Forsta AP Fonden Trims Stake in Airbnb, Inc. (NASDAQ:ABNB)

Key Points

• Forsta AP Fonden reduced its stake in Airbnb, Inc. by 23.3%, selling 26,100 shares during the first quarter and leaving it with 86,000 shares valued at approximately $10.27 million.
• Multiple institutional investors, including Ritholtz Wealth Management and Golden State Wealth Management, are adjusting their positions in Airbnb, indicating varying levels of confidence in the company.
• Airbnb recently reported a quarterly earnings per share of $1.03, surpassing analysts' expectations of $0.92, while also experiencing a 12.7% increase in revenue year-over-year.

Forsta AP Fonden cut its holdings in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 23.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 86,000 shares of the company's stock after selling 26,100 shares during the period. Forsta AP Fonden's holdings in Airbnb were worth $10,274,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ABNB. Ritholtz Wealth Management boosted its holdings in Airbnb by 10.0% in the 1st quarter. Ritholtz Wealth Management now owns 5,328 shares of the company's stock worth $636,000 after buying an additional 484 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Airbnb by 0.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,192 shares of the company's stock worth $6,115,000 after buying an additional 228 shares during the last quarter. Spire Wealth Management boosted its holdings in Airbnb by 40.1% in the 1st quarter. Spire Wealth Management now owns 909 shares of the company's stock worth $109,000 after buying an additional 260 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in Airbnb by 366.3% in the 1st quarter. Golden State Wealth Management LLC now owns 886 shares of the company's stock worth $106,000 after buying an additional 696 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Airbnb by 39.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 73,246 shares of the company's stock worth $8,750,000 after purchasing an additional 20,753 shares during the last quarter. 80.76% of the stock is currently owned by institutional investors and hedge funds.

Airbnb Stock Performance

Shares of Airbnb stock traded up $0.88 during trading hours on Thursday, reaching $125.43. 2,485,140 shares of the company were exchanged, compared to its average volume of 5,324,571. Airbnb, Inc. has a 1 year low of $99.88 and a 1 year high of $163.93. The stock's fifty day moving average is $134.33 and its 200 day moving average is $130.78. The firm has a market cap of $78.57 billion, a PE ratio of 30.34, a PEG ratio of 2.22 and a beta of 1.13.

Airbnb (NASDAQ:ABNB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.92 by $0.11. Airbnb had a return on equity of 32.19% and a net margin of 22.67%. The business had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the prior year, the company earned $0.86 earnings per share. The company's revenue was up 12.7% on a year-over-year basis. Research analysts expect that Airbnb, Inc. will post 4.31 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brian Chesky sold 8,000 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $128.33, for a total transaction of $1,026,640.00. Following the completion of the transaction, the chief executive officer owned 40,800 shares in the company, valued at approximately $5,235,864. The trade was a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Elinor Mertz sold 6,250 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $132.28, for a total transaction of $826,750.00. Following the transaction, the chief financial officer owned 467,611 shares of the company's stock, valued at approximately $61,855,583.08. The trade was a 1.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,671,023 shares of company stock worth $223,195,427. Corporate insiders own 27.91% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ABNB shares. BTIG Research restated a "neutral" rating on shares of Airbnb in a report on Wednesday, May 28th. BNP Paribas upgraded Airbnb to a "hold" rating in a report on Wednesday, July 16th. Citigroup lowered their target price on Airbnb from $170.00 to $155.00 and set a "buy" rating on the stock in a report on Monday, May 5th. UBS Group lowered their target price on Airbnb from $156.00 to $148.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their target price on Airbnb from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Five analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus 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.