Victory Capital Management Inc. Raises Stake in LegalZoom.com, Inc. (NASDAQ:LZ)

Key Points

• Victory Capital Management Inc. increased its stake in LegalZoom.com by 50.7% during the first quarter, raising its holdings to 118,060 shares valued at approximately $1,016,000.
• Other institutional investors, including Vanguard Group Inc. and Nuveen Asset Management LLC, also significantly boosted their stakes in LegalZoom.com, demonstrating strong institutional support for the company.
• LegalZoom.com reported $183.11 million in quarterly revenue, surpassing analyst estimates, and achieved earnings of $0.13 per share, meeting consensus expectations.

Victory Capital Management Inc. lifted its holdings in LegalZoom.com, Inc. (NASDAQ:LZ - Free Report) by 50.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 118,060 shares of the company's stock after purchasing an additional 39,739 shares during the period. Victory Capital Management Inc. owned approximately 0.07% of LegalZoom.com worth $1,016,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

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

LegalZoom.com Price Performance

LZ traded down $0.32 during trading on Friday, reaching $8.67. 2,263,180 shares of the stock were exchanged, compared to its average volume of 1,392,753. The business's 50 day moving average price is $8.98 and its two-hundred day moving average price is $8.74. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 51.00, a P/E/G ratio of 3.83 and a beta of 1.23. LegalZoom.com, Inc. has a 1 year low of $5.56 and a 1 year high of $10.60.

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

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.