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

Principal Financial Group Inc. lowered its stake in LegalZoom.com, Inc. (NASDAQ:LZ) by 15.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,913 shares of the company’s stock after selling 1,982 shares during the period. Principal Financial Group Inc.’s holdings in LegalZoom.com were worth $82,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in LZ. Citizens Financial Group Inc. RI bought a new position in LegalZoom.com in the 3rd quarter valued at approximately $3,112,000. Tabor Asset Management LP lifted its position in LegalZoom.com by 44.9% in the 3rd quarter. Tabor Asset Management LP now owns 1,522,726 shares of the company’s stock valued at $9,669,000 after acquiring an additional 472,002 shares in the last quarter. Barclays PLC lifted its position in LegalZoom.com by 308.5% in the 3rd quarter. Barclays PLC now owns 224,782 shares of the company’s stock valued at $1,427,000 after acquiring an additional 169,761 shares in the last quarter. Edgestream Partners L.P. lifted its position in LegalZoom.com by 313.2% in the 3rd quarter. Edgestream Partners L.P. now owns 191,857 shares of the company’s stock valued at $1,218,000 after acquiring an additional 145,425 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in 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 acquiring an additional 132,189 shares in the last quarter. 81.99% of the stock is owned by institutional investors.

LegalZoom.com Price Performance

Shares of NASDAQ LZ opened at $9.77 on Friday. The company has a market cap of $1.72 billion, a P/E ratio of 75.16, a PEG ratio of 1.73 and a beta of 1.09. The firm has a 50-day simple moving average of $8.75 and a two-hundred day simple moving average of $7.76. LegalZoom.com, Inc. has a 1 year low of $5.33 and a 1 year high of $13.74.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley upped their price objective on LegalZoom.com from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Monday, January 13th. JPMorgan Chase & Co. upped their price objective on LegalZoom.com from $9.00 to $11.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Citigroup upped their price objective on LegalZoom.com from $7.00 to $8.50 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. UBS Group initiated coverage on LegalZoom.com in a report on Friday, December 6th. They set a “neutral” rating and a $9.00 price target on the stock. Finally, Barclays increased their price target on LegalZoom.com from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $9.19.

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.