Sumitomo Life Insurance Co. Buys 2,939 Shares of Airbnb, Inc. (NASDAQ:ABNB)

Sumitomo Life Insurance Co. raised its position in shares of Airbnb, Inc. (NASDAQ:ABNB) by 4.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,161 shares of the company’s stock after purchasing an additional 2,939 shares during the period. Sumitomo Life Insurance Co.’s holdings in Airbnb were worth $7,665,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Airbnb during the fourth quarter valued at approximately $433,374,000. Clearbridge Investments LLC lifted its stake 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 valued at $571,505,000 after purchasing an additional 2,590,475 shares during the period. Two Sigma Advisers LP boosted its position in shares of Airbnb by 512.0% during the fourth 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. Principal Financial Group Inc. boosted its position in shares of Airbnb by 74.4% during the first 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. Finally, Assenagon Asset Management S.A. grew its stake in Airbnb by 119.7% in the first quarter. Assenagon Asset Management S.A. now owns 1,506,704 shares of the company’s stock worth $179,991,000 after purchasing an additional 820,887 shares during the period. 80.76% of the stock is owned by hedge funds and other institutional investors.

Airbnb Trading Down 1.2%

Shares of ABNB opened at $135.35 on Monday. Airbnb, Inc. has a 1-year low of $99.88 and a 1-year high of $163.93. The firm has a market cap of $84.78 billion, a PE ratio of 34.18, a P/E/G ratio of 2.53 and a beta of 1.13. The firm has a fifty day simple moving average of $133.00 and a two-hundred day simple moving average of $130.57.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on ABNB. Canaccord Genuity Group lowered their price objective on Airbnb from $190.00 to $180.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Truist Financial reissued a “sell” rating and set a $106.00 price target (down from $112.00) on shares of Airbnb in a research report on Friday, May 30th. Morgan Stanley upped their price objective on shares of Airbnb from $125.00 to $130.00 and gave the stock an “underweight” rating in a report on Thursday, April 17th. JPMorgan Chase & Co. lowered their target price on shares of Airbnb from $160.00 to $115.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company boosted their price target on Airbnb from $104.00 to $111.00 and gave the stock an “underweight” rating in a research report on Monday, July 7th. Five investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $141.47.

Insiders Place Their Bets

In other Airbnb news, CTO Aristotle N. Balogh sold 600 shares of the firm’s stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $136.27, for a total transaction of $81,762.00. Following the sale, the chief technology officer owned 211,577 shares in the company, valued at approximately $28,831,597.79. This trade represents a 0.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Gebbia sold 236,000 shares of the company’s stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $136.40, for a total transaction of $32,190,400.00. Following the completion of the transaction, the director owned 708,015 shares of the company’s stock, valued at approximately $96,573,246. The trade was a 25.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,629,143 shares of company stock worth $210,676,703 over the last quarter. 27.83% of the stock is currently owned by corporate 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.