Noel Bertram Watson Sells 416,371 Shares of LegalZoom.com (NASDAQ:LZ) Stock

Key Points

• LegalZoom CFO Noel Bertram Watson sold 500,000 shares across two transactions for approximately $2.95 million, reducing his ownership by 21.82% after the first sale.
• LegalZoom shares closed at $5.84, near the company’s 52-week low of $5.22 and below both its 50-day and 200-day moving averages.
• The company narrowly beat quarterly EPS estimates while revenue rose 6.6% year over year, but analyst sentiment remains cautious, with an average “Reduce” rating and a $7.30 price target.

LegalZoom.com, Inc. (NASDAQ:LZ - Get Free Report) CFO Noel Bertram Watson sold 416,371 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $5.91, for a total transaction of $2,460,752.61. Following the transaction, the chief financial officer owned 1,491,430 shares in the company, valued at approximately $8,814,351.30. This represents a 21.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Noel Bertram Watson also recently made the following trade(s):

• On Friday, August 21st, Noel Bertram Watson sold 83,629 shares of LegalZoom.com stock. The stock was sold at an average price of $5.83, for a total value of $487,557.07.

LegalZoom.com Price Performance

Shares of LZ stock traded down $0.02 during mid-day trading on Friday, hitting $5.84. 2,094,701 shares of the stock traded hands, compared to its average volume of 3,302,388. LegalZoom.com, Inc. has a 52-week low of $5.22 and a 52-week high of $12.40. The stock has a market cap of $1.00 billion, a P/E ratio of 64.89, a P/E/G ratio of 1.10 and a beta of 1.28. The stock's fifty day moving average is $6.67 and its two-hundred day moving average is $6.50.

LegalZoom.com (NASDAQ:LZ - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.01. The firm had revenue of $205.29 million during the quarter, compared to analysts' expectations of $205.83 million. LegalZoom.com had a return on equity of 15.83% and a net margin of 2.13%.The business's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 EPS. As a group, equities analysts forecast that LegalZoom.com, Inc. will post 0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On LegalZoom.com

A number of hedge funds have recently made changes to their positions in LZ. Goldman Sachs Group Inc. increased its stake in LegalZoom.com by 165.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,730,487 shares of the company's stock valued at $37,044,000 after purchasing an additional 2,324,481 shares during the last quarter. Boston Partners purchased a new stake in shares of LegalZoom.com during the 3rd quarter worth approximately $20,686,000. Bank of America Corp DE boosted its holdings in shares of LegalZoom.com by 187.4% in the 1st quarter. Bank of America Corp DE now owns 2,509,891 shares of the company's stock valued at $14,231,000 after buying an additional 1,636,487 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in LegalZoom.com by 180.5% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,797,252 shares of the company's stock worth $16,014,000 after acquiring an additional 1,156,462 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of LegalZoom.com during the fourth quarter worth about $10,526,000. Institutional investors and hedge funds own 81.99% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on LZ. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $7.00 target price (down from $8.00) on shares of LegalZoom.com in a research report on Thursday, August 6th. Weiss Ratings reissued a "sell (d+)" rating on shares of LegalZoom.com in a research report on Thursday, July 2nd. Wall Street Zen downgraded shares of LegalZoom.com from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Citigroup cut their price objective on shares of LegalZoom.com from $8.50 to $7.50 and set a "neutral" rating on the stock in a research note on Friday, May 22nd. Finally, William Blair cut shares of LegalZoom.com from an "outperform" rating to a "market perform" rating in a report on Thursday, August 6th. Five research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, LegalZoom.com has an average rating of "Reduce" and an average price target of $7.30.

LegalZoom.com Company 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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