Invenomic Capital Management LP Raises Stock Position in LegalZoom.com, Inc. $LZ

Invenomic Capital Management LP grew its holdings in LegalZoom.com, Inc. (NASDAQ:LZ) by 23.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,587,044 shares of the company’s stock after buying an additional 305,279 shares during the period. Invenomic Capital Management LP owned approximately 0.90% of LegalZoom.com worth $15,759,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Clearstead Advisors LLC grew its stake in shares of LegalZoom.com by 58.5% in the 3rd quarter. Clearstead Advisors LLC now owns 3,906 shares of the company’s stock worth $41,000 after buying an additional 1,441 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of LegalZoom.com by 477.3% in the 2nd quarter. Osaic Holdings Inc. now owns 4,555 shares of the company’s stock worth $41,000 after buying an additional 3,766 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of LegalZoom.com by 976.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,564 shares of the company’s stock worth $41,000 after buying an additional 4,140 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of LegalZoom.com by 8,589.8% in the 3rd quarter. Parallel Advisors LLC now owns 5,127 shares of the company’s stock worth $53,000 after buying an additional 5,068 shares in the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of LegalZoom.com in the 4th quarter worth $74,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on LZ shares. Weiss Ratings cut shares of LegalZoom.com from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, April 6th. JPMorgan Chase & Co. dropped their price objective on shares of LegalZoom.com from $14.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, February 18th. UBS Group dropped their price objective on shares of LegalZoom.com from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Citigroup lowered their target price on shares of LegalZoom.com from $8.50 to $7.50 and set a “neutral” rating for the company in a report on Friday, May 22nd. Finally, Zacks Research raised shares of LegalZoom.com from a “strong sell” rating to a “hold” rating in a research note on Monday, February 23rd. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.75.

Insiders Place Their Bets

In other LegalZoom.com news, insider Nicole Miller sold 19,199 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $6.58, for a total transaction of $126,329.42. Following the sale, the insider owned 1,119,222 shares of the company’s stock, valued at approximately $7,364,480.76. The trade was a 1.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Bertram Watson sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $6.45, for a total transaction of $96,750.00. Following the sale, the chief financial officer directly owned 2,041,847 shares in the company, valued at approximately $13,169,913.15. This represents a 0.73% decrease in their position. The SEC filing for this sale provides additional information. 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. 5.90% of the stock is owned by insiders.

LegalZoom.com Trading Down 7.2%

LZ stock opened at $5.57 on Thursday. LegalZoom.com, Inc. has a 12 month low of $5.28 and a 12 month high of $12.40. The company has a 50-day moving average price of $6.18 and a 200 day moving average price of $7.44. The stock has a market cap of $956.08 million, a PE ratio of 92.85, a P/E/G ratio of 1.06 and a beta of 1.31.

LegalZoom.com (NASDAQ:LZ) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). LegalZoom.com had a net margin of 1.46% and a return on equity of 11.53%. The company had revenue of $206.78 million during the quarter, compared to analysts’ expectations of $202.14 million. During the same period last year, the firm earned $0.13 earnings per share. LegalZoom.com’s quarterly revenue was up 12.9% on a year-over-year basis. Sell-side analysts forecast that LegalZoom.com, Inc. will post 0.32 EPS for the current year.

LegalZoom.com announced that its board has authorized a stock repurchase program on Thursday, February 19th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 8.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

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.