Airbnb, Inc. $ABNB Shares Bought by Parnassus Investments LLC

Key Points

• Parnassus Investments LLC increased its stake in Airbnb by 7.8%, owning approximately 706,775 shares valued at $84.4 million following their purchase of an additional 51,236 shares in the first quarter.
• Several institutional investors, including MJP Associates Inc. and Harbour Investments Inc., have also raised their positions in Airbnb, resulting in about 80.76% of the stock being held by institutional investors.
• Insider trading activity reported a significant sale, with Director Joseph Gebbia selling 236,000 shares for over $30.5 million, reducing his ownership by 20%.

Parnassus Investments LLC increased its stake in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 7.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 706,775 shares of the company's stock after acquiring an additional 51,236 shares during the period. Parnassus Investments LLC owned about 0.11% of Airbnb worth $84,431,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ABNB. Park Square Financial Group LLC purchased a new stake in Airbnb during the 4th quarter valued at about $26,000. Orion Capital Management LLC purchased a new position in shares of Airbnb during the 4th quarter valued at $28,000. Stonebridge Financial Group LLC boosted its stake in Airbnb by 75.7% in the 1st quarter. Stonebridge Financial Group LLC now owns 246 shares of the company's stock worth $29,000 after purchasing an additional 106 shares during the period. Bartlett & CO. Wealth Management LLC increased its holdings in shares of Airbnb by 209.6% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 257 shares of the company's stock worth $31,000 after purchasing an additional 174 shares during the last quarter. Finally, SouthState Corp raised its holdings in shares of Airbnb by 216.1% during the 1st quarter. SouthState Corp now owns 294 shares of the company's stock worth $35,000 after acquiring an additional 201 shares in the last quarter. 80.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ABNB shares. Zacks Research raised Airbnb to a "hold" rating in a research report on Tuesday, August 12th. Wells Fargo & Company set a $110.00 price target on Airbnb and gave the stock an "underweight" rating in a research note on Thursday, August 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Airbnb in a research report on Wednesday, May 14th. Morgan Stanley decreased their target price on Airbnb from $130.00 to $120.00 and set an "underweight" rating for the company in a research report on Thursday, August 7th. Finally, Citizens Jmp raised Airbnb to a "hold" rating in a research note on Monday, August 11th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $142.72.

Insider Activity at Airbnb

In related news, CFO Elinor Mertz sold 6,250 shares of Airbnb stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $132.28, for a total value of $826,750.00. Following the completion of the sale, the chief financial officer directly owned 467,611 shares in the company, valued at $61,855,583.08. This trade represents a 1.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nathan Blecharczyk sold 2,246 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $125.20, for a total transaction of $281,199.20. Following the transaction, the insider owned 182,514 shares in the company, valued at $22,850,752.80. The trade was a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,440,546 shares of company stock valued at $191,913,918. Company insiders own 27.83% of the company's stock.

Airbnb Price Performance

NASDAQ ABNB traded down $2.98 on Tuesday, hitting $127.55. The stock had a trading volume of 3,241,723 shares, compared to its average volume of 5,227,605. The business's fifty day moving average price is $132.20 and its 200 day moving average price is $130.04. The stock has a market cap of $79.26 billion, a price-to-earnings ratio of 30.88, a price-to-earnings-growth ratio of 2.38 and a beta of 1.13. Airbnb, Inc. has a 52-week low of $99.88 and a 52-week high of $163.93.

Airbnb (NASDAQ:ABNB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.11. Airbnb had a return on equity of 32.19% and a net margin of 22.67%.The firm had revenue of $3.10 billion during the quarter, compared to analysts' expectations of $3.02 billion. During the same quarter last year, the firm earned $0.86 EPS. The business's quarterly revenue was up 12.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Airbnb, Inc. will post 4.31 EPS for the current year.

Airbnb Profile

Airbnb, Inc, together with its subsidiaries, operates a platform that enables hosts to offer stays and experiences to guests worldwide. The company's marketplace connects hosts and guests online or through mobile devices to book spaces and experiences. It primarily offers private rooms, primary homes, and vacation homes.