Walleye Capital LLC Has $2.01 Million Holdings in LegalZoom.com, Inc. $LZ

Key Points

• Walleye Capital boosted its stake in LegalZoom.com by 172.5% in Q1, ending with 354,031 shares worth about $2.01 million. Institutional investors still hold a large majority of the stock, at 81.99%.
• Insider activity was mixed: CFO Noel Bertram Watson sold 15,000 shares, while CEO Jeffrey M. Stibel bought 125,000 shares in May. Corporate insiders currently own 7.40% of the company.
• LegalZoom recently reported Q1 revenue of $206.78 million, topping expectations, but EPS of $0.12 missed estimates by a penny. Analysts are split on the stock, with a consensus rating of Hold and an average price target of $8.25.

Walleye Capital LLC lifted its position in LegalZoom.com, Inc. (NASDAQ:LZ - Free Report) by 172.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 354,031 shares of the company's stock after acquiring an additional 224,100 shares during the quarter. Walleye Capital LLC owned approximately 0.21% of LegalZoom.com worth $2,007,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LZ. EverSource Wealth Advisors LLC lifted its holdings in shares of LegalZoom.com by 976.4% in the second quarter. EverSource Wealth Advisors LLC now owns 4,564 shares of the company's stock valued at $41,000 after purchasing an additional 4,140 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of LegalZoom.com by 477.3% during the second quarter. Osaic Holdings Inc. now owns 4,555 shares of the company's stock valued at $41,000 after buying an additional 3,766 shares in the last quarter. PNC Financial Services Group Inc. raised its position in LegalZoom.com by 11,415.2% during the first quarter. PNC Financial Services Group Inc. now owns 7,600 shares of the company's stock valued at $43,000 after buying an additional 7,534 shares during the period. Parallel Advisors LLC raised its position in LegalZoom.com by 8,589.8% during the third quarter. Parallel Advisors LLC now owns 5,127 shares of the company's stock valued at $53,000 after buying an additional 5,068 shares during the period. Finally, Cetera Investment Advisers acquired a new position in LegalZoom.com during the first quarter valued at $58,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Noel Bertram Watson sold 15,000 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $6.45, for a total value of $96,750.00. Following the transaction, the chief financial officer owned 2,041,847 shares in the company, valued at approximately $13,169,913.15. This represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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. Also, CEO Jeffrey M. Stibel bought 125,000 shares of LegalZoom.com stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $6.15 per share, with a total value of $768,750.00. Following the completion of the purchase, the chief executive officer directly owned 2,955,609 shares of the company's stock, valued at approximately $18,176,995.35. The trade was a 4.42% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 7.40% of the stock is currently owned by corporate insiders.

LegalZoom.com Trading Down 0.4%

Shares of NASDAQ:LZ opened at $7.05 on Friday. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 117.52, a P/E/G ratio of 1.25 and a beta of 1.31. LegalZoom.com, Inc. has a 1 year low of $5.22 and a 1 year high of $12.40. The business has a fifty day simple moving average of $6.47 and a 200 day simple moving average of $6.88.

LegalZoom.com (NASDAQ:LZ - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.12 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $202.14 million. During the same quarter last year, the firm earned $0.13 EPS. The business's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, sell-side analysts forecast that LegalZoom.com, Inc. will post 0.32 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on LZ shares. Weiss Ratings restated a "sell (d+)" rating on shares of LegalZoom.com in a research report on Thursday, July 2nd. Wall Street Zen downgraded LegalZoom.com from a "buy" rating to a "hold" rating in a report on Monday. Citigroup reduced their price target on shares of LegalZoom.com from $8.50 to $7.50 and set a "neutral" rating for the company in a research report on Friday, May 22nd. UBS Group reduced their price target on shares of LegalZoom.com from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. decreased their price target on shares of LegalZoom.com from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued 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.

About LegalZoom.com

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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