Sumitomo Life Insurance Co. Raises Holdings in Airbnb, Inc. (NASDAQ:ABNB)

Sumitomo Life Insurance Co. boosted its stake in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 4.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,161 shares of the company's stock after acquiring an additional 2,939 shares during the period. Sumitomo Life Insurance Co.'s holdings in Airbnb were worth $7,665,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in Airbnb by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 9,472,559 shares of the company's stock worth $1,244,514,000 after purchasing an additional 72,991 shares during the period. Clearbridge Investments LLC increased its position in Airbnb by 147.3% during the 4th quarter. Clearbridge Investments LLC now owns 4,349,026 shares of the company's stock worth $571,505,000 after purchasing an additional 2,590,475 shares during the period. Northern Trust Corp increased its position in Airbnb by 8.4% during the 4th quarter. Northern Trust Corp now owns 4,296,835 shares of the company's stock worth $564,647,000 after purchasing an additional 331,607 shares during the period. Renaissance Technologies LLC increased its position in Airbnb by 15.5% during the 4th quarter. Renaissance Technologies LLC now owns 4,175,351 shares of the company's stock worth $548,683,000 after purchasing an additional 558,856 shares during the period. Finally, Norges Bank acquired a new position in Airbnb during the 4th quarter worth approximately $433,374,000. Institutional investors and hedge funds own 80.76% of the company's stock.

Airbnb Trading Up 1.9%

Shares of Airbnb stock traded up $2.59 during trading hours on Thursday, reaching $139.30. 3,494,679 shares of the company's stock were exchanged, compared to its average volume of 5,034,177. Airbnb, Inc. has a 52-week low of $99.88 and a 52-week high of $163.93. The firm has a market capitalization of $87.26 billion, a price-to-earnings ratio of 35.18, a price-to-earnings-growth ratio of 2.56 and a beta of 1.13. The company has a fifty day moving average of $134.10 and a 200-day moving average of $130.74.

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

Analyst Ratings Changes

Several research firms have issued reports on ABNB. Canaccord Genuity Group dropped their target price on Airbnb from $190.00 to $180.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Evercore ISI dropped their target price on Airbnb from $165.00 to $145.00 and set an "in-line" rating on the stock in a research report on Friday, May 2nd. B. Riley dropped their target price on Airbnb from $145.00 to $140.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Royal Bank Of Canada dropped their target price on Airbnb from $160.00 to $140.00 and set a "sector perform" rating on the stock in a research report on Friday, May 2nd. Finally, DA Davidson upgraded Airbnb from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $170.00 to $155.00 in a research report on Wednesday, April 30th. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $141.50.

Insiders Place Their Bets

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

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.