Bank of New York Mellon Corp Trims Stake in LegalZoom.com, Inc. (NASDAQ:LZ)

Bank of New York Mellon Corp trimmed its stake in LegalZoom.com, Inc. (NASDAQ:LZ) by 1.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 462,818 shares of the company’s stock after selling 8,263 shares during the period. Bank of New York Mellon Corp’s holdings in LegalZoom.com were worth $3,476,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP increased its stake in LegalZoom.com by 83.4% in the 3rd quarter. Quarry LP now owns 8,206 shares of the company’s stock worth $52,000 after buying an additional 3,732 shares in the last quarter. Wexford Capital LP bought a new position in shares of LegalZoom.com during the 3rd quarter valued at about $64,000. Olympiad Research LP bought a new position in shares of LegalZoom.com during the 4th quarter valued at about $78,000. Paloma Partners Management Co bought a new position in shares of LegalZoom.com during the 3rd quarter valued at about $81,000. Finally, Clearline Capital LP bought a new position in shares of LegalZoom.com during the 3rd quarter valued at about $126,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on LZ shares. JPMorgan Chase & Co. increased their price objective on shares of LegalZoom.com from $9.00 to $11.00 and gave the company an “overweight” rating in a report on Tuesday, February 11th. Citigroup increased their price objective on shares of LegalZoom.com from $7.00 to $8.50 and gave the company a “neutral” rating in a report on Tuesday, November 26th. UBS Group started coverage on shares of LegalZoom.com in a report on Friday, December 6th. They set a “neutral” rating and a $9.00 price objective for the company. JMP Securities reaffirmed a “market perform” rating on shares of LegalZoom.com in a report on Tuesday, February 11th. Finally, Barclays increased their price target on shares of LegalZoom.com from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, LegalZoom.com currently has an average rating of “Hold” and an average price target of $9.19.

LegalZoom.com Stock Up 1.5 %

Shares of LZ stock opened at $9.53 on Thursday. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 73.31, a PEG ratio of 1.73 and a beta of 1.09. The company’s 50 day moving average is $9.01 and its 200 day moving average is $7.92. LegalZoom.com, Inc. has a 52-week low of $5.33 and a 52-week high of $13.58.

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.