Airbnb (NASDAQ:ABNB) Stock Rating Upgraded by Raymond James Financial

Airbnb (NASDAQ:ABNB) was upgraded by Raymond James Financial from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage presently has a $200.00 target price on the stock. Raymond James Financial’s price target would indicate a potential upside of 9.93% from the company’s current price.

ABNB has been the topic of a number of other reports. Canaccord Genuity Group set a $200.00 price target on Airbnb in a report on Friday, August 7th. JPMorgan Chase & Co. boosted their price target on Airbnb from $140.00 to $170.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. UBS Group increased their price objective on shares of Airbnb from $163.00 to $172.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Susquehanna lifted their price objective on shares of Airbnb from $170.00 to $200.00 and gave the company a “positive” rating in a research report on Friday, August 7th. Finally, Wedbush upgraded shares of Airbnb from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $152.00 to $200.00 in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $179.10.

Airbnb Price Performance

Shares of NASDAQ:ABNB opened at $181.94 on Tuesday. The company has a market capitalization of $108.94 billion, a P/E ratio of 41.35, a P/E/G ratio of 2.11 and a beta of 1.16. Airbnb has a 1-year low of $110.81 and a 1-year high of $193.45. The firm’s 50 day simple moving average is $163.73 and its two-hundred day simple moving average is $144.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.41 and a quick ratio of 1.41.

Airbnb (NASDAQ:ABNB) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.11. The firm had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.58 billion. Airbnb had a net margin of 20.45% and a return on equity of 33.38%. The company’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 earnings per share. Research analysts expect that Airbnb will post 5.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Joseph Gebbia Jr. 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 directly owned 2,622,452 shares in the company, valued at $389,250,550.36. This trade represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nathan Blecharczyk sold 531,000 shares of Airbnb stock in a transaction on Friday, August 7th. The stock was sold at an average price of $174.41, for a total transaction of $92,611,710.00. Following the transaction, the insider directly owned 171,370 shares of the company’s stock, valued at $29,888,641.70. The trade was a 75.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 2,288,689 shares of company stock worth $374,988,733. Corporate insiders own 27.21% of the company’s stock.

Institutional Investors Weigh In On Airbnb

Several institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System raised its holdings in shares of Airbnb by 13,162.3% in the second quarter. California State Teachers Retirement System now owns 91,253,439 shares of the company’s stock worth $13,058,367,000 after buying an additional 90,565,372 shares during the period. Harris Associates L P grew its position in Airbnb by 43.2% in the 2nd quarter. Harris Associates L P now owns 14,237,331 shares of the company’s stock valued at $1,884,168,000 after acquiring an additional 4,292,383 shares during the last quarter. Norges Bank bought a new position in Airbnb in the 4th quarter valued at $480,332,000. Jennison Associates LLC increased its stake in Airbnb by 9,331.0% in the first quarter. Jennison Associates LLC now owns 3,172,959 shares of the company’s stock worth $400,681,000 after purchasing an additional 3,139,315 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Airbnb by 453.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,325,498 shares of the company’s stock worth $403,782,000 after purchasing an additional 2,724,682 shares during the period. Institutional investors own 80.76% of the company’s stock.

About Airbnb

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.