Legato Capital Management LLC Decreases Holdings in Blend Labs, Inc. (NYSE:BLND)

Legato Capital Management LLC decreased its position in shares of Blend Labs, Inc. (NYSE:BLND) by 23.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 124,238 shares of the company’s stock after selling 37,197 shares during the period. Legato Capital Management LLC’s holdings in Blend Labs were worth $523,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Blend Labs by 15.8% in the third quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after buying an additional 3,576 shares during the last quarter. Summit Trail Advisors LLC raised its holdings in shares of Blend Labs by 38.1% in the fourth quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock worth $76,000 after buying an additional 4,953 shares during the last quarter. Calamos Advisors LLC raised its holdings in shares of Blend Labs by 3.6% in the fourth quarter. Calamos Advisors LLC now owns 299,995 shares of the company’s stock worth $1,263,000 after buying an additional 10,366 shares during the last quarter. EP Wealth Advisors LLC raised its holdings in shares of Blend Labs by 7.6% in the third quarter. EP Wealth Advisors LLC now owns 229,002 shares of the company’s stock worth $859,000 after buying an additional 16,161 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Blend Labs in the third quarter worth $63,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Insider Activity at Blend Labs

In other news, insider Brian Kneafsey sold 30,000 shares of Blend Labs stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $3.41, for a total value of $102,300.00. Following the sale, the insider now owns 836,759 shares in the company, valued at $2,853,348.19. This trade represents a 3.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy J. Mayopoulos sold 42,721 shares of Blend Labs stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $5.00, for a total transaction of $213,605.00. Following the completion of the sale, the director now owns 387,620 shares in the company, valued at approximately $1,938,100. This trade represents a 9.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 331,782 shares of company stock worth $1,504,778. 13.21% of the stock is owned by company insiders.

Analyst Ratings Changes

BLND has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price target on shares of Blend Labs from $4.50 to $6.50 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods increased their price objective on shares of Blend Labs from $3.25 to $3.85 and gave the stock a “market perform” rating in a research note on Thursday, November 7th. UBS Group increased their price objective on shares of Blend Labs from $3.00 to $4.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Finally, JMP Securities began coverage on shares of Blend Labs in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $7.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $5.11.

Blend Labs Stock Performance

BLND stock opened at $3.76 on Friday. The firm has a market cap of $961.02 million, a PE ratio of -11.04 and a beta of 1.36. The firm’s fifty day moving average is $4.09 and its 200 day moving average is $3.96. Blend Labs, Inc. has a one year low of $2.08 and a one year high of $5.53.

About Blend Labs

Blend Labs, Inc engages in the provision of cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company's Blend Builder Platform offers a suite of products that powers digital-first consumer journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts; and offers mortgage products to facilitate the homeownership journey for consumers comprising close, income verification for mortgage, homeowners' insurance, and realty.