Principal Financial Group Inc. Lowers Stock Position in LegalZoom.com, Inc. (NASDAQ:LZ)

Principal Financial Group Inc. trimmed its holdings in LegalZoom.com, Inc. (NASDAQ:LZ) by 30.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 12,895 shares of the company’s stock after selling 5,726 shares during the quarter. Principal Financial Group Inc.’s holdings in LegalZoom.com were worth $82,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in LZ. Franklin Resources Inc. lifted its holdings in shares of LegalZoom.com by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 3,067,987 shares of the company’s stock valued at $20,310,000 after buying an additional 132,189 shares during the period. Barclays PLC raised its position in shares of LegalZoom.com by 308.5% in the 3rd 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 period. Y Intercept Hong Kong Ltd grew its holdings in shares of LegalZoom.com by 37.0% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 170,181 shares of the company’s stock worth $1,081,000 after purchasing an additional 45,941 shares during the period. XTX Topco Ltd acquired a new position in shares of LegalZoom.com during the 3rd quarter valued at $143,000. Finally, Wexford Capital LP purchased a new stake in shares of LegalZoom.com during the 3rd quarter valued at about $64,000. Institutional investors and hedge funds own 81.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on LZ shares. Citigroup upped their target price on LegalZoom.com from $7.00 to $8.50 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 price target on shares of LegalZoom.com in a research note on Friday, November 8th. UBS Group initiated coverage on LegalZoom.com in a research report on Friday, December 6th. They set a “neutral” rating and a $9.00 price target on the stock. Barclays raised their target price on shares of LegalZoom.com from $7.00 to $8.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Finally, JMP Securities reiterated a “market perform” rating on shares of LegalZoom.com in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $8.79.

LegalZoom.com Stock Performance

Shares of LZ stock opened at $7.77 on Wednesday. The stock’s 50 day simple moving average is $7.90 and its 200 day simple moving average is $7.13. LegalZoom.com, Inc. has a twelve month low of $5.33 and a twelve month high of $13.74. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of 59.77, a PEG ratio of 1.81 and a beta of 1.10.

LegalZoom.com (NASDAQ:LZ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. LegalZoom.com had a return on equity of 32.88% and a net margin of 3.61%. The business had revenue of $168.60 million during the quarter, compared to analysts’ expectations of $167.66 million. During the same quarter in the previous year, the firm earned $0.05 EPS. The firm’s revenue was up .8% compared to the same quarter last year. On average, analysts forecast that LegalZoom.com, Inc. will post 0.25 EPS for the current fiscal year.

LegalZoom.com 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.