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 lifted its position in shares of LegalZoom.com, Inc. (NASDAQ:LZ - Free Report) by 104.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 172,304 shares of the company's stock after purchasing an additional 88,218 shares during the quarter. Mackenzie Financial Corp owned 0.10% of LegalZoom.com worth $1,484,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in LZ. Vanguard Group Inc. increased its holdings in LegalZoom.com by 14.5% during the 4th quarter. Vanguard Group Inc. now owns 20,271,769 shares of the company's stock worth $152,241,000 after purchasing an additional 2,574,700 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of LegalZoom.com by 7.6% during the fourth quarter. Renaissance Technologies LLC now owns 3,525,142 shares of the company's stock worth $26,474,000 after buying an additional 250,409 shares during the period. Ararat Capital Management LP grew its holdings in shares of LegalZoom.com by 26.6% during the fourth quarter. Ararat Capital Management LP now owns 3,248,482 shares of the company's stock worth $24,396,000 after buying an additional 682,678 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of LegalZoom.com by 0.9% during the fourth quarter. Franklin Resources Inc. now owns 3,094,594 shares of the company's stock worth $23,240,000 after buying an additional 26,607 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in LegalZoom.com by 30.4% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,020,431 shares of the company's stock valued at $15,173,000 after buying an additional 471,338 shares during the last quarter. Institutional investors and hedge funds own 81.99% of the company's stock.

LegalZoom.com Trading Up 31.1%

Shares of LegalZoom.com stock traded up $2.61 during trading on Friday, hitting $10.98. 9,014,211 shares of the stock were exchanged, compared to its average volume of 2,032,654. The company has a fifty day moving average price of $8.91 and a 200-day moving average price of $8.75. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 64.41, a price-to-earnings-growth ratio of 3.65 and a beta of 1.23. LegalZoom.com, Inc. has a 1-year low of $5.56 and a 1-year high of $11.93.

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 for the quarter, meeting analysts' consensus estimates of $0.15. The business had revenue of $192.51 million for the quarter, compared to analysts' expectations of $182.49 million. LegalZoom.com had a return on equity of 28.00% and a net margin of 4.39%. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.10 EPS. Equities research analysts forecast that LegalZoom.com, Inc. will post 0.25 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on LZ. Bank of America raised LegalZoom.com from an "underperform" rating to a "buy" rating and upped their price target for the stock from $8.00 to $12.00 in a research report on Friday. Wall Street Zen upgraded shares of LegalZoom.com from a "buy" rating to a "strong-buy" rating in a report on Friday, May 30th. Morgan Stanley raised their target price 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. JPMorgan Chase & Co. boosted their price target on shares of LegalZoom.com from $11.00 to $12.00 and gave the stock an "overweight" rating in a research report on Monday, May 19th. Finally, JMP Securities restated a "market perform" rating on shares of LegalZoom.com in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $9.75.

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.