Coastal Bridge Advisors LLC Sells 122,375 Shares of LegalZoom.com, Inc. $LZ

Coastal Bridge Advisors LLC reduced its position in shares of LegalZoom.com, Inc. (NASDAQ:LZ) by 9.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,115,260 shares of the company’s stock after selling 122,375 shares during the period. LegalZoom.com makes up 0.9% of Coastal Bridge Advisors LLC’s portfolio, making the stock its 26th biggest holding. Coastal Bridge Advisors LLC owned about 0.62% of LegalZoom.com worth $11,576,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of LegalZoom.com during the third quarter valued at about $305,000. Federated Hermes Inc. increased its position in shares of LegalZoom.com by 10.7% during the third quarter. Federated Hermes Inc. now owns 35,652 shares of the company’s stock valued at $370,000 after buying an additional 3,460 shares during the period. Avory & Company LLC grew its holdings in shares of LegalZoom.com by 0.4% during the 3rd quarter. Avory & Company LLC now owns 376,419 shares of the company’s stock worth $3,907,000 after acquiring an additional 1,586 shares during the period. Teacher Retirement System of Texas grew its stake in LegalZoom.com by 65.5% in the third quarter. Teacher Retirement System of Texas now owns 56,992 shares of the company’s stock worth $592,000 after purchasing an additional 22,550 shares during the period. Finally, Parkside Financial Bank & Trust purchased a new stake in shares of LegalZoom.com in the 3rd quarter worth about $40,000. 81.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Morgan Stanley boosted their target price on LegalZoom.com from $8.50 to $9.00 and gave the stock an “underweight” rating in a report on Thursday, November 13th. William Blair upgraded shares of LegalZoom.com from a “market perform” rating to an “outperform” rating in a report on Thursday, November 6th. Wall Street Zen downgraded LegalZoom.com from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. Citigroup cut their price objective on shares of LegalZoom.com from $12.00 to $10.50 and set a “neutral” rating for the company in a research report on Friday, November 21st. Finally, Zacks Research downgraded LegalZoom.com from a “hold” rating to a “strong sell” rating in a research note on Monday, January 19th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.50.

Insider Activity at LegalZoom.com

In other LegalZoom.com news, CFO Noel Bertram Watson sold 15,000 shares of LegalZoom.com stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $9.56, for a total transaction of $143,400.00. Following the completion of the sale, the chief financial officer owned 1,551,582 shares of the company’s stock, valued at approximately $14,833,123.92. The trade was a 0.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nicole Miller sold 23,506 shares of LegalZoom.com stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $9.63, for a total value of $226,362.78. Following the transaction, the insider owned 868,627 shares of the company’s stock, valued at $8,364,878.01. The trade was a 2.63% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.90% of the stock is currently owned by insiders.

LegalZoom.com Price Performance

Shares of LZ opened at $9.32 on Thursday. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 77.67, a PEG ratio of 1.50 and a beta of 1.22. The company has a 50-day moving average of $9.62 and a 200 day moving average of $9.93. LegalZoom.com, Inc. has a 1-year low of $6.47 and a 1-year high of $12.40.

LegalZoom.com (NASDAQ:LZ) last issued its earnings results on Wednesday, November 5th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.03). LegalZoom.com had a return on equity of 9.91% and a net margin of 3.05%.The business had revenue of $190.16 million for the quarter, compared to the consensus estimate of $183.27 million. During the same quarter in the previous year, the company earned $0.17 earnings per share. The firm’s revenue was up 12.8% on a year-over-year basis. On average, equities analysts anticipate that LegalZoom.com, Inc. will post 0.25 earnings per share for the current fiscal year.

About LegalZoom.com

LegalZoom.com, Inc (NASDAQ: LZ) operates as a leading online legal technology company that provides a broad range of legal and business services to individuals, families and small businesses. Through its digital platform, the company offers customized legal documents and filing services, including business formation (LLCs, corporations and nonprofits), estate planning (wills and trusts), intellectual property protection (trademarks and copyrights), and ongoing compliance support. LegalZoom also connects customers with independent attorneys for consultations on matters such as family law, immigration and real estate.

Founded in 2001 by entrepreneurs Brian Lee, Brian P.