Airbnb, Inc. $ABNB Stock: Sumitomo Mitsui Trust Group Inc. Cuts Stake

Sumitomo Mitsui Trust Group Inc. trimmed its position in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 4.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,228,354 shares of the company's stock after selling 57,476 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Airbnb worth $197,335,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in Airbnb during the 3rd quarter valued at about $53,597,000. ProShare Advisors LLC boosted its position in shares of Airbnb by 3.9% in the 3rd quarter. ProShare Advisors LLC now owns 469,527 shares of the company's stock worth $75,430,000 after purchasing an additional 17,595 shares in the last quarter. Vise Technologies Inc. purchased a new position in shares of Airbnb in the 3rd quarter valued at approximately $2,960,000. Moss Adams Wealth Advisors LLC purchased a new position in Airbnb in the 3rd quarter worth $277,000. Finally, Raleigh Capital Management Inc. boosted its position in Airbnb by 6,372.0% in the third quarter. Raleigh Capital Management Inc. now owns 1,618 shares of the company's stock valued at $260,000 after buying an additional 1,593 shares during the last quarter. Hedge funds and other institutional investors own 80.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ABNB. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $190.00 target price (up from $175.00) on shares of Airbnb in a research report on Monday, August 31st. Raymond James Financial raised shares of Airbnb from a "market perform" rating to an "outperform" rating and set a $200.00 target price on the stock in a research note on Tuesday, September 8th. Jefferies Financial Group lifted their price target on Airbnb from $175.00 to $215.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Mizuho upped their price target on Airbnb from $175.00 to $200.00 in a research note on Friday, August 7th. Finally, Benchmark raised their price objective on Airbnb from $160.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Airbnb has a consensus rating of "Moderate Buy" and a consensus price target of $182.43.

Insiders Place Their Bets

In other Airbnb news, CAO David Bernstein sold 1,369 shares of Airbnb stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $168.01, for a total transaction of $230,005.69. Following the transaction, the chief accounting officer directly owned 45,655 shares of the company's stock, valued at $7,670,496.55. The trade was a 2.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Nathan Blecharczyk sold 13,615 shares of the company's stock in a transaction on Monday, October 26th. The stock was sold at an average price of $170.81, for a total transaction of $2,325,578.15. Following the sale, the insider directly owned 20,567 shares of the company's stock, valued at approximately $3,513,049.27. This trade represents a 39.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,281,967 shares of company stock valued at $230,470,521. Insiders own 27.21% of the company's stock.

Key Headlines Impacting Airbnb

Here are the key news stories impacting Airbnb this week:

• Positive Sentiment: Airbnb’s planned commitment of $500 million over five years to provide as many as 1 million free nights annually for people in crisis could strengthen the company’s brand and social-impact profile over the long term. Airbnb’s next big bet: 1 million free nights a year for people in crisis
• Positive Sentiment: Analyst sentiment remains broadly favorable, with a “Moderate Buy” consensus and an average price target of $182.43. Airbnb’s asset-light model, global reach and previous quarterly revenue growth also support the long-term investment case.
• Neutral Sentiment: Airbnb is scheduled to report quarterly results next week. Analysts expect earnings growth, but previews suggest the company may lack the two key factors typically associated with a likely earnings beat, raising uncertainty around the report. Airbnb earnings expected to grow
• Negative Sentiment: A new house-rules policy taking effect November 20 will prevent hosts from requiring guests to perform time-consuming cleaning tasks. Some hosts are threatening to boycott the platform, leave Airbnb or raise cleaning fees, creating potential risks for listings, pricing and bookings. Airbnb hosts threaten boycott and higher cleaning fees over new guest chore policy
• Negative Sentiment: New U.K. tax measures targeting landlords and short-term-rental owners are expected to impose an estimated £800 million burden on Airbnb owners, potentially reducing host supply or increasing prices in an important market. Airbnb owners hit by £800m tax raid
• Negative Sentiment: Co-founder Nathan Blecharczyk sold 13,615 shares for approximately $2.33 million, reducing his direct ownership by 39.83%. The sale may weigh on sentiment, although insider transactions do not necessarily indicate weakening fundamentals. SEC insider transaction filing

Airbnb Stock Performance

Shares of ABNB opened at $164.39 on Monday. The company has a 50-day simple moving average of $170.39 and a 200-day simple moving average of $146.67. The company has a market capitalization of $98.44 billion, a PE ratio of 37.36, a P/E/G ratio of 1.88 and a beta of 1.26. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.32. Airbnb, Inc. has a 52-week low of $110.81 and a 52-week high of $193.45.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.26 by $0.11. Airbnb had a net margin of 20.45% and a return on equity of 33.38%. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.58 billion. During the same period in the prior year, the business earned $1.03 earnings per share. The company's quarterly revenue was up 16.3% on a year-over-year basis. Equities research analysts predict that Airbnb, Inc. will post 5.29 earnings per share for the current fiscal year.

Airbnb Profile

Airbnb, Inc operates a global online marketplace that connects guests seeking accommodations and travel activities with hosts and service providers. Its platform enables users to search for, book and review a broad range of stays, including private rooms, entire homes, apartments and other distinctive properties.

In addition to lodging, Airbnb offers experiences and activities hosted by local individuals and businesses. The company also provides tools and services that help hosts create listings, manage bookings, communicate with guests and receive payments.

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