Airbnb, Inc. $ABNB Shares Sold by Sandler Capital Management

Key Points

• Sandler Capital Management has reduced its holdings in Airbnb, Inc. by 42.4%, selling 21,585 shares during the first quarter and now owning 29,321 shares worth approximately $3.5 million.
• Several large investors have notably increased their stakes in Airbnb during the same period, with Sit Investment Associates raising its holdings by 42.8% and Vestmark Advisory Solutions increasing by 74.8%.
• Analysts have set an average price target of $142.66 for Airbnb shares, with a consensus rating of "Hold" from multiple investment analysts.

Sandler Capital Management trimmed its holdings in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 42.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,321 shares of the company's stock after selling 21,585 shares during the period. Sandler Capital Management's holdings in Airbnb were worth $3,503,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in ABNB. Vanguard Group Inc. lifted its position in shares of Airbnb by 1.6% during the first quarter. Vanguard Group Inc. now owns 37,462,629 shares of the company's stock valued at $4,475,286,000 after purchasing an additional 604,120 shares in the last quarter. Harris Associates L P increased its stake in shares of Airbnb by 86.0% in the first quarter. Harris Associates L P now owns 9,944,948 shares of the company's stock worth $1,188,024,000 after purchasing an additional 4,598,125 shares in the last quarter. Northern Trust Corp grew its stake in Airbnb by 2.5% during the first quarter. Northern Trust Corp now owns 4,402,970 shares of the company's stock valued at $525,979,000 after acquiring an additional 106,135 shares in the last quarter. AQR Capital Management LLC grew its stake in Airbnb by 81.0% during the first quarter. AQR Capital Management LLC now owns 4,282,523 shares of the company's stock valued at $500,755,000 after acquiring an additional 1,916,676 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in 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 buying an additional 1,389,251 shares in the last quarter. 80.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Airbnb news, Director Joseph Gebbia sold 236,000 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $127.53, for a total value of $30,097,080.00. Following the sale, the director owned 1,412,015 shares of the company's stock, valued at $180,074,272.95. This trade represents a 14.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $710,000.00. Following the transaction, the chief accounting officer owned 42,619 shares in the company, valued at $6,051,898. This represents a 10.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,438,926 shares of company stock worth $188,880,433 over the last ninety days. Company insiders own 27.83% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ABNB shares. Wells Fargo & Company set a $110.00 price objective on shares of Airbnb and gave the stock an "underweight" rating in a report on Thursday, August 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Airbnb in a research report on Wednesday, May 14th. Morgan Stanley cut their price objective on shares of Airbnb from $130.00 to $120.00 and set an "underweight" rating on the stock in a research report on Thursday, August 7th. Truist Financial lowered their target price on shares of Airbnb from $106.00 to $104.00 and set a "sell" rating on the stock in a research note on Wednesday, September 3rd. Finally, Wedbush lowered their price objective on shares of Airbnb from $135.00 to $130.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. 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 stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $142.66.

Airbnb Price Performance

NASDAQ:ABNB traded down $0.81 during trading hours on Tuesday, reaching $123.81. The company had a trading volume of 3,603,949 shares, compared to its average volume of 4,308,686. The firm has a market cap of $76.94 billion, a PE ratio of 29.98, a price-to-earnings-growth ratio of 2.27 and a beta of 1.13. The business's 50 day moving average price is $131.25 and its 200-day moving average price is $128.92. 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 issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.92 by $0.11. The firm had revenue of $3.10 billion during the quarter, compared to analysts' expectations of $3.02 billion. Airbnb had a return on equity of 32.19% and a net margin of 22.67%.The firm's revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.86 earnings per share. On average, analysts expect that Airbnb, Inc. will post 4.31 earnings per share for the current fiscal year.

Airbnb Company 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.