Jennison Associates LLC Sells 3,219,864 Shares of Airbnb, Inc. (NASDAQ:ABNB)

Jennison Associates LLC lowered its stake in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 32.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,806,088 shares of the company's stock after selling 3,219,864 shares during the quarter. Jennison Associates LLC owned about 1.08% of Airbnb worth $813,055,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Park Square Financial Group LLC purchased a new stake in Airbnb during the 4th quarter valued at $26,000. Orion Capital Management LLC bought a new position in Airbnb in the 4th quarter valued at $28,000. Stonebridge Financial Group LLC grew its position in Airbnb by 75.7% in the 1st 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 grew its position in Airbnb by 209.6% in the 1st 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 during the last quarter. Finally, Graney & King LLC bought a new position in Airbnb in the 4th quarter valued at $32,000. Institutional investors own 80.76% of the company's stock.

Airbnb Stock Up 0.0%

Shares of ABNB stock traded up $0.04 during mid-day trading on Friday, hitting $139.34. 2,981,869 shares of the company's stock were exchanged, compared to its average volume of 5,031,735. The stock has a market cap of $87.28 billion, a price-to-earnings ratio of 35.19, a PEG ratio of 2.61 and a beta of 1.13. The stock has a 50-day simple moving average of $134.35 and a two-hundred day simple moving average of $130.80. Airbnb, Inc. has a fifty-two week low of $99.88 and a fifty-two week high of $163.93.

Airbnb (NASDAQ:ABNB - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.01). Airbnb had a return on equity of 30.91% and a net margin of 22.60%. The business had revenue of $2.27 billion for the quarter, compared to analysts' expectations of $2.26 billion. During the same period in the previous year, the firm posted $0.41 earnings per share. The firm's revenue was up 7.4% compared to the same quarter last year. As a group, analysts anticipate that Airbnb, Inc. will post 4.31 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Elinor Mertz sold 6,250 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $123.43, for a total transaction of $771,437.50. Following the completion of the transaction, the chief financial officer directly owned 485,080 shares in the company, valued at approximately $59,873,424.40. The trade was a 1.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Gebbia sold 236,000 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $128.66, for a total value of $30,363,760.00. Following the transaction, the director owned 1,416,015 shares of the company's stock, valued at approximately $182,184,489.90. This represents a 14.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,629,043 shares of company stock valued at $210,678,753. 27.91% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Airbnb from $160.00 to $115.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. DA Davidson upgraded Airbnb from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $170.00 to $155.00 in a research note on Wednesday, April 30th. Morgan Stanley lifted their price target on Airbnb from $125.00 to $130.00 and gave the company an "underweight" rating in a research report on Thursday, April 17th. Wedbush lowered Airbnb from an "outperform" rating to a "neutral" rating and dropped their price objective for the company from $150.00 to $135.00 in a report on Friday, May 2nd. Finally, Piper Sandler lowered their price target on Airbnb from $145.00 to $132.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Five investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $141.50.

About Airbnb

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.