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

LegalZoom.com, Inc. (NASDAQ:LZ) shares gapped up before the market opened on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $9.00 to $11.00. The stock had previously closed at $9.22, but opened at $9.47. JPMorgan Chase & Co. currently has an overweight rating on the stock. LegalZoom.com shares last traded at $9.41, with a volume of 159,174 shares traded.

Several other brokerages have also issued reports on LZ. Morgan Stanley increased their target price on LegalZoom.com from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Monday, January 13th. Barclays increased their price target on shares of LegalZoom.com from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. UBS Group assumed coverage on shares of LegalZoom.com in a research note on Friday, December 6th. They set a “neutral” rating and a $9.00 price objective on the stock. JMP Securities restated a “market perform” rating on shares of LegalZoom.com in a report on Friday, January 31st. Finally, Citigroup lifted their target price on shares of LegalZoom.com from $7.00 to $8.50 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.06.

Institutional Trading of LegalZoom.com

Several institutional investors have recently added to or reduced their stakes in LZ. The Manufacturers Life Insurance Company lifted its position in LegalZoom.com by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 80,392 shares of the company’s stock valued at $674,000 after purchasing an additional 9,455 shares during the period. SG Americas Securities LLC purchased a new stake in LegalZoom.com during the third quarter valued at $395,000. Handelsbanken Fonder AB lifted its holdings in LegalZoom.com by 40.3% in the third quarter. Handelsbanken Fonder AB now owns 25,400 shares of the company’s stock valued at $161,000 after acquiring an additional 7,300 shares during the period. Creative Planning purchased a new position in LegalZoom.com in the third quarter worth about $72,000. Finally, nVerses Capital LLC raised its holdings in LegalZoom.com by 16.2% in the 3rd quarter. nVerses Capital LLC now owns 15,800 shares of the company’s stock worth $100,000 after purchasing an additional 2,200 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

LegalZoom.com Price Performance

The company has a 50-day moving average of $8.22 and a two-hundred day moving average of $7.33. The company has a market capitalization of $1.64 billion, a PE ratio of 72.85, a P/E/G ratio of 1.76 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.