Jennison Associates LLC Sells 2,304,937 Shares of Airbnb, Inc. $ABNB

Jennison Associates LLC lowered its holdings in shares of Airbnb, Inc. (NASDAQ:ABNB) by 33.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 4,501,151 shares of the company’s stock after selling 2,304,937 shares during the period. Jennison Associates LLC owned about 0.72% of Airbnb worth $595,682,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ABNB. Kentucky Trust Co bought a new position in Airbnb during the second quarter worth $25,000. E Fund Management Hong Kong Co. Ltd. raised its stake in Airbnb by 70.9% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 200 shares of the company’s stock worth $26,000 after buying an additional 83 shares during the last quarter. Concord Wealth Partners bought a new position in Airbnb during the second quarter worth $28,000. Whipplewood Advisors LLC raised its stake in Airbnb by 235.3% during the second quarter. Whipplewood Advisors LLC now owns 228 shares of the company’s stock worth $30,000 after buying an additional 160 shares during the last quarter. Finally, Armstrong Advisory Group Inc. raised its stake in Airbnb by 363.6% during the second quarter. Armstrong Advisory Group Inc. now owns 255 shares of the company’s stock worth $34,000 after buying an additional 200 shares during the last quarter. Institutional investors own 80.76% of the company’s stock.

Insider Activity

In related news, insider Nathan Blecharczyk sold 2,246 shares of the business’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $125.20, for a total transaction of $281,199.20. Following the transaction, the insider directly owned 182,514 shares in the company, valued at approximately $22,850,752.80. The trade was a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Gebbia sold 236,000 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $125.36, for a total transaction of $29,584,960.00. Following the transaction, the director owned 15 shares in the company, valued at approximately $1,880.40. This trade represents a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,438,660 shares of company stock valued at $178,968,787 in the last three months. 27.83% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Airbnb in a research note on Wednesday, October 8th. KeyCorp assumed coverage on shares of Airbnb in a research note on Thursday, October 23rd. They set a “sector weight” rating for the company. Citizens Jmp raised shares of Airbnb to a “hold” rating in a research note on Monday, August 11th. BMO Capital Markets set a $124.00 target price on shares of Airbnb and gave the stock a “market perform” rating in a research note on Thursday, August 7th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Airbnb in a research note on Tuesday, October 7th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, twenty have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, Airbnb has an average rating of “Hold” and a consensus target price of $141.70.

Airbnb Stock Performance

Airbnb stock opened at $128.01 on Wednesday. Airbnb, Inc. has a fifty-two week low of $99.88 and a fifty-two week high of $163.93. The stock has a market cap of $79.55 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 2.35 and a beta of 1.10. The firm’s 50-day simple moving average is $124.59 and its 200 day simple moving average is $128.20.

Airbnb (NASDAQ:ABNB) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping 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 business had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the previous year, the company earned $0.86 earnings per share. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. As a group, analysts predict that Airbnb, Inc. will post 4.31 EPS for the current fiscal 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.