Federated Hermes Inc. Raises Stock Position in LegalZoom.com, Inc. (NASDAQ:LZ)

Key Points

• Federated Hermes Inc. significantly increased its holdings in LegalZoom.com, purchasing an additional 31,790 shares, raising its total to 34,204 shares valued at approximately $294,000.
• Wall Street analysts have mixed ratings on LegalZoom.com, with forecasts for a price target ranging from $8.00 to $12.00, while the stock received a consensus rating of "Hold" with an average target price of $9.75.
• LegalZoom.com reported a 12-month revenue growth of 8.5% year-over-year, with Q2 earnings meeting analyst expectations at $0.15 EPS and revenues hitting $192.51 million.

Federated Hermes Inc. lifted its stake in shares of LegalZoom.com, Inc. (NASDAQ:LZ - Free Report) by 1,316.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,204 shares of the company's stock after buying an additional 31,790 shares during the period. Federated Hermes Inc.'s holdings in LegalZoom.com were worth $294,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in shares of LegalZoom.com in the fourth quarter valued at approximately $185,000. Sei Investments Co. bought a new stake in LegalZoom.com during the 4th quarter worth approximately $83,000. JPMorgan Chase & Co. increased its holdings in LegalZoom.com by 103.2% during the 4th quarter. JPMorgan Chase & Co. now owns 1,153,409 shares of the company's stock worth $8,662,000 after acquiring an additional 585,734 shares during the period. Alliancebernstein L.P. increased its holdings in LegalZoom.com by 28.0% during the 4th quarter. Alliancebernstein L.P. now owns 492,890 shares of the company's stock worth $3,702,000 after acquiring an additional 107,910 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in LegalZoom.com by 34.1% during the 4th quarter. Wells Fargo & Company MN now owns 59,884 shares of the company's stock worth $450,000 after acquiring an additional 15,232 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

LegalZoom.com Trading Up 2.1%

Shares of NASDAQ:LZ traded up $0.22 during trading on Wednesday, reaching $10.73. The stock had a trading volume of 2,878,406 shares, compared to its average volume of 2,093,555. LegalZoom.com, Inc. has a one year low of $5.57 and a one year high of $11.93. The company has a market capitalization of $1.93 billion, a P/E ratio of 67.07, a PEG ratio of 3.81 and a beta of 1.23. The firm's 50-day simple moving average is $9.01 and its 200 day simple moving average is $8.81.

LegalZoom.com (NASDAQ:LZ - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.15. LegalZoom.com had a net margin of 4.07% and a return on equity of 20.36%. The company had revenue of $192.51 million during the quarter, compared to analyst estimates of $182.49 million. During the same period last year, the firm posted $0.10 EPS. LegalZoom.com's revenue for the quarter was up 8.5% compared to the same quarter last year. Equities research analysts forecast that LegalZoom.com, Inc. will post 0.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. JMP Securities reaffirmed a "market perform" rating on shares of LegalZoom.com in a research note on Thursday, May 15th. Barclays upped their price objective on shares of LegalZoom.com from $9.00 to $10.00 and gave the company an "equal weight" rating in a research note on Tuesday. Morgan Stanley increased their price target on shares of LegalZoom.com from $7.00 to $8.00 and gave the company an "underweight" rating in a research report on Friday, May 9th. Wall Street Zen raised shares of LegalZoom.com from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 30th. Finally, Bank of America raised shares of LegalZoom.com from an "underperform" rating to a "buy" rating and increased their price target for the company from $8.00 to $12.00 in a research report on Friday, August 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, LegalZoom.com has a consensus rating of "Hold" and an average price target of $9.92.

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.