Morgan Stanley Has Lowered Expectations for LegalZoom.com (NASDAQ:LZ) Stock Price

LegalZoom.com (NASDAQ:LZ) had its price objective cut by investment analysts at Morgan Stanley from $10.00 to $7.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Morgan Stanley’s price objective points to a potential downside of 2.51% from the company’s previous close.

A number of other research analysts have also recently issued reports on LZ. Barclays lifted their price target on shares of LegalZoom.com from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Thursday, February 27th. JMP Securities reiterated a “market perform” rating on shares of LegalZoom.com in a report on Friday, April 11th. William Blair reiterated a “market perform” rating on shares of LegalZoom.com in a research report on Thursday, February 27th. Finally, JPMorgan Chase & Co. increased their price objective on LegalZoom.com from $9.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, February 11th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, LegalZoom.com has a consensus rating of “Hold” and a consensus target price of $9.06.

LegalZoom.com Trading Up 1.3 %

LZ traded up $0.09 during trading hours on Wednesday, hitting $7.18. 479,128 shares of the company’s stock were exchanged, compared to its average volume of 1,796,300. The firm has a market cap of $1.26 billion, a P/E ratio of 55.24, a price-to-earnings-growth ratio of 1.73 and a beta of 1.13. The firm has a 50 day moving average of $8.90 and a 200 day moving average of $8.15. LegalZoom.com has a 12-month low of $5.33 and a 12-month high of $12.55.

Institutional Investors Weigh In On LegalZoom.com

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC grew its position in LegalZoom.com by 308.5% during the third quarter. Barclays PLC now owns 224,782 shares of the company’s stock valued at $1,427,000 after acquiring an additional 169,761 shares during the last quarter. Pathway Capital Management LP purchased a new stake in shares of LegalZoom.com in the 4th quarter worth approximately $2,387,000. JPMorgan Chase & Co. raised its holdings in LegalZoom.com by 14.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 567,675 shares of the company’s stock worth $3,605,000 after purchasing an additional 71,291 shares during the period. Oak Harvest Investment Services purchased a new position in LegalZoom.com during the fourth quarter valued at approximately $751,000. Finally, Citizens Financial Group Inc. RI grew its position in shares of LegalZoom.com by 11.3% during the fourth quarter. Citizens Financial Group Inc. RI now owns 545,404 shares of the company’s stock worth $4,096,000 after purchasing an additional 55,336 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors.

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.