Corient Private Wealth LP Trims Stock Position in LegalZoom.com, Inc. $LZ

Key Points

• Corient Private Wealth cut its LegalZoom position by 86% in the second quarter, selling 177,292 shares and retaining 28,800 shares worth approximately $177,000. Institutional investors own nearly 82% of the company.
• LegalZoom insiders sold 577,475 shares worth about $3.38 million over the past 90 days. CFO Noel Watson’s sale of 416,371 shares reduced his ownership by 21.82%, while another insider’s sale was conducted under a Rule 10b5-1 plan to cover tax obligations.
• Analyst sentiment remains cautious, with an average rating of “Reduce” and a $7.30 price target. Shares opened at $5.87, near their 52-week low, despite the company slightly beating quarterly EPS estimates and reporting 6.6% year-over-year revenue growth.

Corient Private Wealth LP trimmed its holdings in LegalZoom.com, Inc. (NASDAQ:LZ - Free Report) by 86.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,800 shares of the company's stock after selling 177,292 shares during the period. Corient Private Wealth LP's holdings in LegalZoom.com were worth $177,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of LegalZoom.com by 11.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 27,012 shares of the company's stock valued at $154,000 after buying an additional 2,716 shares during the period. Arkadios Wealth Advisors lifted its position in 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 acquiring an additional 3,953 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in LegalZoom.com by 11,415.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,600 shares of the company's stock worth $43,000 after purchasing an additional 7,534 shares during the period. Cetera Investment Advisers acquired a new position in LegalZoom.com in the 1st quarter worth $58,000. Finally, Headlands Technologies LLC bought a new position in LegalZoom.com during the 2nd quarter worth about $67,000. 81.99% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Noel Watson sold 416,371 shares of LegalZoom.com stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $5.91, for a total transaction of $2,460,752.61. Following the completion of the sale, the chief financial officer owned 1,491,430 shares of the company's stock, valued at approximately $8,814,351.30. This trade represents a 21.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicole Miller sold 43,996 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $5.51, for a total transaction of $242,417.96. Following the completion of the sale, the insider directly owned 976,932 shares of the company's stock, valued at approximately $5,382,895.32. The trade was a 4.31% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last ninety days, insiders sold 577,475 shares of company stock worth $3,375,197. Insiders own 7.40% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on LZ shares. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $7.00 price target (down from $8.00) on shares of LegalZoom.com in a research note on Thursday, August 6th. William Blair cut LegalZoom.com from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 6th. Wall Street Zen upgraded LegalZoom.com from a "hold" rating to a "buy" rating in a report on Saturday, September 26th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of LegalZoom.com in a research report on Tuesday, September 29th. Five investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average target price of $7.30.

LegalZoom.com Stock Performance

NASDAQ LZ opened at $5.87 on Tuesday. The stock has a market cap of $1.01 billion, a PE ratio of 65.22, a P/E/G ratio of 1.05 and a beta of 1.20. The firm has a 50-day moving average of $6.19 and a 200-day moving average of $6.28. LegalZoom.com, Inc. has a 52-week low of $5.22 and a 52-week high of $12.40.

LegalZoom.com (NASDAQ:LZ - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.01. The business had revenue of $205.29 million for the quarter, compared to analyst estimates of $205.83 million. LegalZoom.com had a net margin of 2.13% and a return on equity of 15.83%. LegalZoom.com's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.15 EPS. As a group, analysts predict that LegalZoom.com, Inc. will post 0.32 EPS for the current fiscal year.

LegalZoom.com Company Profile

LegalZoom.com, Inc NASDAQ: LZ operates an online platform that provides legal, compliance and business-related services to individuals, families and small businesses. The company aims to make commonly needed legal and administrative services more accessible through digital tools, guided workflows and access to professional assistance.

Its offerings include business formation services for corporations and limited liability companies, registered-agent services, business licenses, annual report filings, tax services and other compliance solutions.

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