Lazard Asset Management LLC Reduces Stake in Airbnb, Inc. $ABNB

Key Points

• Lazard Asset Management cut its Airbnb stake by 39.8% in the first quarter, selling 192,926 shares and retaining 292,214 shares valued at approximately $36.9 million. Institutional investors collectively own 80.76% of Airbnb.
• Airbnb insiders sold substantial amounts of stock, including director Kenneth Chenault and insider Nathan Blecharczyk. Insiders sold 2.25 million shares worth approximately $310.5 million over the past 90 days.
• Airbnb shares were trading near a 12-month high at $153.11, while analysts maintained a “Moderate Buy” consensus with an average price target of $160.23. The company’s latest revenue rose 17.9% year over year, although quarterly EPS missed estimates.

Lazard Asset Management LLC lessened its stake in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 39.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 292,214 shares of the company's stock after selling 192,926 shares during the period. Lazard Asset Management LLC's holdings in Airbnb were worth $36,901,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. ORG Partners LLC boosted its holdings in Airbnb by 97.0% in the 4th quarter. ORG Partners LLC now owns 195 shares of the company's stock valued at $26,000 after purchasing an additional 96 shares during the last quarter. Transamerica Financial Advisors LLC raised its position in shares of Airbnb by 143.6% during the 4th quarter. Transamerica Financial Advisors LLC now owns 190 shares of the company's stock valued at $26,000 after buying an additional 112 shares during the period. Entrust Financial LLC acquired a new position in Airbnb in the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. grew its position in Airbnb by 96.3% in the first quarter. Meeder Asset Management Inc. now owns 214 shares of the company's stock worth $27,000 after acquiring an additional 105 shares during the period. Finally, Sunbelt Securities Inc. increased its stake in Airbnb by 397.7% during the third quarter. Sunbelt Securities Inc. now owns 219 shares of the company's stock worth $27,000 after acquiring an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 80.76% of the company's stock.

Insider Buying and Selling at Airbnb

In related news, Director Kenneth I. Chenault sold 8,346 shares of Airbnb stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $150.00, for a total value of $1,251,900.00. Following the completion of the transaction, the director owned 40,879 shares in the company, valued at approximately $6,131,850. The trade was a 16.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nathan Blecharczyk sold 13,615 shares of the company's stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $145.43, for a total transaction of $1,980,029.45. Following the sale, the insider directly owned 12,370 shares in the company, valued at approximately $1,798,969.10. The trade was a 52.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 2,245,479 shares of company stock worth $310,454,308 over the last ninety days. Company insiders own 27.21% of the company's stock.

Airbnb Trading Up 4.3%

Shares of NASDAQ ABNB opened at $153.11 on Wednesday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $92.28 billion, a PE ratio of 37.71, a PEG ratio of 1.57 and a beta of 1.14. Airbnb, Inc. has a twelve month low of $110.81 and a twelve month high of $153.19. The stock has a fifty day simple moving average of $140.53 and a 200-day simple moving average of $134.79.

Airbnb (NASDAQ:ABNB - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.05). Airbnb had a return on equity of 31.24% and a net margin of 19.90%.The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period in the previous year, the company posted $0.24 EPS. Airbnb's revenue was up 17.9% on a year-over-year basis. On average, equities analysts forecast that Airbnb, Inc. will post 4.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ABNB has been the topic of several recent analyst reports. Robert W. Baird upped their price target on Airbnb from $150.00 to $160.00 and gave the company an "outperform" rating in a research note on Monday, June 29th. Truist Financial boosted their price objective on shares of Airbnb from $129.00 to $134.00 and gave the company a "hold" rating in a report on Friday, June 12th. JPMorgan Chase & Co. upped their target price on shares of Airbnb from $130.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Raymond James Financial raised shares of Airbnb from a "market perform" rating to a "strong-buy" rating in a research note on Monday, May 4th. Finally, CICC Research initiated coverage on shares of Airbnb in a research note on Friday, June 5th. They issued an "outperform" rating and a $165.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $160.23.

Airbnb Profile

Airbnb, Inc NASDAQ: ABNB operates a global online marketplace that connects travelers with hosts offering short-term lodging, unique accommodations and related travel experiences. The company's core platform enables individuals and professional property managers to list private homes, apartments, single rooms and entire properties, while providing search, booking and payment processing for guests. Airbnb earns revenue primarily through service fees charged to guests and hosts and offers tools to facilitate reservations, communications, and logistics between parties.

Beyond accommodations, Airbnb has expanded its product portfolio to include curated experiences led by local hosts, higher-end offerings such as Airbnb Luxe, and programs aimed at enhancing quality and safety like Airbnb Plus.

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