First Citizens Bank & Trust Co. Makes New $1.22 Million Investment in Airbnb, Inc. $ABNB

Key Points

• First Citizens Bank acquired 7,560 Airbnb shares worth approximately $1.22 million in the third quarter, joining other major institutional investors that increased their positions. Institutional investors now own 80.76% of Airbnb.
• Airbnb reported stronger-than-expected quarterly results, with earnings of $1.37 per share and revenue of $3.61 billion, up 16.3% year over year. Analysts project full-year earnings of $5.28 per share.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $181.93 price target, although insiders sold roughly $271.1 million of stock over the past three months.

First Citizens Bank & Trust Co. acquired a new position in Airbnb, Inc. (NASDAQ:ABNB - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,560 shares of the company's stock, valued at approximately $1,215,000.

A number of other large investors have also recently made changes to their positions in ABNB. Jennison Associates LLC lifted its holdings in shares of Airbnb by 9,331.0% in the 1st quarter. Jennison Associates LLC now owns 3,172,959 shares of the company's stock valued at $400,681,000 after acquiring an additional 3,139,315 shares during the last quarter. Wellington Management Group LLP grew its position in Airbnb by 80.6% in the second quarter. Wellington Management Group LLP now owns 5,785,665 shares of the company's stock worth $827,929,000 after acquiring an additional 2,581,539 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Airbnb in the second quarter worth about $330,085,000. MKA Charitable Fund purchased a new position in Airbnb in the second quarter worth about $232,515,606. Finally, Independent Franchise Partners LLP increased its stake in Airbnb by 23.6% during the fourth quarter. Independent Franchise Partners LLP now owns 5,146,272 shares of the company's stock worth $698,452,000 after acquiring an additional 981,624 shares during the last quarter. 80.76% of the stock is currently owned by institutional investors.

Insider Transactions at Airbnb

In other Airbnb news, CAO David Bernstein sold 1,489 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $168.93, for a total value of $251,536.77. Following the completion of the sale, the chief accounting officer owned 47,024 shares of the company's stock, valued at $7,943,764.32. This trade represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nathan Blecharczyk sold 13,615 shares of the business's stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $165.18, for a total value of $2,248,925.70. Following the transaction, the insider owned 20,567 shares of the company's stock, valued at $3,397,257.06. This trade represents a 39.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,562,961 shares of company stock worth $271,146,941 over the last three months. 27.21% of the stock is currently owned by corporate insiders.

Airbnb Price Performance

Airbnb stock opened at $174.28 on Friday. The firm has a 50-day moving average price of $172.96 and a 200-day moving average price of $151.11. The firm has a market capitalization of $104.36 billion, a PE ratio of 39.61, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.32. Airbnb, Inc. has a 12-month low of $110.81 and a 12-month 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, topping analysts' consensus estimates of $1.26 by $0.11. The firm had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $3.58 billion. Airbnb had a net margin of 20.45% and a return on equity of 33.38%. The firm's revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.03 EPS. As a group, equities research analysts forecast that Airbnb, Inc. will post 5.28 EPS for the current year.

Wall Street Analyst Weigh In

ABNB has been the topic of a number of recent research reports. The Goldman Sachs Group upgraded Airbnb from a "sell" rating to a "neutral" rating in a research report on Friday, October 2nd. Phillip Securities lowered Airbnb from a "hold" rating to a "moderate sell" rating in a research note on Tuesday, August 11th. Robert W. Baird lifted their target price on Airbnb from $175.00 to $200.00 and gave the stock an "outperform" rating in a report on Tuesday, September 8th. Wedbush raised Airbnb from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $152.00 to $200.00 in a research report on Friday, August 7th. Finally, Wall Street Zen lowered Airbnb from a "buy" rating to a "hold" rating in a report on Sunday, October 4th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $181.93.

About Airbnb

Airbnb, Inc operates a global online marketplace that connects guests seeking accommodations and travel-related experiences with hosts offering homes, apartments, rooms and other lodging options. The company's platform supports booking and managing stays in a wide range of destinations, from major cities to rural and resort areas.

In addition to accommodations, Airbnb offers experiences hosted by local residents, including activities, tours and cultural events. The company has also expanded its platform to include services in select markets, such as offerings related to hospitality, wellness, food and other travel needs.

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