Airbnb (NASDAQ:ABNB) Given New $134.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its price target on Airbnb to $134 from $129, while keeping a hold rating on the stock. The new target suggests only about 1.3% upside from the current share price.
• Airbnb’s latest quarterly results were mixed: EPS of $0.26 missed expectations, but revenue of $2.68 billion beat estimates and rose 17.9% year over year. Analysts still expect the company to post 4.91 EPS for the current fiscal year.
• Insider selling was notable, with director Joseph Gebbia selling 265,000 shares and CFO Elinor Mertz selling 7,433 shares. Over the last three months, insiders sold 1.68 million shares worth about $226.6 million.

Airbnb (NASDAQ:ABNB - Get Free Report) had its price target increased by research analysts at Truist Financial from $129.00 to $134.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "hold" rating on the stock. Truist Financial's target price indicates a potential upside of 1.30% from the stock's current price.

ABNB has been the topic of several other research reports. Benchmark lifted their price objective on shares of Airbnb from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Citigroup reissued an "outperform" rating on shares of Airbnb in a report on Friday, May 8th. Morgan Stanley downgraded shares of Airbnb from an "underweight" rating to an "underweight" rating in a research report on Monday, May 4th. HSBC lowered shares of Airbnb from a "hold" rating to a "hold" rating in a report on Monday, May 4th. Finally, Weiss Ratings raised Airbnb from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Airbnb presently has an average rating of "Moderate Buy" and a consensus price target of $157.96.

Airbnb Stock Performance

ABNB stock opened at $132.28 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market cap of $79.73 billion, a price-to-earnings ratio of 32.58, a PEG ratio of 1.42 and a beta of 1.16. The firm has a 50-day simple moving average of $134.91 and a two-hundred day simple moving average of $131.36. Airbnb has a one year low of $110.81 and a one year high of $147.25.

Airbnb (NASDAQ:ABNB - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.31 by ($0.05). The business had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.62 billion. Airbnb had a return on equity of 31.24% and a net margin of 19.90%.Airbnb's revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. On average, equities analysts forecast that Airbnb will post 4.91 EPS for the current fiscal year.

Insider Activity

In related news, Director Joseph Gebbia sold 265,000 shares of Airbnb stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $135.45, for a total transaction of $35,894,250.00. Following the transaction, the director owned 3,182,355 shares in the company, valued at approximately $431,049,984.75. This trade represents a 7.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Elinor Mertz sold 7,433 shares of the company's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $136.24, for a total value of $1,012,671.92. Following the completion of the sale, the chief financial officer owned 449,040 shares of the company's stock, valued at approximately $61,177,209.60. The trade was a 1.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,677,117 shares of company stock worth $226,595,468 over the last three months. Insiders own 27.21% of the company's stock.

Institutional Trading of Airbnb

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sumitomo Life Insurance Co. increased its holdings in Airbnb by 15.0% in the third quarter. Sumitomo Life Insurance Co. now owns 66,071 shares of the company's stock valued at $8,022,000 after buying an additional 8,636 shares during the last quarter. Merit Financial Group LLC raised its stake in Airbnb by 72.1% in the fourth quarter. Merit Financial Group LLC now owns 32,994 shares of the company's stock valued at $4,478,000 after buying an additional 13,818 shares in the last quarter. ARK Investment Management LLC lifted its holdings in Airbnb by 30.7% during the 3rd quarter. ARK Investment Management LLC now owns 1,035,828 shares of the company's stock worth $125,770,000 after buying an additional 243,299 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Airbnb by 14.6% during the 3rd quarter. Victory Capital Management Inc. now owns 1,529,652 shares of the company's stock worth $185,730,000 after buying an additional 195,055 shares during the last quarter. Finally, North Dakota State Investment Board acquired a new position in shares of Airbnb during the 4th quarter worth about $2,785,000. Institutional investors and hedge funds own 80.76% of the company's stock.

About Airbnb

Airbnb, Inc NASDAQ: ABNB operates a global online marketplace that connects travelers with hosts offering short-term lodging, unique accommodations and related travel experiences. The company's core platform enables individuals and professional property managers to list private homes, apartments, single rooms and entire properties, while providing search, booking and payment processing for guests. Airbnb earns revenue primarily through service fees charged to guests and hosts and offers tools to facilitate reservations, communications, and logistics between parties.

Beyond accommodations, Airbnb has expanded its product portfolio to include curated experiences led by local hosts, higher-end offerings such as Airbnb Luxe, and programs aimed at enhancing quality and safety like Airbnb Plus.

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