PNC Financial Services Group Inc. Sells 16,016 Shares of LegalZoom.com, Inc. $LZ

PNC Financial Services Group Inc. lowered its holdings in LegalZoom.com, Inc. (NASDAQ:LZ) by 48.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,874 shares of the company’s stock after selling 16,016 shares during the period. PNC Financial Services Group Inc.’s holdings in LegalZoom.com were worth $145,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of LegalZoom.com during the 1st quarter worth about $281,000. Ameriprise Financial Inc. increased its holdings in LegalZoom.com by 30.0% in the 4th quarter. Ameriprise Financial Inc. now owns 322,510 shares of the company’s stock valued at $2,422,000 after buying an additional 74,507 shares during the period. Nuveen Asset Management LLC increased its holdings in LegalZoom.com by 297.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,171,584 shares of the company’s stock valued at $8,799,000 after buying an additional 877,125 shares during the period. Graham Capital Management L.P. bought a new position in LegalZoom.com in the 4th quarter valued at about $334,000. Finally, State of Tennessee Department of Treasury acquired a new stake in shares of LegalZoom.com in the 4th quarter valued at approximately $270,000. Institutional investors own 81.99% of the company’s stock.

LegalZoom.com Trading Up 1.3%

LZ opened at $10.86 on Tuesday. The company’s fifty day moving average price is $9.14 and its two-hundred day moving average price is $8.85. LegalZoom.com, Inc. has a 1-year low of $5.85 and a 1-year high of $11.93. The company has a market cap of $1.96 billion, a price-to-earnings ratio of 67.88, a PEG ratio of 3.68 and a beta of 1.23.

LegalZoom.com (NASDAQ:LZ) last announced its earnings results on Thursday, August 7th. The company reported $0.15 EPS for the quarter, meeting the consensus estimate of $0.15. LegalZoom.com had a net margin of 4.07% and a return on equity of 20.36%. The company had revenue of $192.51 million during the quarter, compared to the consensus estimate of $182.49 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities analysts forecast that LegalZoom.com, Inc. will post 0.25 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John Francis Murphy sold 24,250 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $10.57, for a total value of $256,322.50. Following the sale, the director owned 69,953 shares of the company’s stock, valued at $739,403.21. The trade was a 25.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Bank of America upgraded shares of LegalZoom.com from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $8.00 to $12.00 in a research report on Friday, August 8th. Morgan Stanley boosted their target price 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. upped their price objective on shares of LegalZoom.com from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Monday, May 19th. Barclays upped their price objective on shares of LegalZoom.com from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 12th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of LegalZoom.com in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, LegalZoom.com has a consensus rating of “Hold” and an average target price of $9.92.

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.