LegalZoom.com (NASDAQ:LZ) Raised to “Buy” at Bank of America

LegalZoom.com (NASDAQ:LZ) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “buy” rating in a research note issued on Friday, MarketBeat reports. The brokerage presently has a $12.00 target price on the stock, up from their prior target price of $8.00. Bank of America‘s price target suggests a potential upside of 9.29% from the company’s current price.

A number of other equities analysts also recently commented on LZ. Morgan Stanley raised their price objective on shares of LegalZoom.com from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Friday, May 9th. JPMorgan Chase & Co. raised their price objective on shares of LegalZoom.com from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Monday, May 19th. JMP Securities reaffirmed a “market perform” rating on shares of LegalZoom.com in a report on Thursday, May 15th. Finally, Wall Street Zen upgraded shares of LegalZoom.com from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, LegalZoom.com has an average rating of “Hold” and an average target price of $9.75.

LegalZoom.com Stock Up 31.2%

Shares of LZ opened at $10.98 on Friday. The company’s fifty day moving average is $8.95 and its 200-day moving average is $8.77. LegalZoom.com has a 12 month low of $5.56 and a 12 month high of $11.93. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 68.63, a price-to-earnings-growth ratio of 4.68 and a beta of 1.23.

LegalZoom.com (NASDAQ:LZ) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.15. LegalZoom.com had a net margin of 4.07% and a return on equity of 23.97%. The business had revenue of $192.51 million during the quarter, compared to the consensus estimate of $182.49 million. During the same period in the prior year, the firm earned $0.10 EPS. LegalZoom.com’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, research analysts predict that LegalZoom.com will post 0.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in LZ. Arizona State Retirement System increased its position in LegalZoom.com by 6.1% during the 1st quarter. Arizona State Retirement System now owns 29,728 shares of the company’s stock valued at $256,000 after purchasing an additional 1,697 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in LegalZoom.com by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,980 shares of the company’s stock valued at $646,000 after purchasing an additional 2,161 shares during the period. Mariner LLC increased its position in LegalZoom.com by 5.6% during the 4th quarter. Mariner LLC now owns 44,638 shares of the company’s stock valued at $335,000 after purchasing an additional 2,348 shares during the period. State of Wyoming increased its position in LegalZoom.com by 42.1% during the 4th quarter. State of Wyoming now owns 8,347 shares of the company’s stock valued at $63,000 after purchasing an additional 2,475 shares during the period. Finally, Arkadios Wealth Advisors increased its position in LegalZoom.com by 4.2% during the 2nd quarter. Arkadios Wealth Advisors now owns 73,000 shares of the company’s stock valued at $650,000 after purchasing an additional 2,924 shares during the period. Institutional investors own 81.99% of the company’s stock.

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.