First Citizens Bank & Trust Co. Makes New Investment in Airbnb, Inc. $ABNB

First Citizens Bank & Trust Co. bought a new position in Airbnb, Inc. (NASDAQ:ABNB) during the third quarter, HoldingsChannel.com reports. The fund bought 7,560 shares of the company’s stock, valued at approximately $1,215,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Wellington Management Group LLP boosted its stake in shares of Airbnb by 80.6% during the second quarter. Wellington Management Group LLP now owns 5,785,665 shares of the company’s stock valued at $827,929,000 after purchasing an additional 2,581,539 shares during the period. Independent Franchise Partners LLP grew its holdings in shares of Airbnb by 23.6% in the fourth quarter. Independent Franchise Partners LLP now owns 5,146,272 shares of the company’s stock worth $698,452,000 after purchasing an additional 981,624 shares during the last quarter. Amundi grew its holdings in shares of Airbnb by 8.6% in the first quarter. Amundi now owns 4,686,765 shares of the company’s stock worth $591,845,000 after purchasing an additional 370,426 shares during the last quarter. Jennison Associates LLC increased its stake in Airbnb by 9,331.0% in the 1st quarter. Jennison Associates LLC now owns 3,172,959 shares of the company’s stock worth $400,681,000 after buying an additional 3,139,315 shares during the period. Finally, Pacer Advisors Inc. increased its stake in Airbnb by 2.5% in the 1st quarter. Pacer Advisors Inc. now owns 2,325,214 shares of the company’s stock worth $293,628,000 after buying an additional 56,250 shares during the period. 80.76% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Joseph Gebbia Jr. sold 265,000 shares of Airbnb stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $145.70, for a total value of $38,610,500.00. Following the completion of the sale, the director directly owned 1,828,518 shares in the company, valued at $266,415,072.60. The trade was a 12.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Nathan Blecharczyk sold 531,000 shares of Airbnb stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $174.41, for a total value of $92,611,710.00. Following the completion of the sale, the insider 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. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,562,961 shares of company stock worth $271,146,941. Company insiders own 27.21% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Phillip Securities lowered shares of Airbnb from a “hold” rating to a “moderate sell” rating in a report on Tuesday, August 11th. Jefferies Financial Group boosted their price objective on shares of Airbnb from $175.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Citigroup restated a “market outperform” rating on shares of Airbnb in a research note on Friday, September 18th. FBN Securities started coverage on shares of Airbnb in a research note on Friday, October 2nd. They issued an “outperform” rating on the stock. Finally, Raymond James Financial raised shares of Airbnb from a “market perform” rating to an “outperform” rating and set a $200.00 target price on the stock in a research report on Tuesday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Airbnb has an average rating of “Moderate Buy” and an average price target of $181.93.

Airbnb Trading Up 4.3%

Shares of NASDAQ ABNB opened at $174.28 on Friday. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $172.96 and a two-hundred day simple moving average of $151.11. The firm has a market cap of $104.36 billion, a PE ratio of 39.61, a price-to-earnings-growth ratio of 1.91 and a beta of 1.24. Airbnb, Inc. has a twelve month low of $110.81 and a twelve month high of $193.45.

Airbnb (NASDAQ:ABNB) last issued its earnings results on Thursday, August 6th. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.11. Airbnb had a return on equity of 33.38% and a net margin of 20.45%. The business had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.58 billion. During the same period in the prior year, the business earned $1.03 EPS. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. Analysts expect that Airbnb, Inc. will post 5.28 earnings per share for the current fiscal year.

Airbnb Profile

Airbnb, Inc operates a global online marketplace that connects guests seeking accommodations and travel-related experiences with hosts offering homes, apartments, rooms and other lodging options. The company’s platform supports booking and managing stays in a wide range of destinations, from major cities to rural and resort areas.

In addition to accommodations, Airbnb offers experiences hosted by local residents, including activities, tours and cultural events. The company has also expanded its platform to include services in select markets, such as offerings related to hospitality, wellness, food and other travel needs.