LPL Financial LLC Raises Stake in Airbnb, Inc. (NASDAQ:ABNB)

Key Points

• LPL Financial LLC increased its holdings in Airbnb by 12.2%, owning 300,118 shares worth approximately $35.4 million following a purchase of 32,601 shares in the 1st quarter.
• Despite a 3.3% decrease in share price, Airbnb reported $0.24 EPS for the quarter, slightly missing analysts' estimates, while revenue rose by 7.4% year-over-year.
• Insider activity showed that CEO Brian Chesky sold 8,000 shares, decreasing his stake by 16.39%, while CFO Elinor Mertz also sold shares, reflecting ongoing insider trading activity.

LPL Financial LLC lifted its stake in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 12.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 300,118 shares of the company's stock after acquiring an additional 32,601 shares during the quarter. LPL Financial LLC's holdings in Airbnb were worth $35,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in ABNB. Park Square Financial Group LLC bought a new position in Airbnb during the 4th quarter valued at approximately $26,000. Orion Capital Management LLC bought a new position in shares of Airbnb during the 4th quarter valued at $28,000. Stonebridge Financial Group LLC lifted its holdings in shares of Airbnb by 75.7% during the 1st quarter. Stonebridge Financial Group LLC now owns 246 shares of the company's stock valued at $29,000 after buying an additional 106 shares during the period. Bartlett & CO. Wealth Management LLC raised its holdings in Airbnb by 209.6% in the 1st 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 period. Finally, BankPlus Trust Department bought a new position in Airbnb in the 1st quarter worth $43,000. 80.76% of the stock is currently owned by institutional investors.

Insider Activity at Airbnb

In other news, Director Joseph Gebbia sold 236,000 shares of Airbnb stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $139.40, for a total value of $32,898,400.00. Following the transaction, the director directly owned 1,180,015 shares in the company, valued at approximately $164,494,091. The trade was a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Elinor Mertz sold 6,250 shares of the business's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $123.43, for a total value of $771,437.50. Following the transaction, the chief financial officer owned 485,080 shares in the company, valued at $59,873,424.40. This represents a 1.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,655,558 shares of company stock worth $219,678,073. 27.83% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ABNB. Needham & Company LLC reissued a "hold" rating on shares of Airbnb in a research note on Wednesday, May 14th. JMP Securities reissued a "market perform" rating on shares of Airbnb in a research note on Friday, May 2nd. Royal Bank Of Canada reduced their price objective on Airbnb from $160.00 to $140.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. B. Riley dropped their target price on Airbnb from $145.00 to $140.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Finally, Benchmark dropped their target price on Airbnb from $178.00 to $155.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Five research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $142.10.

Airbnb Stock Performance

ABNB stock traded down $4.39 during trading on Friday, reaching $128.02. 5,099,194 shares of the company traded hands, compared to its average volume of 3,508,969. Airbnb, Inc. has a 12 month low of $99.88 and a 12 month high of $163.93. The business has a 50 day simple moving average of $135.13 and a 200 day simple moving average of $131.21. The company has a market capitalization of $80.19 billion, a price-to-earnings ratio of 32.33, a price-to-earnings-growth ratio of 2.38 and a beta of 1.13.

Airbnb (NASDAQ:ABNB - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.01). Airbnb had a return on equity of 30.91% and a net margin of 22.60%. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the company posted $0.41 EPS. Airbnb's revenue was up 7.4% on a year-over-year basis. As a group, research analysts forecast 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.