Sumitomo Life Insurance Co. Raises Stake in Airbnb, Inc. (NASDAQ:ABNB)

Sumitomo Life Insurance Co. boosted its holdings in Airbnb, Inc. (NASDAQ:ABNB) by 12.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 48,100 shares of the company’s stock after buying an additional 5,241 shares during the period. Sumitomo Life Insurance Co.’s holdings in Airbnb were worth $6,100,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ABNB. Transcendent Capital Group LLC acquired a new position in shares of Airbnb in the first quarter worth about $25,000. New Millennium Group LLC purchased a new position in shares of Airbnb during the 2nd quarter valued at approximately $28,000. Trust Co. of Vermont acquired a new stake in shares of Airbnb during the fourth quarter worth approximately $27,000. Westend Capital Management LLC bought a new stake in shares of Airbnb in the first quarter worth $33,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Airbnb in the first quarter valued at $33,000. Hedge funds and other institutional investors own 80.76% of the company’s stock.

Insider Activity at Airbnb

In other news, CTO Aristotle N. Balogh sold 600 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $118.94, for a total transaction of $71,364.00. Following the completion of the transaction, the chief technology officer now owns 198,244 shares in the company, valued at approximately $23,579,141.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Brian Chesky sold 115,385 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $149.11, for a total value of $17,205,057.35. Following the completion of the transaction, the chief executive officer now owns 13,798,917 shares of the company’s stock, valued at approximately $2,057,556,513.87. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Aristotle N. Balogh sold 600 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $118.94, for a total transaction of $71,364.00. Following the sale, the chief technology officer now directly owns 198,244 shares in the company, valued at approximately $23,579,141.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 561,896 shares of company stock valued at $74,027,852 over the last 90 days. 27.83% of the stock is currently owned by corporate insiders.

Airbnb Price Performance

Shares of ABNB stock traded up $2.65 during midday trading on Wednesday, reaching $135.92. 778,766 shares of the company were exchanged, compared to its average volume of 4,448,804. The company’s 50 day moving average price is $121.87 and its two-hundred day moving average price is $140.34. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.41 and a current ratio of 1.41. The company has a market cap of $87.54 billion, a P/E ratio of 17.84, a PEG ratio of 1.83 and a beta of 1.17. Airbnb, Inc. has a 12 month low of $110.38 and a 12 month high of $170.10.

Airbnb (NASDAQ:ABNB) last released its earnings results on Tuesday, August 6th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.06). Airbnb had a return on equity of 34.74% and a net margin of 46.11%. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same quarter last year, the company earned $0.98 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, sell-side analysts expect that Airbnb, Inc. will post 4.33 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on ABNB shares. Robert W. Baird decreased their price objective on shares of Airbnb from $140.00 to $120.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Wedbush lowered their price objective on Airbnb from $165.00 to $135.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. B. Riley reduced their target price on Airbnb from $150.00 to $140.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Bank of America reiterated a “hold” rating and issued a $142.00 target price (up previously from $132.00) on shares of Airbnb in a research report on Friday, October 11th. Finally, Raymond James initiated coverage on Airbnb in a research report on Friday, September 27th. They set a “market perform” rating and a $134.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Airbnb currently has an average rating of “Hold” and an average price target of $134.55.

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.