LegalZoom.com (NASDAQ:LZ) Sees Strong Trading Volume – Here’s Why

Shares of LegalZoom.com, Inc. (NASDAQ:LZ) saw strong trading volume on Friday . Approximately 2,075,915 shares changed hands during trading, a decline of 33% from the previous session’s volume of 3,085,851 shares.The stock last traded at $5.9310 and had previously closed at $5.66.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wall Street Zen lowered LegalZoom.com from a “buy” rating to a “hold” rating in a research note on Saturday. Citigroup dropped their price target on LegalZoom.com from $8.50 to $7.50 and set a “neutral” rating for the company in a research report on Friday, May 22nd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $7.00 price objective (down from $8.00) on shares of LegalZoom.com in a report on Thursday. William Blair cut shares of LegalZoom.com from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, UBS Group lowered their target price on shares of LegalZoom.com from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Five research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $7.30.

LegalZoom.com Stock Up 1.9%

The stock has a market cap of $988.17 million, a P/E ratio of 64.11, a PEG ratio of 0.96 and a beta of 1.28. The firm’s fifty day moving average price is $6.73 and its 200-day moving average price is $6.72.

LegalZoom.com (NASDAQ:LZ) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. The business had revenue of $205.29 million during the quarter, compared to analyst estimates of $205.83 million. LegalZoom.com had a return on equity of 15.83% and a net margin of 2.13%.LegalZoom.com’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.15 EPS. Sell-side analysts predict that LegalZoom.com, Inc. will post 0.34 earnings per share for the current year.

Insider Transactions at LegalZoom.com

In related news, insider Nicole Miller sold 19,199 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $6.58, for a total transaction of $126,329.42. Following the transaction, the insider owned 1,119,222 shares in the company, valued at $7,364,480.76. The trade was a 1.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 purchased 125,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average cost of $6.15 per share, with a total value of $768,750.00. Following the completion of the purchase, the chief executive officer owned 2,955,609 shares of the company’s stock, valued at $18,176,995.35. This represents a 4.42% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 7.40% of the company’s stock.

Institutional Trading of LegalZoom.com

A number of hedge funds have recently modified their holdings of LZ. Brighton Jones LLC bought a new position in shares of LegalZoom.com in the 4th quarter worth about $185,000. Amundi bought a new stake in LegalZoom.com during the first quarter worth about $196,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in LegalZoom.com by 3.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,980 shares of the company’s stock worth $646,000 after acquiring an additional 2,161 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in LegalZoom.com by 9.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,313,429 shares of the company’s stock worth $11,309,000 after purchasing an additional 113,769 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in LegalZoom.com by 1.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 275,978 shares of the company’s stock worth $2,376,000 after purchasing an additional 4,607 shares during the period. Institutional investors own 81.99% of the company’s stock.

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.