Westpac Banking Corp Raises Stake in Airbnb, Inc. (NASDAQ:ABNB)

Key Points

• Westpac Banking Corp has increased its stake in Airbnb, Inc. by 14.2%, owning 21,377 shares valued at approximately $2.55 million, as reported in its recent SEC filing.
• Airbnb's latest quarterly earnings showed an EPS of $1.03, surpassing the estimated $0.92, with revenues hitting $3.10 billion, a 12.7% increase year-over-year.
• Insider trading revealed significant stock sales by Airbnb's CFO and Director, indicating a 1.34% and 50.00% decrease in their respective holdings.

Westpac Banking Corp grew its stake in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 14.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,377 shares of the company's stock after purchasing an additional 2,650 shares during the quarter. Westpac Banking Corp's holdings in Airbnb were worth $2,554,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Airbnb by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 37,462,629 shares of the company's stock worth $4,475,286,000 after acquiring an additional 604,120 shares in the last quarter. Northern Trust Corp increased its stake in Airbnb by 8.4% during the 4th quarter. Northern Trust Corp now owns 4,296,835 shares of the company's stock valued at $564,647,000 after purchasing an additional 331,607 shares in the last quarter. Principal Financial Group Inc. increased its stake in Airbnb by 74.4% during the 1st quarter. Principal Financial Group Inc. now owns 3,255,682 shares of the company's stock valued at $388,924,000 after purchasing an additional 1,389,251 shares in the last quarter. Two Sigma Advisers LP increased its stake in Airbnb by 512.0% during the 4th quarter. Two Sigma Advisers LP now owns 3,080,300 shares of the company's stock valued at $404,782,000 after purchasing an additional 2,577,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Airbnb by 3.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,894,569 shares of the company's stock valued at $345,785,000 after purchasing an additional 103,925 shares in the last quarter. 80.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ABNB has been the subject of a number of analyst reports. BTIG Research restated a "neutral" rating on shares of Airbnb in a research note on Wednesday, May 28th. UBS Group dropped their price target on shares of Airbnb from $156.00 to $148.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Canaccord Genuity Group dropped their price target on shares of Airbnb from $190.00 to $180.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Wells Fargo & Company set a $110.00 price target on shares of Airbnb and gave the company an "underweight" rating in a report on Thursday, August 7th. Finally, Barclays set a $105.00 price target on shares of Airbnb and gave the company an "underweight" rating in a report on Thursday, August 7th. Five analysts have rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $142.72.

Insiders Place Their Bets

In other news, CFO Elinor Mertz sold 6,250 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $132.28, for a total transaction of $826,750.00. Following the completion of the sale, the chief financial officer directly owned 467,611 shares of the company's stock, valued at approximately $61,855,583.08. The trade was a 1.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian Chesky sold 8,000 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $128.33, for a total transaction of $1,026,640.00. Following the sale, the chief executive officer directly owned 40,800 shares of the company's stock, valued at $5,235,864. This represents a 16.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,671,023 shares of company stock valued at $223,195,427 over the last three months. 27.91% of the stock is owned by company insiders.

Airbnb Trading Up 0.4%

ABNB traded up $0.46 during trading hours on Friday, hitting $125.10. The company's stock had a trading volume of 4,307,326 shares, compared to its average volume of 5,404,998. The business's 50-day moving average price is $133.76 and its 200-day moving average price is $130.71. Airbnb, Inc. has a 12 month low of $99.88 and a 12 month high of $163.93. The stock has a market cap of $77.74 billion, a price-to-earnings ratio of 30.29, a P/E/G ratio of 2.28 and a beta of 1.13.

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

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.