Chevy Chase Trust Holdings LLC Trims Stock Position in Airbnb, Inc. $ABNB

Chevy Chase Trust Holdings LLC trimmed its holdings in Airbnb, Inc. (NASDAQ:ABNB) by 4.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 218,980 shares of the company’s stock after selling 9,396 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Airbnb were worth $26,589,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Harris Associates L P grew its holdings in Airbnb by 43.2% in the second quarter. Harris Associates L P now owns 14,237,331 shares of the company’s stock valued at $1,884,168,000 after purchasing an additional 4,292,383 shares during the period. Independent Franchise Partners LLP purchased a new position in Airbnb during the third quarter worth approximately $505,672,000. Norges Bank acquired a new position in shares of Airbnb in the 2nd quarter valued at $483,644,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Airbnb by 453.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,325,498 shares of the company’s stock valued at $403,782,000 after buying an additional 2,724,682 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Airbnb by 58.6% during the 3rd quarter. AQR Capital Management LLC now owns 4,269,937 shares of the company’s stock valued at $518,456,000 after buying an additional 1,577,338 shares during the period. Hedge funds and other institutional investors own 80.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ABNB shares. Deutsche Bank Aktiengesellschaft upgraded Airbnb from a “hold” rating to a “buy” rating and set a $154.00 price objective for the company in a report on Friday, February 13th. B. Riley Financial raised Airbnb from a “neutral” rating to a “buy” rating and boosted their price target for the company from $140.00 to $170.00 in a research report on Monday, January 12th. Wells Fargo & Company upped their price target on Airbnb from $128.00 to $133.00 and gave the stock an “equal weight” rating in a research note on Friday, February 13th. Cantor Fitzgerald set a $121.00 price objective on Airbnb in a report on Friday, February 13th. Finally, Benchmark reduced their price objective on Airbnb from $155.00 to $145.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $147.40.

Airbnb Trading Up 1.6%

NASDAQ:ABNB opened at $128.32 on Tuesday. The firm’s fifty day simple moving average is $129.92 and its 200 day simple moving average is $126.65. Airbnb, Inc. has a twelve month low of $99.88 and a twelve month high of $143.88. The firm has a market capitalization of $78.11 billion, a price-to-earnings ratio of 31.76, a PEG ratio of 1.55 and a beta of 1.12.

Airbnb (NASDAQ:ABNB) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.10). The company had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Airbnb had a net margin of 20.51% and a return on equity of 30.88%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the business earned $0.73 earnings per share. On average, analysts predict that Airbnb, Inc. will post 4.31 earnings per share for the current year.

Insider Activity

In related news, CFO Elinor Mertz sold 3,750 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $130.00, for a total transaction of $487,500.00. Following the sale, the chief financial officer directly owned 402,417 shares in the company, valued at approximately $52,314,210. This trade represents a 0.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph Gebbia sold 58,000 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $131.27, for a total value of $7,613,660.00. Following the transaction, the director directly owned 286,015 shares in the company, valued at $37,545,189.05. This trade represents a 16.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 381,338 shares of company stock worth $49,828,312. 27.83% of the stock is currently owned by corporate insiders.

Airbnb Profile

Airbnb, Inc (NASDAQ: ABNB) operates a global online marketplace that connects travelers with hosts offering short-term lodging, unique accommodations and related travel experiences. The company’s core platform enables individuals and professional property managers to list private homes, apartments, single rooms and entire properties, while providing search, booking and payment processing for guests. Airbnb earns revenue primarily through service fees charged to guests and hosts and offers tools to facilitate reservations, communications, and logistics between parties.

Beyond accommodations, Airbnb has expanded its product portfolio to include curated experiences led by local hosts, higher-end offerings such as Airbnb Luxe, and programs aimed at enhancing quality and safety like Airbnb Plus.