Vestcor Inc Trims Stake in Airbnb, Inc. (NASDAQ:ABNB)

Vestcor Inc lowered its holdings in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 38.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,564 shares of the company's stock after selling 5,328 shares during the quarter. Vestcor Inc's holdings in Airbnb were worth $1,086,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Edgewood Management LLC boosted its position in shares of Airbnb by 9.2% during the 3rd quarter. Edgewood Management LLC now owns 13,582,433 shares of the company's stock worth $1,722,388,000 after purchasing an additional 1,143,464 shares during the period. Pacer Advisors Inc. lifted its stake in Airbnb by 6,085.6% during the third quarter. Pacer Advisors Inc. now owns 4,241,557 shares of the company's stock worth $537,872,000 after purchasing an additional 4,172,985 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Airbnb by 4.7% during the second quarter. Legal & General Group Plc now owns 3,423,094 shares of the company's stock worth $519,044,000 after buying an additional 153,784 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Airbnb by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,706,296 shares of the company's stock valued at $343,185,000 after buying an additional 52,358 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Airbnb by 3.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,360,004 shares of the company's stock valued at $299,272,000 after buying an additional 80,610 shares during the period. Institutional investors and hedge funds own 80.76% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on ABNB shares. Sanford C. Bernstein lowered their target price on Airbnb from $174.00 to $155.00 and set an "outperform" rating for the company in a report on Tuesday, September 17th. Truist Financial lowered their price objective on shares of Airbnb from $124.00 to $123.00 and set a "hold" rating for the company in a research note on Wednesday, December 4th. Phillip Securities reaffirmed a "reduce" rating and set a $120.00 target price on shares of Airbnb in a research note on Tuesday, November 12th. Raymond James initiated coverage on shares of Airbnb in a research report on Friday, September 27th. They issued a "market perform" rating and a $134.00 price target for the company. Finally, Citigroup boosted their price target on shares of Airbnb from $135.00 to $158.00 and gave the stock a "buy" rating in a research note on Monday, November 11th. Six equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Airbnb currently has an average rating of "Hold" and a consensus price target of $138.94.

Airbnb Stock Performance

NASDAQ:ABNB traded down $6.52 during trading hours on Friday, reaching $130.95. 5,286,652 shares of the company's stock were exchanged, compared to its average volume of 4,519,565. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $83.02 billion, a price-to-earnings ratio of 45.95, a P/E/G ratio of 1.93 and a beta of 1.13. Airbnb, Inc. has a 1-year low of $110.38 and a 1-year high of $170.10. The company has a 50-day moving average of $135.91 and a 200 day moving average of $134.85.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported $2.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.17 by ($0.04). The company had revenue of $3.73 billion for the quarter, compared to analysts' expectations of $3.72 billion. Airbnb had a return on equity of 32.88% and a net margin of 16.96%. During the same period in the prior year, the business earned $2.39 EPS. Research analysts anticipate that Airbnb, Inc. will post 3.99 EPS for the current year.

Insider Activity

In other Airbnb news, CEO Brian Chesky sold 230,769 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $120.00, for a total value of $27,692,280.00. Following the completion of the transaction, the chief executive officer now owns 13,315,912 shares in the company, valued at approximately $1,597,909,440. This represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Aristotle N. Balogh sold 500 shares of the company's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $136.01, for a total transaction of $68,005.00. Following the transaction, the chief technology officer now directly owns 185,414 shares in the company, valued at approximately $25,218,158.14. This trade represents a 0.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 787,926 shares of company stock valued at $101,440,343 over the last quarter. Corporate insiders own 27.83% of the company's stock.

Airbnb Company 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.