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

LegalZoom.com, Inc. (NASDAQ:LZ)’s share price 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 trading hands.

A number of other research firms also recently commented on LZ. JMP Securities reiterated a “market perform” rating on shares of LegalZoom.com in a research report on Friday, January 31st. Barclays boosted 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. UBS Group began coverage on LegalZoom.com in a research note on Friday, December 6th. They set a “neutral” rating and a $9.00 price objective on the stock. Citigroup boosted their target price on shares of LegalZoom.com from $7.00 to $8.50 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Morgan Stanley boosted their price objective on shares of LegalZoom.com from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Monday, January 13th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $9.06.

Institutional Trading of LegalZoom.com

A number of institutional investors have recently modified their holdings of LZ. Nisa Investment Advisors LLC grew its stake in shares of LegalZoom.com by 179.8% during the third quarter. Nisa Investment Advisors LLC now owns 6,099 shares of the company’s stock worth $39,000 after acquiring an additional 3,919 shares during the last quarter. Quarry LP grew its stake in LegalZoom.com by 83.4% during the 3rd quarter. Quarry LP now owns 8,206 shares of the company’s stock valued at $52,000 after purchasing an additional 3,732 shares during the last quarter. Wexford Capital LP purchased a new position in shares of LegalZoom.com in the third quarter worth about $64,000. Creative Planning acquired a new stake in shares of LegalZoom.com during the third quarter worth about $72,000. Finally, Aigen Investment Management LP purchased a new position in LegalZoom.com during the 4th quarter worth approximately $76,000. 81.99% of the stock is currently owned by institutional investors.

LegalZoom.com Stock Performance

The firm’s 50 day simple moving average is $8.22 and its 200 day simple moving average is $7.33. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 72.85, a PEG ratio of 1.76 and a beta of 1.13.

About LegalZoom.com

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.