Kayne Anderson Rudnick Investment Management LLC Sells 11,281 Shares of Airbnb, Inc. $ABNB

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in Airbnb, Inc. by 5.3%, now owning 200,884 shares worth approximately $23.998 million.
• Other hedge funds increased their holdings in Airbnb significantly, with Sit Investment Associates boosting their position by 42.8% and Vestmark Advisory Solutions increasing theirs by 74.8%.
• Airbnb recently reported earnings of $1.03 per share, surpassing analysts' expectations, with a revenue of $3.10 billion, a 12.7% year-over-year increase.

Kayne Anderson Rudnick Investment Management LLC trimmed its position in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 5.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 200,884 shares of the company's stock after selling 11,281 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Airbnb were worth $23,998,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABNB. Freedom Investment Management Inc. acquired a new position in Airbnb during the first quarter worth approximately $832,000. ICONIQ Capital LLC increased its holdings in shares of Airbnb by 70.4% during the 1st quarter. ICONIQ Capital LLC now owns 2,708 shares of the company's stock worth $323,000 after acquiring an additional 1,119 shares during the last quarter. Jump Financial LLC raised its stake in Airbnb by 193.6% in the 1st quarter. Jump Financial LLC now owns 42,397 shares of the company's stock valued at $5,065,000 after acquiring an additional 27,956 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in Airbnb by 1,291.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 328,486 shares of the company's stock valued at $39,241,000 after acquiring an additional 304,885 shares during the period. Finally, AlphaQuest LLC lifted its holdings in Airbnb by 130.4% during the 1st quarter. AlphaQuest LLC now owns 6,441 shares of the company's stock valued at $769,000 after purchasing an additional 3,646 shares during the last quarter. Institutional investors own 80.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. B. Riley lowered their target price on Airbnb from $145.00 to $140.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. UBS Group lowered their price objective on Airbnb from $156.00 to $148.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Airbnb from $120.00 to $130.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Zacks Research upgraded shares of Airbnb to a "hold" rating in a research note on Tuesday, August 12th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Airbnb in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have assigned a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $142.72.

Airbnb Stock Performance

Shares of NASDAQ ABNB traded up $0.07 during trading hours on Friday, hitting $130.53. 4,040,452 shares of the stock were exchanged, compared to its average volume of 5,234,502. The company's fifty day simple moving average is $132.23 and its two-hundred day simple moving average is $130.43. The company has a market cap of $81.12 billion, a PE ratio of 31.61, a price-to-earnings-growth ratio of 2.37 and a beta of 1.13. Airbnb, Inc. has a 1-year low of $99.88 and a 1-year high of $163.93.

Airbnb (NASDAQ:ABNB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the prior year, the company earned $0.86 EPS. Airbnb's revenue for the quarter was up 12.7% on a year-over-year basis. As a group, sell-side analysts expect that Airbnb, Inc. will post 4.31 EPS for the current fiscal year.

Insider Activity

In related news, CAO David C. Bernstein sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $142.00, for a total transaction of $710,000.00. Following the completion of the sale, the chief accounting officer owned 42,619 shares of the company's stock, valued at $6,051,898. This trade represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nathan Blecharczyk sold 2,246 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $125.20, for a total transaction of $281,199.20. Following the completion of the sale, the insider owned 182,514 shares of the company's stock, valued at $22,850,752.80. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,445,355 shares of company stock worth $192,533,558. 27.91% of the stock is owned by insiders.

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.