LegalZoom.com (NASDAQ:LZ) Stock Rating Lowered by Bank of America

LegalZoom.com (NASDAQ:LZ) was downgraded by analysts at Bank of America from a “buy” rating to an “underperform” rating in a research report issued on Wednesday, Marketbeat Ratings reports. They currently have a $6.00 target price on the stock, down from their previous target price of $13.00. Bank of America‘s target price suggests a potential upside of 0.84% from the company’s previous close.

LZ has been the topic of several other reports. Raymond James initiated coverage on shares of LegalZoom.com in a research report on Wednesday, March 27th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. cut shares of LegalZoom.com from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $14.00 to $9.00 in a research report on Wednesday. Finally, JMP Securities cut shares of LegalZoom.com from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $11.21.

LegalZoom.com Stock Up 1.5 %

Shares of LZ stock opened at $5.95 on Wednesday. The stock has a market cap of $1.12 billion, a P/E ratio of 54.10, a PEG ratio of 2.88 and a beta of 1.10. LegalZoom.com has a 52 week low of $5.33 and a 52 week high of $15.68. The company’s fifty day simple moving average is $8.67 and its two-hundred day simple moving average is $10.69.

LegalZoom.com (NASDAQ:LZ) last announced its earnings results on Tuesday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. The firm had revenue of $174.21 million for the quarter, compared to analysts’ expectations of $174.87 million. LegalZoom.com had a net margin of 3.15% and a return on equity of 19.47%. On average, analysts anticipate that LegalZoom.com will post 0.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in LZ. Wellington Management Group LLP raised its holdings in shares of LegalZoom.com by 21.0% during the third quarter. Wellington Management Group LLP now owns 1,198,461 shares of the company’s stock worth $13,111,000 after purchasing an additional 208,030 shares during the last quarter. Citigroup Inc. grew its position in LegalZoom.com by 38.4% during the third quarter. Citigroup Inc. now owns 51,894 shares of the company’s stock valued at $568,000 after buying an additional 14,388 shares during the period. Vanguard Group Inc. grew its position in LegalZoom.com by 21.0% during the third quarter. Vanguard Group Inc. now owns 12,999,938 shares of the company’s stock valued at $142,219,000 after buying an additional 2,257,224 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in LegalZoom.com during the third quarter valued at $1,753,000. Finally, Legato Capital Management LLC acquired a new stake in shares of LegalZoom.com in the fourth quarter valued at about $889,000. Hedge funds and other institutional investors own 81.99% of the company’s stock.

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.