LegalZoom.com (NASDAQ:LZ) Downgraded to Neutral by Citigroup

Citigroup lowered its shares LegalZoom.com (NASDAQ:LZ – Free Report) from a buy rating to a neutral rating in a research note issued on Wednesday, MarketBeat Ratings reports. Citigroup currently has an $8.00 price target on the stock, down from the previous $15.00 price target.

Several other equities analysts also commented on LZ. JPMorgan Chase & Co. lowered their rating on LegalZoom.com from overweight to neutral and lowered their price target on the stock from $14.00 to $9.00 in a research report on Wednesday. Bank of America lowered their rating on LegalZoom.com from buy to underperform and lowered their price target on the stock from $13.00 to $6.00 in a research note on Wednesday. Raymond James initiated coverage of LegalZoom.com in a research note on Wednesday, March 27. They set a market perform rating for the company. Finally, JMP Securities lowered their rating on LegalZoom.com from outperform to market perform in a report on Wednesday. Two equities analysts rated the stock as a sell, five rated it as a hold, and one issued a buy rating on the company’s stock. LegalZoom.com currently has an average rating of “Hold” and a consensus price target of $11.21, according to data from MarketBeat.com.

Read our latest analysis on LegalZoom.com

LegalZoom.com shares fall 25.4%

NASDAQ:LZ opened at $5.86 on Wednesday. LegalZoom.com has a yearly low of $5.33 and a yearly high of $15.68. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 53.28, a price-to-earnings-growth ratio of 2.88 and a beta of 1.10. The stock has a 50-day simple moving average of $8.79 and a 200-day simple moving average of $10.72.

LegalZoom.com (NASDAQ:LZ – Get Free Report) last released its quarterly financial results on Tuesday, May 7. The company reported $0.03 earnings per share for the quarter, meeting analyst estimates of $0.03. LegalZoom.com had a return on equity of 19.47% and a net margin of 3.15%. The company had revenue of $174.21 million for the quarter, compared to analyst estimates of $174.87 million. Equity analysts predict that LegalZoom.com will report earnings per share of $0.24 for the current year.

Hedge Funds Rate LegalZoom.com

A number of institutional investors and hedge funds have recently bought and sold shares of LZ. New York State Teachers Retirement System increased its holdings in LegalZoom.com by 686.8% during the fourth quarter. New York State Teachers Retirement System now owns 10,606 shares of the company’s stock worth $120,000 after purchasing an additional 9,258 shares during the last quarter. Nomura Holdings Inc. acquired a new position in LegalZoom.com during the fourth quarter valued at $120,000. Counterpoint Mutual Funds LLC acquired a new position in shares of LegalZoom.com during the first quarter valued at $135,000. Cornerstone Investment Partners LLC acquired a new position in shares of LegalZoom.com during the fourth quarter valued at $157,000. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of LegalZoom.com by 405.4% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 14,443 shares of the company’s stock valued at $164,000 after acquiring an additional 11,585 shares during the period. Institutional investors and hedge funds own 81.99% of the company’s stock.

About LegalZoom.com

(Download the free report)

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, C and S corporation formation, nonprofit formation, sole proprietorship, corporate amendments 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 tax return preparation for businesses and individuals.

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