Jennison Associates LLC Sells 3,219,864 Shares of Airbnb, Inc. (NASDAQ:ABNB)

Jennison Associates LLC trimmed its holdings in Airbnb, Inc. (NASDAQ:ABNB) by 32.1% in the first quarter, HoldingsChannel reports. The fund owned 6,806,088 shares of the company’s stock after selling 3,219,864 shares during the period. Jennison Associates LLC’s holdings in Airbnb were worth $813,055,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in Airbnb during the 4th quarter valued at $1,445,000. Ritholtz Wealth Management increased its position in Airbnb by 10.0% during the 1st quarter. Ritholtz Wealth Management now owns 5,328 shares of the company’s stock valued at $636,000 after purchasing an additional 484 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Airbnb by 0.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,192 shares of the company’s stock worth $6,115,000 after buying an additional 228 shares during the period. Spire Wealth Management grew its position in Airbnb by 40.1% during the 1st quarter. Spire Wealth Management now owns 909 shares of the company’s stock valued at $109,000 after purchasing an additional 260 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Airbnb by 39.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 73,246 shares of the company’s stock worth $8,750,000 after purchasing an additional 20,753 shares during the period. 80.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Elinor Mertz sold 6,250 shares of the firm’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $123.43, for a total value of $771,437.50. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joseph Gebbia sold 236,000 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $128.66, for a total value of $30,363,760.00. Following the completion of the transaction, the director owned 1,416,015 shares in the company, valued at approximately $182,184,489.90. This trade represents a 14.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,629,043 shares of company stock worth $210,678,753. 27.91% of the stock is owned by company insiders.

Airbnb Trading Up 0.3%

Shares of NASDAQ ABNB opened at $139.78 on Friday. The stock has a 50 day moving average of $134.10 and a two-hundred day moving average of $130.74. The stock has a market cap of $87.56 billion, a P/E ratio of 35.24, a P/E/G ratio of 2.56 and a beta of 1.13. Airbnb, Inc. has a twelve month low of $99.88 and a twelve month high of $163.93.

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

Analyst Ratings Changes

A number of research analysts recently weighed in on ABNB shares. JPMorgan Chase & Co. cut 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. JMP Securities reiterated a “market perform” rating on shares of Airbnb in a report on Friday, May 2nd. Robert W. Baird reduced their target price on shares of Airbnb from $175.00 to $160.00 and set an “outperform” rating for the company in a report on Tuesday, March 25th. Benchmark reduced their target price on shares of Airbnb from $178.00 to $155.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Finally, Phillip Securities downgraded shares of Airbnb from a “hold” rating to a “moderate sell” rating in a report on Friday, May 9th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $141.50.

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.