Jennison Associates LLC Sells 2,348,828 Shares of Airbnb, Inc. (NASDAQ:ABNB)

Jennison Associates LLC lessened its position in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 17.8% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 10,815,580 shares of the company's stock after selling 2,348,828 shares during the period. Airbnb makes up about 0.9% of Jennison Associates LLC's holdings, making the stock its 29th largest position. Jennison Associates LLC owned 1.69% of Airbnb worth $1,371,524,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ABNB. Transcendent Capital Group LLC purchased a new stake in shares of Airbnb during the first quarter valued at approximately $25,000. New Millennium Group LLC bought a new stake in shares of Airbnb during the 2nd quarter worth approximately $28,000. Pathway Financial Advisers LLC bought a new stake in Airbnb during the 1st quarter valued at about $33,000. Cultivar Capital Inc. purchased a new position in shares of Airbnb during the second quarter valued at $30,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Airbnb in the 3rd quarter worth $25,000. Institutional investors and hedge funds own 80.76% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ABNB shares. BMO Capital Markets cut their price objective on Airbnb from $151.00 to $130.00 and set a "market perform" rating on the stock in a research report on Wednesday, August 7th. Barclays raised their price target on Airbnb from $100.00 to $110.00 and gave the company an "underweight" rating in a research report on Friday, November 8th. Argus downgraded shares of Airbnb from a "buy" rating to a "hold" rating in a research note on Wednesday, September 4th. TD Cowen raised their target price on Airbnb from $150.00 to $155.00 and gave the company a "buy" rating in a report on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Airbnb in a research report on Wednesday, August 7th. Six equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $138.97.

Airbnb Price Performance

Shares of Airbnb stock traded up $3.04 during trading on Wednesday, hitting $134.48. 3,951,109 shares of the stock traded hands, compared to its average volume of 4,515,870. Airbnb, Inc. has a 52 week low of $110.38 and a 52 week high of $170.10. The stock has a market cap of $85.26 billion, a price-to-earnings ratio of 46.12, a PEG ratio of 1.87 and a beta of 1.15. The firm's fifty day moving average is $131.63 and its 200-day moving average is $136.06. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.23.

Airbnb (NASDAQ:ABNB - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported $2.13 EPS for the quarter, missing analysts' consensus estimates of $2.17 by ($0.04). Airbnb had a return on equity of 32.88% and a net margin of 16.96%. The business had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the firm earned $2.39 EPS. Research analysts expect that Airbnb, Inc. will post 4.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Airbnb news, Director Joseph Gebbia sold 11,635 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $137.20, for a total transaction of $1,596,322.00. Following the transaction, the director now owns 16,472 shares of the company's stock, valued at $2,259,958.40. This trade represents a 41.40 % decrease in their ownership of the stock. 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 company's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $120.00, for a total transaction of $72,000.00. Following the completion of the transaction, the chief technology officer now directly owns 195,844 shares of the company's stock, valued at approximately $23,501,280. The trade was a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 417,206 shares of company stock worth $51,738,467. 27.83% of the stock is owned by insiders.

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.