Empowered Funds LLC cut its holdings in shares of LegalZoom.com, Inc. (NASDAQ:LZ – Free Report) by 51.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 250,360 shares of the company’s stock after selling 264,357 shares during the quarter. Empowered Funds LLC’s holdings in LegalZoom.com were worth $1,535,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Osaic Holdings Inc. boosted its position in LegalZoom.com by 477.3% in the 2nd 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 during the period. EverSource Wealth Advisors LLC increased its position in shares of LegalZoom.com by 976.4% during the second quarter. EverSource Wealth Advisors LLC now owns 4,564 shares of the company’s stock worth $41,000 after acquiring an additional 4,140 shares during the period. PNC Financial Services Group Inc. increased its position in shares of 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 worth $43,000 after acquiring an additional 7,534 shares during the period. Parallel Advisors LLC raised its stake in shares of LegalZoom.com by 8,589.8% in the third quarter. Parallel Advisors LLC now owns 5,127 shares of the company’s stock valued at $53,000 after acquiring an additional 5,068 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of LegalZoom.com in the first quarter valued at $58,000. 81.99% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. William Blair cut LegalZoom.com from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 6th. Wall Street Zen downgraded LegalZoom.com from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. UBS Group reduced their price target on LegalZoom.com from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d+)” rating on shares of LegalZoom.com in a research note on Thursday, July 2nd. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $7.00 price objective (down from $8.00) on shares of LegalZoom.com in a research report on Thursday, August 6th. Five investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, LegalZoom.com currently has an average rating of “Reduce” and an average price target of $7.30.
Insiders Place Their Bets
In other news, insider Nicole Miller sold 33,479 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $5.51, for a total transaction of $184,469.29. Following the completion of the transaction, the insider directly owned 943,453 shares of the company’s stock, valued at approximately $5,198,426.03. This represents a 3.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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, CFO Noel Watson sold 83,629 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $5.83, for a total value of $487,557.07. Following the completion of the transaction, the chief financial officer owned 1,407,801 shares in the company, valued at approximately $8,207,479.83. The trade was a 5.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 577,475 shares of company stock worth $3,375,197. 7.40% of the stock is owned by insiders.
LegalZoom.com Trading Down 1.8%
Shares of LZ opened at $6.40 on Friday. LegalZoom.com, Inc. has a twelve month low of $5.22 and a twelve month high of $12.40. The firm’s fifty day simple moving average is $6.75 and its 200-day simple moving average is $6.40. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 71.11, a PEG ratio of 1.23 and a beta of 1.26.
LegalZoom.com (NASDAQ:LZ – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. The business had revenue of $205.29 million during the quarter, compared to analysts’ expectations of $205.83 million. LegalZoom.com had a net margin of 2.13% and a return on equity of 15.83%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.15 EPS. On average, analysts predict that LegalZoom.com, Inc. will post 0.32 earnings per share for the current fiscal year.
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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