Sit Investment Associates Inc. Acquires 5,060 Shares of Airbnb, Inc. $ABNB

Key Points

• Sit Investment Associates Inc. increased its holdings in Airbnb by 42.8%, acquiring an additional 5,060 shares, bringing its total to 16,870 shares valued at over $2 million.
• A substantial number of institutional investors have boosted their positions in Airbnb, with notable increases such as Pacer Advisors Inc. expanding its holdings by 2,297.4%.
• Airbnb reported earnings of $1.03 per share, exceeding expectations, and posted a revenue of $3.10 billion for the recent quarter, reflecting a 12.7% year-over-year revenue growth.

Sit Investment Associates Inc. lifted its position in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 42.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,870 shares of the company's stock after acquiring an additional 5,060 shares during the quarter. Sit Investment Associates Inc.'s holdings in Airbnb were worth $2,015,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Airbnb by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 37,462,629 shares of the company's stock worth $4,475,286,000 after buying an additional 604,120 shares during the period. Northern Trust Corp increased its holdings in Airbnb by 8.4% during the 4th quarter. Northern Trust Corp now owns 4,296,835 shares of the company's stock worth $564,647,000 after purchasing an additional 331,607 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Airbnb by 74.4% during the 1st quarter. Principal Financial Group Inc. now owns 3,255,682 shares of the company's stock worth $388,924,000 after purchasing an additional 1,389,251 shares in the last quarter. Two Sigma Advisers LP increased its holdings in Airbnb by 512.0% during the 4th quarter. Two Sigma Advisers LP now owns 3,080,300 shares of the company's stock worth $404,782,000 after purchasing an additional 2,577,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Airbnb by 3.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,894,569 shares of the company's stock worth $345,785,000 after purchasing an additional 103,925 shares in the last quarter. Institutional investors and hedge funds own 80.76% of the company's stock.

Insider Transactions at Airbnb

In related news, CAO David C. Bernstein sold 5,000 shares of Airbnb stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $142.00, for a total value of $710,000.00. Following the completion of the sale, the chief accounting officer owned 42,619 shares of the company's stock, valued at approximately $6,051,898. This trade represents a 10.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Aristotle N. Balogh sold 600 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $139.39, for a total value of $83,634.00. Following the completion of the sale, the chief technology officer owned 209,777 shares in the company, valued at $29,240,816.03. This represents a 0.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,454,493 shares of company stock valued at $194,497,481. Corporate insiders own 27.83% of the company's stock.

Airbnb Stock Up 0.4%

ABNB traded up $0.51 during trading on Tuesday, hitting $126.00. 3,712,199 shares of the company traded hands, compared to its average volume of 5,314,352. The firm has a market cap of $78.30 billion, a P/E ratio of 30.51, a price-to-earnings-growth ratio of 2.28 and a beta of 1.13. The stock's fifty day moving average is $133.49 and its 200 day moving average is $130.65. Airbnb, Inc. has a one year low of $99.88 and a one year high of $163.93.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.11. The firm had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.02 billion. Airbnb had a net margin of 22.67% and a return on equity of 32.19%. The company's revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 EPS. On average, equities research analysts forecast that Airbnb, Inc. will post 4.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ABNB shares. Wedbush decreased their price objective on Airbnb from $135.00 to $130.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. BTIG Research reissued a "neutral" rating on shares of Airbnb in a report on Wednesday, May 28th. Zacks Research raised Airbnb to a "hold" rating in a report on Tuesday, August 12th. Wells Fargo & Company set a $110.00 price objective on Airbnb and gave the stock an "underweight" rating in a report on Thursday, August 7th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Airbnb in a report on Wednesday, May 14th. Two investment 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 given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $142.72.

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.