OVERSEA CHINESE BANKING Corp Ltd Boosts Stock Holdings in Airbnb, Inc. (NASDAQ:ABNB)

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 16.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,249 shares of the company's stock after buying an additional 6,762 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Airbnb were worth $5,804,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ABNB. Norges Bank acquired a new stake in shares of Airbnb in the 4th quarter worth approximately $433,374,000. Clearbridge Investments LLC grew its holdings in shares of Airbnb by 147.3% in the 4th quarter. Clearbridge Investments LLC now owns 4,349,026 shares of the company's stock worth $571,505,000 after acquiring an additional 2,590,475 shares during the period. Two Sigma Advisers LP grew its holdings in shares of Airbnb by 512.0% in the 4th quarter. Two Sigma Advisers LP now owns 3,080,300 shares of the company's stock worth $404,782,000 after acquiring an additional 2,577,000 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Airbnb by 74.4% in the 1st quarter. Principal Financial Group Inc. now owns 3,255,682 shares of the company's stock worth $388,924,000 after acquiring an additional 1,389,251 shares during the period. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Airbnb by 119.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,506,704 shares of the company's stock worth $179,991,000 after acquiring an additional 820,887 shares during the period. 80.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ABNB has been the topic of a number of research reports. B. Riley lowered their price target on Airbnb from $145.00 to $140.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Robert W. Baird reduced their target price on Airbnb from $175.00 to $160.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 25th. Citigroup reduced their target price on Airbnb from $170.00 to $155.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. DA Davidson raised Airbnb from a "neutral" rating to a "buy" rating and reduced their target price for the company from $170.00 to $155.00 in a research note on Wednesday, April 30th. Finally, Truist Financial reaffirmed a "sell" rating and issued a $106.00 target price (down previously from $112.00) on shares of Airbnb in a research note on Friday, May 30th. Five equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Airbnb has a consensus rating of "Hold" and a consensus target price of $141.50.

Airbnb Price Performance

Shares of ABNB traded up $2.59 during trading hours on Thursday, hitting $139.30. 3,494,679 shares of the stock were exchanged, compared to its average volume of 5,027,034. Airbnb, Inc. has a fifty-two week low of $99.88 and a fifty-two week high of $163.93. The business has a 50-day moving average of $133.84 and a 200-day moving average of $130.69. The firm has a market capitalization of $87.26 billion, a P/E ratio of 35.18, a price-to-earnings-growth ratio of 2.56 and a beta of 1.13.

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

Insider Buying and Selling at Airbnb

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

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.