Vestcor Inc Reduces Stake in Airbnb, Inc. (NASDAQ:ABNB)

Vestcor Inc cut its stake in shares of Airbnb, Inc. (NASDAQ:ABNB) by 38.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,421 shares of the company’s stock after selling 5,263 shares during the period. Vestcor Inc’s holdings in Airbnb were worth $1,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Park Square Financial Group LLC purchased a new position in shares of Airbnb during the fourth quarter valued at approximately $26,000. Orion Capital Management LLC bought a new stake in shares of Airbnb during the 4th quarter worth approximately $28,000. Stonebridge Financial Group LLC boosted its holdings in Airbnb by 75.7% during the 1st quarter. Stonebridge Financial Group LLC now owns 246 shares of the company’s stock valued at $29,000 after acquiring an additional 106 shares during the period. Bartlett & CO. Wealth Management LLC grew its position in Airbnb by 209.6% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 257 shares of the company’s stock valued at $31,000 after acquiring an additional 174 shares during the last quarter. Finally, BankPlus Trust Department purchased a new stake in Airbnb in the first quarter worth $43,000. 80.76% of the stock is owned by institutional investors.

Insider Activity

In other Airbnb news, CFO Elinor Mertz sold 6,250 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $59,873,424.40. The trade was a 1.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Chesky sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $128.33, for a total value of $1,026,640.00. Following the completion of the sale, the chief executive officer owned 40,800 shares in the company, valued at approximately $5,235,864. This represents a 16.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,655,558 shares of company stock valued at $219,678,073 in the last quarter. 27.91% of the stock is currently owned by company insiders.

Airbnb Price Performance

NASDAQ ABNB opened at $128.02 on Friday. The stock’s fifty day moving average price is $135.13 and its 200 day moving average price is $131.22. The company has a market cap of $80.19 billion, a price-to-earnings ratio of 32.33, a PEG ratio of 2.46 and a beta of 1.13. Airbnb, Inc. has a 1 year low of $99.88 and a 1 year high of $163.93.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ABNB. Cantor Fitzgerald reissued an “underweight” rating and set a $100.00 target price on shares of Airbnb in a research note on Wednesday, May 14th. Barclays boosted their price objective on shares of Airbnb from $103.00 to $104.00 and gave the company an “underweight” rating in a research report on Wednesday, July 16th. Truist Financial restated a “sell” rating and issued a $106.00 target price (down from $112.00) on shares of Airbnb in a research note on Friday, May 30th. Piper Sandler decreased their price target on shares of Airbnb from $145.00 to $132.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Finally, Wedbush lowered Airbnb from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $150.00 to $135.00 in a report on Friday, May 2nd. Five investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Airbnb has a consensus rating of “Hold” and an average price target of $142.10.

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.