Lazard Asset Management LLC Cuts Holdings in Airbnb, Inc. $ABNB

Lazard Asset Management LLC lowered its stake in Airbnb, Inc. (NASDAQ:ABNB) by 39.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,214 shares of the company’s stock after selling 192,926 shares during the period. Lazard Asset Management LLC’s holdings in Airbnb were worth $36,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in ABNB. Harris Associates L P increased its stake in shares of Airbnb by 43.2% during the second quarter. Harris Associates L P now owns 14,237,331 shares of the company’s stock worth $1,884,168,000 after buying an additional 4,292,383 shares during the period. Norges Bank purchased a new position in Airbnb in the fourth quarter worth approximately $480,332,000. Jennison Associates LLC grew its holdings in Airbnb by 9,331.0% during the 1st quarter. Jennison Associates LLC now owns 3,172,959 shares of the company’s stock worth $400,681,000 after acquiring an additional 3,139,315 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Airbnb by 453.5% in 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 purchasing an additional 2,724,682 shares during the last quarter. Finally, SRS Investment Management LLC purchased a new stake in shares of Airbnb in the 4th quarter valued at approximately $342,017,000. 80.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ABNB shares. Sanford C. Bernstein restated an “outperform” rating on shares of Airbnb in a report on Friday, May 22nd. DA Davidson boosted their target price on Airbnb from $150.00 to $162.00 and gave the company a “buy” rating in a report on Monday, May 11th. Weiss Ratings upgraded shares of Airbnb from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 12th. Citigroup reaffirmed a “market outperform” rating on shares of Airbnb in a research note on Tuesday. Finally, Benchmark increased their price objective on Airbnb from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $160.23.

Airbnb Price Performance

Shares of ABNB opened at $153.11 on Wednesday. Airbnb, Inc. has a twelve month low of $110.81 and a twelve month high of $153.19. The stock’s 50 day moving average is $140.53 and its two-hundred day moving average is $134.79. The firm has a market capitalization of $92.28 billion, a PE ratio of 37.71, a P/E/G ratio of 1.57 and a beta of 1.14. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.32.

Airbnb (NASDAQ:ABNB) last issued its earnings results on Thursday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.62 billion. Airbnb had a return on equity of 31.24% and a net margin of 19.90%.The business’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period last year, the company posted $0.24 earnings per share. Research analysts anticipate that Airbnb, Inc. will post 4.93 earnings per share for the current year.

Insider Buying and Selling

In other Airbnb news, Director Joseph Gebbia sold 294,903 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $148.43, for a total value of $43,772,452.29. Following the completion of the sale, the director owned 2,622,452 shares of the company’s stock, valued at approximately $389,250,550.36. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nathan Blecharczyk sold 88,366 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $145.81, for a total transaction of $12,884,646.46. Following the sale, the insider owned 12,370 shares in the company, valued at $1,803,669.70. The trade was a 87.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,245,479 shares of company stock valued at $310,454,308 over the last quarter. Company insiders own 27.21% of the company’s stock.

Airbnb Company 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.