Corebridge Financial Inc. Sells 21,958 Shares of Airbnb, Inc. $ABNB

Key Points

• Corebridge Financial Inc. reduced its holdings in Airbnb, Inc. by 14.5%, now owning 129,900 shares worth approximately $15.52 million.
• Institutional investors hold a significant 80.76% of Airbnb's stock, reflecting strong interest in the company despite varying analyst ratings.
• Recent earnings data showed Airbnb reported a profit of $1.03 EPS, exceeding analysts' expectations, and a revenue of $3.10 billion for the quarter.

Corebridge Financial Inc. decreased its stake in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 14.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,900 shares of the company's stock after selling 21,958 shares during the period. Corebridge Financial Inc.'s holdings in Airbnb were worth $15,518,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Airbnb by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 37,462,629 shares of the company's stock valued at $4,475,286,000 after acquiring an additional 604,120 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Airbnb by 2.5% in the 1st quarter. Northern Trust Corp now owns 4,402,970 shares of the company's stock valued at $525,979,000 after acquiring an additional 106,135 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Airbnb by 74.4% in the 1st quarter. Principal Financial Group Inc. now owns 3,255,682 shares of the company's stock valued at $388,924,000 after acquiring an additional 1,389,251 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of Airbnb by 512.0% in the 4th quarter. Two Sigma Advisers LP now owns 3,080,300 shares of the company's stock valued at $404,782,000 after acquiring an additional 2,577,000 shares in the last quarter. Finally, Akre Capital Management LLC grew its holdings in shares of Airbnb by 10.1% in the 1st quarter. Akre Capital Management LLC now owns 2,917,733 shares of the company's stock valued at $348,552,000 after acquiring an additional 268,335 shares in the last quarter. Institutional investors own 80.76% of the company's stock.

Insider Activity at Airbnb

In other Airbnb news, Director Joseph Gebbia sold 236,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $125.36, for a total transaction of $29,584,960.00. Following the completion of the sale, the director directly owned 15 shares in the company, valued at $1,880.40. This trade represents a 99.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Nathan Blecharczyk sold 2,246 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $125.20, for a total transaction of $281,199.20. Following the sale, the insider owned 182,514 shares of the company's stock, valued at $22,850,752.80. This trade represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,445,355 shares of company stock valued at $192,533,558. 27.91% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ABNB has been the subject of several analyst reports. JMP Securities restated a "market perform" rating on shares of Airbnb in a report on Friday, May 2nd. Truist Financial reiterated a "sell" rating and issued a $106.00 target price (down from $112.00) on shares of Airbnb in a research note on Friday, May 30th. Phillip Securities upgraded shares of Airbnb from a "moderate sell" rating to a "hold" rating in a research note on Friday, August 8th. Citigroup cut their target price on shares of Airbnb from $170.00 to $155.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, Evercore ISI cut their target price on shares of Airbnb from $165.00 to $145.00 and set an "in-line" rating for the company in a research note on Friday, May 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have given a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $142.72.

Airbnb Trading Up 0.5%

ABNB stock traded up $0.61 during mid-day trading on Thursday, hitting $130.46. 3,655,399 shares of the company were exchanged, compared to its average volume of 5,781,291. The business has a 50 day simple moving average of $132.23 and a 200-day simple moving average of $130.43. The stock has a market capitalization of $81.07 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.37 and a beta of 1.13. Airbnb, Inc. has a 1-year low of $99.88 and a 1-year high of $163.93.

Airbnb (NASDAQ:ABNB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business's revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period last year, the business posted $0.86 earnings per share. Equities research analysts expect that Airbnb, Inc. will post 4.31 earnings per share for the current year.

Airbnb Company 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.