Mackenzie Financial Corp Acquires 88,218 Shares of LegalZoom.com, Inc. (NASDAQ:LZ)

Key Points

• Mackenzie Financial Corp increased its stake in LegalZoom.com by 104.9%, acquiring an additional 88,218 shares and owning approximately $1.48 million in the company as of the end of the first quarter.
• Equities analysts have set a new range of price targets for LegalZoom.com, with significant updates including JPMorgan raising their target from $11.00 to $12.00 and Wall Street Zen upgrading its rating to "strong buy".
• LegalZoom.com reported quarterly earnings of $0.13 per share, matching analysts' expectations, with revenues reaching $183.11 million, which is above the forecast of $176.17 million.

Mackenzie Financial Corp raised its stake in shares of LegalZoom.com, Inc. (NASDAQ:LZ - Free Report) by 104.9% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 172,304 shares of the company's stock after purchasing an additional 88,218 shares during the period. Mackenzie Financial Corp owned approximately 0.10% of LegalZoom.com worth $1,484,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of LZ. State of Wyoming increased its position in shares of LegalZoom.com by 42.1% during the 4th quarter. State of Wyoming now owns 8,347 shares of the company's stock valued at $63,000 after purchasing an additional 2,475 shares during the last quarter. Quantessence Capital LLC bought a new stake in LegalZoom.com in the fourth quarter worth about $78,000. Sei Investments Co. purchased a new position in LegalZoom.com in the fourth quarter valued at about $83,000. GAMMA Investing LLC grew its position in shares of LegalZoom.com by 2,750.6% during the 1st quarter. GAMMA Investing LLC now owns 9,635 shares of the company's stock valued at $83,000 after acquiring an additional 9,297 shares during the period. Finally, Bryce Point Capital LLC bought a new stake in shares of LegalZoom.com in the 1st quarter worth approximately $103,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

LegalZoom.com Stock Performance

Shares of NASDAQ:LZ traded up $0.26 during midday trading on Wednesday, reaching $8.56. 2,901,005 shares of the company's stock traded hands, compared to its average volume of 1,980,007. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 50.35, a P/E/G ratio of 3.74 and a beta of 1.23. The stock has a 50 day moving average of $8.95 and a 200 day moving average of $8.75. LegalZoom.com, Inc. has a one year low of $5.56 and a one year high of $10.60.

LegalZoom.com (NASDAQ:LZ - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.13. The company had revenue of $183.11 million during the quarter, compared to analyst estimates of $176.17 million. LegalZoom.com had a net margin of 4.39% and a return on equity of 28.00%. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.09 earnings per share. Sell-side analysts predict that LegalZoom.com, Inc. will post 0.25 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. JMP Securities reaffirmed a "market perform" rating on shares of LegalZoom.com in a report on Thursday, May 15th. Morgan Stanley lifted their target price on LegalZoom.com from $7.00 to $8.00 and gave the company an "underweight" rating in a report on Friday, May 9th. Wall Street Zen raised shares of LegalZoom.com from a "buy" rating to a "strong-buy" rating in a report on Friday, May 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of LegalZoom.com from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Monday, May 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $9.30.

LegalZoom.com 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.