Maverick Capital Ltd. Sells 370,371 Shares of LegalZoom.com, Inc. $LZ

Maverick Capital Ltd. lessened its holdings in shares of LegalZoom.com, Inc. (NASDAQ:LZ) by 74.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,663 shares of the company’s stock after selling 370,371 shares during the period. Maverick Capital Ltd. owned approximately 0.07% of LegalZoom.com worth $713,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quantinno Capital Management LP boosted its position in shares of LegalZoom.com by 232.1% during the first quarter. Quantinno Capital Management LP now owns 393,823 shares of the company’s stock worth $2,233,000 after buying an additional 275,236 shares during the period. Lazard Asset Management LLC lifted its stake in LegalZoom.com by 61.9% in the 1st quarter. Lazard Asset Management LLC now owns 831,051 shares of the company’s stock valued at $4,712,000 after acquiring an additional 317,875 shares in the last quarter. Rice Hall James & Associates LLC lifted its stake in LegalZoom.com by 8.5% in the 1st quarter. Rice Hall James & Associates LLC now owns 352,781 shares of the company’s stock valued at $2,000,000 after acquiring an additional 27,552 shares in the last quarter. Punch & Associates Investment Management Inc. boosted its position in LegalZoom.com by 2.4% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 2,689,270 shares of the company’s stock worth $15,248,000 after acquiring an additional 62,223 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in LegalZoom.com during the 1st quarter worth approximately $1,923,000. 81.99% of the stock is owned by institutional investors and hedge funds.

LegalZoom.com Trading Up 6.9%

NASDAQ LZ opened at $8.08 on Wednesday. The company has a market cap of $1.39 billion, a PE ratio of 134.69, a PEG ratio of 1.33 and a beta of 1.31. LegalZoom.com, Inc. has a 12 month low of $5.22 and a 12 month high of $12.40. The stock has a 50 day moving average of $6.55 and a 200-day moving average of $6.83.

LegalZoom.com (NASDAQ:LZ) last released its earnings results on Wednesday, May 6th. The company reported $0.12 earnings per share 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 firm had revenue of $206.78 million during the quarter, compared to the consensus estimate of $202.14 million. During the same period in the prior year, the business posted $0.13 earnings per share. LegalZoom.com’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts predict that LegalZoom.com, Inc. will post 0.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. UBS Group lowered their price objective on shares of LegalZoom.com from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Citigroup reduced 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. JPMorgan Chase & Co. decreased their target price on shares of LegalZoom.com from $11.00 to $8.00 and set an “overweight” rating for the company in a research report on Wednesday, June 24th. Weiss Ratings reiterated a “sell (d+)” rating on shares of LegalZoom.com in a research note on Thursday, July 2nd. Finally, Wall Street Zen raised shares of LegalZoom.com from a “hold” rating to a “buy” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, LegalZoom.com currently has a consensus rating of “Hold” and a consensus price target of $8.25.

Insider Activity

In other news, CFO Noel Bertram Watson sold 15,000 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $6.45, for a total transaction of $96,750.00. Following the transaction, the chief financial officer directly owned 2,041,847 shares in the company, valued at $13,169,913.15. The trade was a 0.73% 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, CEO Jeffrey M. Stibel bought 125,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was purchased at an average cost of $6.15 per share, for a total transaction of $768,750.00. Following the completion of the acquisition, the chief executive officer owned 2,955,609 shares in the company, valued at $18,176,995.35. This trade represents a 4.42% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 7.40% of the company’s stock.

LegalZoom.com 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.