LegalZoom.com (NASDAQ:LZ) Stock Price Down 9.1% – What’s Next?

Shares of LegalZoom.com, Inc. (NASDAQ:LZ) were down 9.1% on Wednesday . The stock traded as low as $9.37 and last traded at $9.1650. Approximately 1,085,859 shares changed hands during trading, a decline of 34% from the average daily volume of 1,654,258 shares. The stock had previously closed at $10.08.

Analyst Upgrades and Downgrades

Several research firms recently commented on LZ. William Blair upgraded shares of LegalZoom.com from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 6th. Morgan Stanley increased their target price on shares of LegalZoom.com from $8.50 to $9.00 and gave the stock an “underweight” rating in a research report on Thursday, November 13th. Wall Street Zen cut shares of LegalZoom.com from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of LegalZoom.com in a research note on Monday, December 29th. Finally, Citigroup reduced their price target on LegalZoom.com from $12.00 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, November 21st. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $11.50.

LegalZoom.com Stock Down 3.8%

The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 73.92, a price-to-earnings-growth ratio of 1.54 and a beta of 1.22. The firm has a 50 day moving average of $9.78 and a two-hundred day moving average of $9.94.

LegalZoom.com (NASDAQ:LZ) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.03). The company had revenue of $190.16 million during the quarter, compared to analyst estimates of $183.27 million. LegalZoom.com had a net margin of 3.05% and a return on equity of 9.91%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.17 earnings per share. Sell-side analysts forecast that LegalZoom.com, Inc. will post 0.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other LegalZoom.com news, CFO Noel Bertram Watson sold 15,000 shares of the company’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $9.56, for a total value of $143,400.00. Following the completion of the transaction, the chief financial officer owned 1,551,582 shares of the company’s stock, valued at $14,833,123.92. This represents a 0.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicole Miller sold 23,506 shares of LegalZoom.com stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $9.63, for a total value of $226,362.78. Following the sale, the insider directly owned 868,627 shares in the company, valued at $8,364,878.01. The trade was a 2.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC acquired a new stake in shares of LegalZoom.com during the fourth quarter worth $185,000. Amundi bought a new stake in LegalZoom.com during the first quarter valued at $196,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in LegalZoom.com by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,980 shares of the company’s stock worth $646,000 after acquiring an additional 2,161 shares during the period. Goldman Sachs Group Inc. raised its position in shares of LegalZoom.com by 9.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,313,429 shares of the company’s stock worth $11,309,000 after acquiring an additional 113,769 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of LegalZoom.com by 1.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 275,978 shares of the company’s stock valued at $2,376,000 after purchasing an additional 4,607 shares during the period. Institutional investors and hedge funds own 81.99% of the company’s stock.

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.