680,327 Shares in Blend Labs, Inc. (NYSE:BLND) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new stake in Blend Labs, Inc. (NYSE:BLND) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 680,327 shares of the company’s stock, valued at approximately $2,864,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC raised its stake in Blend Labs by 6.3% during the third quarter. Geode Capital Management LLC now owns 4,767,104 shares of the company’s stock worth $17,880,000 after purchasing an additional 283,207 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Blend Labs in the third quarter valued at approximately $676,000. Charles Schwab Investment Management Inc. raised its stake in shares of Blend Labs by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,643,051 shares of the company’s stock valued at $6,161,000 after purchasing an additional 120,152 shares during the period. Barclays PLC lifted its position in shares of Blend Labs by 263.1% during the third quarter. Barclays PLC now owns 407,774 shares of the company’s stock worth $1,530,000 after purchasing an additional 295,460 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Blend Labs by 697.6% during the third quarter. Principal Financial Group Inc. now owns 2,733,004 shares of the company’s stock worth $10,249,000 after purchasing an additional 2,390,337 shares in the last quarter. 52.56% of the stock is currently owned by hedge funds and other institutional investors.

Blend Labs Stock Up 3.6 %

Shares of NYSE:BLND opened at $3.57 on Friday. Blend Labs, Inc. has a 12-month low of $2.08 and a 12-month high of $5.53. The company has a market cap of $925.70 million, a P/E ratio of -10.48 and a beta of 1.40. The company’s fifty day moving average is $3.65 and its two-hundred day moving average is $3.97.

Insider Buying and Selling

In other news, insider Brian Kneafsey sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $3.73, for a total transaction of $111,900.00. Following the completion of the sale, the insider now directly owns 866,759 shares of the company’s stock, valued at $3,233,011.07. This trade represents a 3.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 150,000 shares of company stock valued at $561,900. Corporate insiders own 13.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BLND. Citizens Jmp upgraded shares of Blend Labs to a “strong-buy” rating in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods dropped their target price on Blend Labs from $3.85 to $3.50 and set a “market perform” rating on the stock in a report on Monday, March 3rd. UBS Group lowered their price objective on shares of Blend Labs from $4.00 to $3.50 and set a “neutral” rating on the stock in a research note on Friday, February 28th. JMP Securities began coverage on Blend Labs in a research report on Wednesday, December 18th. They set an “outperform” rating and a $7.00 price objective for the company. Finally, Canaccord Genuity Group decreased their target price on Blend Labs from $5.75 to $5.25 and set a “buy” rating on the stock in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $4.91.

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.