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $5.51, for a total transaction of $184,469.29. Following the transaction, the insider directly owned 943,453 shares of the company's stock, valued at $5,198,426.03. This trade represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 Bertram Watson sold 83,629 shares of the business's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $5.83, for a total transaction of $487,557.07. Following the transaction, the chief financial officer owned 1,407,801 shares in the company, valued at approximately $8,207,479.83. This trade represents a 5.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 577,475 shares of company stock valued at $3,375,197. 7.40% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
LZ has been the topic of a number of recent analyst reports. William Blair downgraded shares of LegalZoom.com from an "outperform" rating to a "market perform" rating in a report on Thursday, August 6th. Wall Street Zen lowered shares of LegalZoom.com from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $7.00 target price (down from $8.00) on shares of LegalZoom.com in a report on Thursday, August 6th. Citigroup reduced their price target on LegalZoom.com from $8.50 to $7.50 and set a "neutral" rating for the company in a report on Friday, May 22nd. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of LegalZoom.com in a research report on Thursday, July 2nd. Five investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $7.30.
View Our Latest Research Report on LegalZoom.com
LegalZoom.com Stock Down 0.3%
Shares of LZ stock opened at $5.84 on Friday. The firm has a market capitalization of $1.00 billion, a P/E ratio of 64.89, a P/E/G ratio of 1.10 and a beta of 1.28. LegalZoom.com, Inc. has a twelve month low of $5.22 and a twelve month high of $12.40. The stock's fifty day simple moving average is $6.67 and its 200 day simple moving average is $6.50.
LegalZoom.com (NASDAQ:LZ - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. The business had revenue of $205.29 million for the quarter, compared to the consensus estimate of $205.83 million. LegalZoom.com had a net margin of 2.13% and a return on equity of 15.83%. The firm's revenue was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $0.15 EPS. As a group, equities research analysts expect that LegalZoom.com, Inc. will post 0.32 EPS for the current fiscal year.
LegalZoom.com Company Profile
(
Free Report)
LegalZoom.com, Inc NASDAQ: LZ operates as a leading online legal technology company that provides a broad range of legal and business services to individuals, families and small businesses. Through its digital platform, the company offers customized legal documents and filing services, including business formation (LLCs, corporations and nonprofits), estate planning (wills and trusts), intellectual property protection (trademarks and copyrights), and ongoing compliance support. LegalZoom also connects customers with independent attorneys for consultations on matters such as family law, immigration and real estate.
Founded in 2001 by entrepreneurs Brian Lee, Brian P.
See Also
Want to see what other hedge funds are holding LZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for LegalZoom.com, Inc. (NASDAQ:LZ - Free Report).
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