Citigroup Issues Positive Forecast for LegalZoom.com (NASDAQ:LZ) Stock Price

LegalZoom.com (NASDAQ:LZ) had its price target lifted by Citigroup from $7.00 to $8.50 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other analysts have also recently weighed in on LZ. Barclays raised their price objective on shares of LegalZoom.com from $7.00 to $8.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. JMP Securities reissued a “market perform” rating on shares of LegalZoom.com in a research report on Friday, September 13th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $8.00 price objective on shares of LegalZoom.com in a report on Friday, November 8th. Jefferies Financial Group upgraded LegalZoom.com from a “hold” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Wednesday, July 31st. Finally, William Blair initiated coverage on LegalZoom.com in a research report on Monday, September 16th. They issued a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.75.

LegalZoom.com Stock Performance

LegalZoom.com stock opened at $7.94 on Tuesday. The company has a fifty day simple moving average of $7.19 and a 200-day simple moving average of $7.28. The stock has a market cap of $1.37 billion, a P/E ratio of 61.08, a price-to-earnings-growth ratio of 1.77 and a beta of 1.06. LegalZoom.com has a 12-month low of $5.33 and a 12-month high of $13.74.

LegalZoom.com (NASDAQ:LZ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. LegalZoom.com had a return on equity of 32.88% and a net margin of 3.61%. The company had revenue of $168.60 million during the quarter, compared to the consensus estimate of $167.66 million. During the same period in the previous year, the business earned $0.05 EPS. LegalZoom.com’s revenue for the quarter was up .8% on a year-over-year basis. As a group, sell-side analysts forecast that LegalZoom.com will post 0.25 earnings per share for the current fiscal year.

Institutional Trading of LegalZoom.com

Hedge funds have recently added to or reduced their stakes in the stock. Coastal Bridge Advisors LLC lifted its stake in shares of LegalZoom.com by 10.2% in the 2nd quarter. Coastal Bridge Advisors LLC now owns 1,996,558 shares of the company’s stock worth $16,751,000 after acquiring an additional 184,696 shares during the period. Mainstream Capital Management LLC purchased a new stake in LegalZoom.com in the 3rd quarter valued at approximately $1,429,000. Renaissance Technologies LLC increased its position in LegalZoom.com by 26.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,466,933 shares of the company’s stock worth $20,698,000 after purchasing an additional 521,200 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in shares of LegalZoom.com by 214.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 24,965 shares of the company’s stock worth $333,000 after buying an additional 17,024 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of LegalZoom.com by 163.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 116,876 shares of the company’s stock valued at $1,560,000 after buying an additional 72,533 shares during the period. 81.99% of the stock is owned by institutional investors and hedge funds.

About LegalZoom.com

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.