Airbnb (NASDAQ:ABNB) Upgraded at Raymond James Financial

Key Points

• Raymond James upgraded Airbnb to “outperform” from “market perform” and set a $200 price target, implying approximately 9.93% upside.
• Airbnb’s latest quarterly results exceeded expectations, with adjusted EPS of $1.37 versus the $1.26 consensus and revenue of $3.61 billion, up 16.3% year over year.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus rating and an average price target of $179.10, although insiders sold roughly $375 million of shares during the past quarter.

Airbnb (NASDAQ:ABNB - Get Free Report) was upgraded by equities research analysts at Raymond James Financial from a "market perform" rating to an "outperform" rating in a report issued on Tuesday, MarketBeat Ratings reports. The firm presently has a $200.00 price target on the stock. Raymond James Financial's price objective points to a potential upside of 9.93% from the company's current price.

A number of other brokerages have also weighed in on ABNB. B. Riley Financial restated a "buy" rating on shares of Airbnb in a report on Friday, August 7th. Citizens Jmp boosted their price target on shares of Airbnb from $170.00 to $190.00 and gave the stock a "market outperform" rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Airbnb from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, August 21st. Sanford C. Bernstein raised their price objective on Airbnb from $168.00 to $217.00 and gave the company an "outperform" rating in a research note on Monday, August 24th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Airbnb in a report on Monday, August 31st. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $179.10.

Airbnb Price Performance

Shares of Airbnb stock opened at $181.94 on Tuesday. The firm has a market capitalization of $108.94 billion, a PE ratio of 41.35, a price-to-earnings-growth ratio of 2.11 and a beta of 1.16. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.32. Airbnb has a 12 month low of $110.81 and a 12 month high of $193.45. The business's 50-day moving average price is $163.73 and its 200-day moving average price is $144.53.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.26 by $0.11. Airbnb had a return on equity of 33.38% and a net margin of 20.45%.The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.58 billion. During the same quarter in the previous year, the company posted $1.03 EPS. Airbnb's quarterly revenue was up 16.3% compared to the same quarter last year. Sell-side analysts forecast that Airbnb will post 5.23 EPS for the current fiscal year.

Insider Buying and Selling at Airbnb

In related news, insider Nathan Blecharczyk sold 531,000 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $174.41, for a total value of $92,611,710.00. Following the sale, the insider directly owned 171,370 shares of the company's stock, valued at $29,888,641.70. This trade represents a 75.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Chesky sold 200,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $174.79, for a total value of $34,958,000.00. Following the completion of the sale, the chief executive officer owned 10,501,685 shares of the company's stock, valued at approximately $1,835,589,521.15. This trade represents a 1.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 2,288,689 shares of company stock worth $374,988,733. 27.21% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Airbnb

A number of hedge funds and other institutional investors have recently made changes to their positions in ABNB. Caxton Associates LLP bought a new position in shares of Airbnb in the 1st quarter worth approximately $258,000. Intech Investment Management LLC lifted its holdings in shares of Airbnb by 55.8% during the first quarter. Intech Investment Management LLC now owns 12,161 shares of the company's stock valued at $1,453,000 after purchasing an additional 4,353 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of Airbnb by 18.8% during the 2nd quarter. Sivia Capital Partners LLC now owns 5,866 shares of the company's stock valued at $776,000 after acquiring an additional 927 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in Airbnb in the second quarter worth approximately $411,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Airbnb by 9.8% in the 2nd quarter. NewEdge Advisors LLC now owns 54,054 shares of the company's stock worth $7,153,000 after buying an additional 4,811 shares during the last quarter. Institutional investors 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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