Lazard Asset Management LLC Acquires 317,875 Shares of LegalZoom.com, Inc. $LZ

Key Points

• Lazard Asset Management increased its LegalZoom stake by 61.9%, buying 317,875 shares to hold 831,051 shares worth approximately $4.7 million. Institutional investors collectively own 81.99% of the company.
• CEO Jeffrey Stibel bought 125,000 shares at $6.15 each, while CFO Noel Bertram Watson sold 15,000 shares under a pre-arranged plan to cover tax obligations related to vested equity awards.
• LegalZoom’s revenue rose 12.9% year over year to $206.78 million, though quarterly EPS of $0.12 slightly missed estimates. Analysts’ consensus rating is “Hold,” with an average price target of $8.25 versus the reported share price of $7.87.

Lazard Asset Management LLC boosted its holdings in shares of LegalZoom.com, Inc. (NASDAQ:LZ - Free Report) by 61.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 831,051 shares of the company's stock after purchasing an additional 317,875 shares during the quarter. Lazard Asset Management LLC owned about 0.48% of LegalZoom.com worth $4,712,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of LZ. Brighton Jones LLC purchased a new position in shares of LegalZoom.com in the 4th quarter worth $185,000. Amundi purchased a new stake in shares of LegalZoom.com during the 1st quarter valued at about $196,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of LegalZoom.com by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,980 shares of the company's stock valued at $646,000 after buying an additional 2,161 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of LegalZoom.com by 9.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,313,429 shares of the company's stock valued at $11,309,000 after buying an additional 113,769 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of LegalZoom.com by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 275,978 shares of the company's stock valued at $2,376,000 after acquiring an additional 4,607 shares during the last quarter. Institutional investors own 81.99% of the company's stock.

Insider Buying and Selling at LegalZoom.com

In other LegalZoom.com news, CEO Jeffrey M. Stibel bought 125,000 shares of the company's stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $6.15 per share, for a total transaction of $768,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,955,609 shares of the company's stock, valued at approximately $18,176,995.35. This represents a 4.42% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Noel Bertram Watson sold 15,000 shares of the company's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $6.45, for a total value of $96,750.00. Following the transaction, the chief financial officer directly owned 2,041,847 shares in the company, valued at approximately $13,169,913.15. This represents a 0.73% 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. Company insiders own 7.40% of the company's stock.

LegalZoom.com Trading Up 0.1%

LegalZoom.com stock opened at $7.87 on Friday. LegalZoom.com, Inc. has a 12-month low of $5.22 and a 12-month high of $12.40. The firm has a 50-day moving average price of $6.65 and a 200-day moving average price of $6.80. The firm has a market capitalization of $1.35 billion, a PE ratio of 131.19, a price-to-earnings-growth ratio of 1.39 and a beta of 1.31.

LegalZoom.com (NASDAQ:LZ - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). LegalZoom.com had a net margin of 1.46% and a return on equity of 11.53%. The firm had revenue of $206.78 million for the quarter, compared to the consensus estimate of $202.14 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The business's revenue for the quarter was up 12.9% on a year-over-year basis. As a group, sell-side analysts predict that LegalZoom.com, Inc. will post 0.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on LZ. Wall Street Zen upgraded LegalZoom.com from a "hold" rating to a "buy" rating in a research report on Tuesday. Citigroup decreased their price objective on LegalZoom.com from $8.50 to $7.50 and set a "neutral" rating on the stock in a research report on Friday, May 22nd. UBS Group lowered their price objective on LegalZoom.com from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. JPMorgan Chase & Co. dropped their target price on LegalZoom.com from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Wednesday, June 24th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of LegalZoom.com in a report on Thursday, July 2nd. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $8.25.

LegalZoom.com Profile

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.

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