Legato Capital Management LLC Lowers Stock 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% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 124,238 shares of the company’s stock after selling 37,197 shares during the quarter. Legato Capital Management LLC’s holdings in Blend Labs were worth $523,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Virtu Financial LLC purchased a new stake in Blend Labs in the 3rd quarter worth $63,000. Summit Trail Advisors LLC lifted its stake in Blend Labs by 38.1% in the 4th quarter. Summit Trail Advisors LLC now owns 17,947 shares of the company’s stock worth $76,000 after purchasing an additional 4,953 shares in the last quarter. RiverPark Advisors LLC purchased a new stake in Blend Labs in the 3rd quarter worth $77,000. FMR LLC lifted its stake in Blend Labs by 15.8% in the 3rd quarter. FMR LLC now owns 26,148 shares of the company’s stock worth $98,000 after purchasing an additional 3,576 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new stake in Blend Labs in the 4th quarter worth $114,000. Hedge funds and other institutional investors own 52.56% of the company’s stock.

Insiders Place Their Bets

In other Blend Labs news, insider Brian Kneafsey sold 30,000 shares of the company’s 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 transaction, the insider now directly owns 836,759 shares in the company, valued at $2,853,348.19. This represents a 3.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy J. Mayopoulos sold 56,490 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $5.50, for a total transaction of $310,695.00. Following the completion of the transaction, the director now owns 331,130 shares in the company, valued at $1,821,215. This represents a 14.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 331,782 shares of company stock worth $1,504,778 in the last three months. Corporate insiders own 13.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BLND. UBS Group upped their target price on shares of Blend Labs from $3.00 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Canaccord Genuity Group restated a “buy” rating and set a $5.75 target price on shares of Blend Labs in a research report on Friday, December 20th. JMP Securities began coverage on shares of Blend Labs in a research report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 target price on the stock. Keefe, Bruyette & Woods upped their target price on shares of Blend Labs from $3.25 to $3.85 and gave the company a “market perform” rating in a research report on Thursday, November 7th. Finally, Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Blend Labs currently has an average rating of “Moderate Buy” and a consensus price target of $5.11.

Blend Labs Trading Down 3.5 %

Shares of NYSE:BLND opened at $3.76 on Friday. The company has a market capitalization of $961.02 million, a price-to-earnings ratio of -11.04 and a beta of 1.36. Blend Labs, Inc. has a 12 month low of $2.08 and a 12 month high of $5.53. The firm’s 50-day moving average is $4.09 and its 200 day moving average is $3.96.

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.