State of New Jersey Common Pension Fund D Trims Position in Airbnb, Inc. (NASDAQ:ABNB)

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Airbnb, Inc. by 8.8%, currently holding 147,833 shares valued at approximately $17.66 million.
• Several institutional investors have increased their positions in Airbnb, with Aberdeen Group plc leading the way with a 109.8% increase in holdings.
• Despite recently beating earnings expectations, Airbnb has seen mixed analyst ratings, with a consensus average rating of "Hold" and a target price of $142.72.

State of New Jersey Common Pension Fund D trimmed its holdings in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 8.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 147,833 shares of the company's stock after selling 14,259 shares during the period. State of New Jersey Common Pension Fund D's holdings in Airbnb were worth $17,660,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Ethic Inc. raised its holdings in shares of Airbnb by 10.6% in the first quarter. Ethic Inc. now owns 45,812 shares of the company's stock valued at $5,552,000 after buying an additional 4,405 shares during the last quarter. Element Capital Management LLC purchased a new stake in shares of Airbnb in the first quarter valued at about $2,533,000. Aberdeen Group plc raised its holdings in shares of Airbnb by 109.8% in the first quarter. Aberdeen Group plc now owns 327,360 shares of the company's stock valued at $38,630,000 after buying an additional 171,349 shares during the last quarter. Liontrust Investment Partners LLP raised its holdings in shares of Airbnb by 5.2% in the first quarter. Liontrust Investment Partners LLP now owns 175,614 shares of the company's stock valued at $20,979,000 after buying an additional 8,705 shares during the last quarter. Finally, Horizon Investments LLC raised its holdings in shares of Airbnb by 16.3% in the first quarter. Horizon Investments LLC now owns 14,180 shares of the company's stock valued at $1,694,000 after buying an additional 1,992 shares during the last quarter. 80.76% of the stock is owned by hedge funds and other institutional investors.

Airbnb Price Performance

Shares of NASDAQ ABNB opened at $125.10 on Friday. Airbnb, Inc. has a 12-month low of $99.88 and a 12-month high of $163.93. The company has a market capitalization of $77.74 billion, a PE ratio of 30.29, a price-to-earnings-growth ratio of 2.28 and a beta of 1.13. The firm's 50-day moving average is $133.76 and its two-hundred day moving average is $130.71.

Airbnb (NASDAQ:ABNB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.11. Airbnb had a net margin of 22.67% and a return on equity of 32.19%. The company had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The company's revenue for the quarter was up 12.7% compared to the same quarter last year. On average, analysts forecast that Airbnb, Inc. will post 4.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. DA Davidson raised shares of 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 report on Wednesday, April 30th. Royal Bank Of Canada upped their target price on shares of Airbnb from $140.00 to $145.00 and gave the company a "sector perform" rating in a report on Thursday, August 7th. Citigroup dropped their price target on shares of Airbnb from $170.00 to $155.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Needham & Company LLC reiterated a "hold" rating on shares of Airbnb in a research note on Wednesday, May 14th. Finally, Evercore ISI dropped their price target on shares of Airbnb from $165.00 to $145.00 and set an "in-line" rating on the stock in a research note on Friday, May 2nd. Five equities research analysts have rated the stock with a sell rating, nineteen 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, the company currently has an average rating of "Hold" and an average target price of $142.72.

Insider Buying and Selling at Airbnb

In related news, CAO David C. Bernstein sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $142.00, for a total transaction of $710,000.00. Following the transaction, the chief accounting officer owned 42,619 shares of the company's stock, valued at approximately $6,051,898. This represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Gebbia sold 236,000 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $129.71, for a total transaction of $30,611,560.00. Following the transaction, the director directly owned 236,015 shares in the company, valued at $30,613,505.65. The trade was a 50.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,671,023 shares of company stock worth $223,195,427 over the last ninety days. 27.91% of the stock is currently owned by company 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.

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