Cullinan Associates Inc. Has $7.33 Million Position in Airbnb, Inc. $ABNB

Key Points

• Cullinan Associates cut its stake in Airbnb by 33.5% in Q4, selling 27,214 shares to finish with 54,022 shares worth about $7.33 million.
• Significant insider selling occurred recently: director Joseph Gebbia sold 58,000 shares (≈$7.32M) and Nathan Blecharczyk sold 24,788 shares (≈$3.62M); insiders sold a total of 399,075 shares (~$52.17M) in the last three months and now own 27.91% of the company.
• Analysts’ consensus is a “Hold” with an average target of $151.43; Airbnb trades around $140.36 with a market cap of about $85.4 billion and a P/E of 34.74.

Cullinan Associates Inc. lowered its stake in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 33.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,022 shares of the company's stock after selling 27,214 shares during the quarter. Cullinan Associates Inc.'s holdings in Airbnb were worth $7,332,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Patton Fund Management Inc. lifted its stake in Airbnb by 4.3% during the fourth quarter. Patton Fund Management Inc. now owns 1,874 shares of the company's stock worth $254,000 after purchasing an additional 77 shares during the last quarter. Yoder Wealth Management Inc. lifted its stake in Airbnb by 0.3% during the fourth quarter. Yoder Wealth Management Inc. now owns 26,389 shares of the company's stock worth $3,582,000 after purchasing an additional 84 shares during the last quarter. Private Advisor Group LLC lifted its stake in Airbnb by 1.0% during the third quarter. Private Advisor Group LLC now owns 8,295 shares of the company's stock worth $1,007,000 after purchasing an additional 86 shares during the last quarter. Koshinski Asset Management Inc. lifted its stake in Airbnb by 4.1% during the third quarter. Koshinski Asset Management Inc. now owns 2,226 shares of the company's stock worth $270,000 after purchasing an additional 87 shares during the last quarter. Finally, LRI Investments LLC lifted its stake in Airbnb by 7.5% during the third quarter. LRI Investments LLC now owns 1,260 shares of the company's stock worth $153,000 after purchasing an additional 88 shares during the last quarter. Institutional investors and hedge funds own 80.76% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on ABNB. Weiss Ratings restated a "hold (c)" rating on shares of Airbnb in a research note on Monday, April 20th. Wedbush restated a "neutral" rating and set a $130.00 target price on shares of Airbnb in a research note on Friday, February 13th. Royal Bank Of Canada restated an "outperform" rating on shares of Airbnb in a research note on Wednesday, January 14th. Citigroup upgraded Airbnb from a "neutral" rating to an "outperform" rating in a research note on Wednesday, February 4th. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $135.00 target price on shares of Airbnb in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $151.43.

Airbnb Stock Performance

Shares of ABNB opened at $140.36 on Friday. Airbnb, Inc. has a 52 week low of $110.81 and a 52 week high of $147.25. The stock has a market capitalization of $85.44 billion, a price-to-earnings ratio of 34.74, a PEG ratio of 1.71 and a beta of 1.15. The stock has a fifty day moving average of $132.54 and a 200-day moving average of $128.85.

Airbnb (NASDAQ:ABNB - Get Free Report) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.56 EPS for the quarter, missing analysts' consensus estimates of $0.66 by ($0.10). Airbnb had a net margin of 20.51% and a return on equity of 30.88%. The firm had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same quarter in the previous year, the company posted $0.73 earnings per share. The firm's revenue was up 12.9% on a year-over-year basis. As a group, equities analysts forecast that Airbnb, Inc. will post 4.94 EPS for the current year.

Insider Buying and Selling

In related news, Director Joseph Gebbia sold 58,000 shares of the firm's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $126.16, for a total transaction of $7,317,280.00. Following the completion of the transaction, the director directly owned 170,015 shares of the company's stock, valued at $21,449,092.40. This trade represents a 25.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nathan Blecharczyk sold 24,788 shares of the firm's stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $145.86, for a total value of $3,615,577.68. Following the transaction, the insider directly owned 11,920 shares of the company's stock, valued at approximately $1,738,651.20. This represents a 67.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 399,075 shares of company stock valued at $52,168,585 in the last three months. Insiders own 27.91% of the company's stock.

About Airbnb

Airbnb, Inc NASDAQ: ABNB operates a global online marketplace that connects travelers with hosts offering short-term lodging, unique accommodations and related travel experiences. The company's core platform enables individuals and professional property managers to list private homes, apartments, single rooms and entire properties, while providing search, booking and payment processing for guests. Airbnb earns revenue primarily through service fees charged to guests and hosts and offers tools to facilitate reservations, communications, and logistics between parties.

Beyond accommodations, Airbnb has expanded its product portfolio to include curated experiences led by local hosts, higher-end offerings such as Airbnb Luxe, and programs aimed at enhancing quality and safety like Airbnb Plus.

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