iA Global Asset Management Inc. Raises Holdings in Airbnb, Inc. (NASDAQ:ABNB)

Key Points

• iA Global Asset Management Inc. increased its holdings in Airbnb, Inc. by 30.8% during the first quarter, bringing its total value to approximately $7.29 million.
• 80.76% of Airbnb's stock is currently owned by institutional investors and hedge funds, indicating strong institutional confidence in the company.
• Wall Street analysts have mixed views on Airbnb, with an average rating of "Hold" and a target price of $142.10.

iA Global Asset Management Inc. grew its position in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 30.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,035 shares of the company's stock after buying an additional 14,378 shares during the quarter. iA Global Asset Management Inc.'s holdings in Airbnb were worth $7,291,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ABNB. Park Square Financial Group LLC purchased a new stake in shares of Airbnb during the fourth quarter valued at about $26,000. Orion Capital Management LLC bought a new position in shares of Airbnb during the 4th quarter worth approximately $28,000. Stonebridge Financial Group LLC lifted its position in Airbnb by 75.7% during the first quarter. Stonebridge Financial Group LLC now owns 246 shares of the company's stock valued at $29,000 after acquiring an additional 106 shares during the last quarter. Bartlett & CO. Wealth Management LLC boosted its stake in Airbnb by 209.6% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 257 shares of the company's stock valued at $31,000 after acquiring an additional 174 shares in the last quarter. Finally, BankPlus Trust Department acquired a new stake in Airbnb in the first quarter valued at approximately $43,000. 80.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on ABNB shares. Wells Fargo & Company decreased their price objective on Airbnb from $111.00 to $110.00 and set an "underweight" rating for the company in a report on Thursday. BTIG Research reiterated a "neutral" rating on shares of Airbnb in a research note on Wednesday, May 28th. UBS Group lowered their price target on Airbnb from $156.00 to $148.00 and set a "neutral" rating for the company in a report on Thursday. Citigroup cut their price objective on shares of Airbnb from $170.00 to $155.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Finally, Barclays set a $105.00 target price on shares of Airbnb and gave the stock an "underweight" rating in a research note on Thursday. Five analysts have rated the stock with a sell rating, sixteen have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Airbnb presently has an average rating of "Hold" and an average target price of $143.59.

Insiders Place Their Bets

In other news, CFO Elinor Mertz sold 6,250 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $135.86, for a total transaction of $849,125.00. Following the transaction, the chief financial officer owned 461,361 shares in the company, valued at $62,680,505.46. This trade represents a 1.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Gebbia sold 236,000 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $129.71, for a total transaction of $30,611,560.00. Following the completion of the sale, the director directly owned 236,015 shares of the company's stock, valued at approximately $30,613,505.65. The trade was a 50.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,671,023 shares of company stock valued at $223,195,427 over the last ninety days. 27.91% of the stock is owned by corporate insiders.

Airbnb Trading Up 0.8%

ABNB traded up $0.99 on Friday, reaching $121.02. The stock had a trading volume of 5,785,507 shares, compared to its average volume of 4,795,555. The business's 50-day moving average price is $134.96 and its two-hundred day moving average price is $130.98. Airbnb, Inc. has a 12-month low of $99.88 and a 12-month high of $163.93. The company has a market cap of $75.81 billion, a P/E ratio of 29.30, a price-to-earnings-growth ratio of 2.22 and a beta of 1.13.

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

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.