LegalZoom.com (NASDAQ:LZ) Shares Gap Up Following Analyst Upgrade

LegalZoom.com, Inc. (NASDAQ:LZ)’s stock price gapped up before the market opened on Thursday after Barclays raised their price target on the stock from $8.00 to $9.00. The stock had previously closed at $8.85, but opened at $9.66. Barclays currently has an equal weight rating on the stock. LegalZoom.com shares last traded at $10.28, with a volume of 628,157 shares trading hands.

Several other research analysts have also issued reports on LZ. JPMorgan Chase & Co. upped their target price on LegalZoom.com from $9.00 to $11.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Morgan Stanley upped their target price on LegalZoom.com from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Monday, January 13th. UBS Group started coverage on LegalZoom.com in a research report on Friday, December 6th. They set a “neutral” rating and a $9.00 target price on the stock. Citigroup boosted their price target on LegalZoom.com from $7.00 to $8.50 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, JMP Securities reiterated a “market perform” rating on shares of LegalZoom.com in a research note on Tuesday, February 11th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, LegalZoom.com currently has a consensus rating of “Hold” and an average target price of $9.19.

Institutional Trading of LegalZoom.com

Hedge funds have recently modified their holdings of the stock. Barclays PLC boosted its stake in shares of LegalZoom.com by 308.5% in the third quarter. Barclays PLC now owns 224,782 shares of the company’s stock worth $1,427,000 after buying an additional 169,761 shares during the last quarter. Mainstream Capital Management LLC purchased a new stake in shares of LegalZoom.com in the third quarter worth about $1,429,000. JPMorgan Chase & Co. boosted its stake in shares of LegalZoom.com by 14.4% in the third quarter. JPMorgan Chase & Co. now owns 567,675 shares of the company’s stock worth $3,605,000 after buying an additional 71,291 shares during the last quarter. Oak Harvest Investment Services purchased a new position in LegalZoom.com during the fourth quarter worth approximately $751,000. Finally, Victory Capital Management Inc. grew its holdings in LegalZoom.com by 97.2% in the third quarter. Victory Capital Management Inc. now owns 129,775 shares of the company’s stock valued at $824,000 after purchasing an additional 63,980 shares during the period. Hedge funds and other institutional investors own 81.99% of the company’s stock.

LegalZoom.com Price Performance

The firm has a fifty day simple moving average of $8.44 and a 200 day simple moving average of $7.56. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 79.04, a price-to-earnings-growth ratio of 1.73 and a beta of 1.13.

LegalZoom.com Company Profile

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.