Covington Capital Management Sells 950 Shares of Airbnb, Inc. (NASDAQ:ABNB)

Covington Capital Management lessened its position in Airbnb, Inc. (NASDAQ:ABNBGet Rating) by 41.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,356 shares of the company’s stock after selling 950 shares during the quarter. Covington Capital Management’s holdings in Airbnb were worth $121,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Polen Capital Management LLC increased its holdings in shares of Airbnb by 30.5% during the 1st quarter. Polen Capital Management LLC now owns 12,953,525 shares of the company’s stock worth $2,224,897,000 after purchasing an additional 3,029,742 shares during the period. Capital Research Global Investors increased its holdings in shares of Airbnb by 23.4% during the 1st quarter. Capital Research Global Investors now owns 13,837,492 shares of the company’s stock worth $2,376,753,000 after purchasing an additional 2,627,359 shares during the period. BlackRock Inc. increased its holdings in shares of Airbnb by 17.7% during the 4th quarter. BlackRock Inc. now owns 8,587,605 shares of the company’s stock worth $1,429,753,000 after purchasing an additional 1,292,367 shares during the period. State Street Corp increased its holdings in shares of Airbnb by 55.8% during the 4th quarter. State Street Corp now owns 3,183,778 shares of the company’s stock worth $530,067,000 after purchasing an additional 1,139,981 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Airbnb during the 1st quarter worth about $173,967,000. Institutional investors own 39.45% of the company’s stock.

Analysts Set New Price Targets

ABNB has been the topic of several research reports. JMP Securities downgraded shares of Airbnb from an “outperform” rating to a “market perform” rating in a report on Wednesday, June 22nd. JPMorgan Chase & Co. decreased their target price on shares of Airbnb from $185.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 29th. Mizuho decreased their target price on shares of Airbnb from $175.00 to $135.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 3rd. Argus started coverage on shares of Airbnb in a research report on Tuesday, July 26th. They set a “hold” rating on the stock. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $160.00 target price on shares of Airbnb in a research report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Airbnb presently has a consensus rating of “Hold” and an average price target of $159.15.

Insider Buying and Selling at Airbnb

In other Airbnb news, insider Joseph Gebbia sold 15,525 shares of the company’s stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $100.85, for a total value of $1,565,696.25. Following the completion of the sale, the insider now owns 200,552 shares of the company’s stock, valued at $20,225,669.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Aristotle N. Balogh sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $89.09, for a total value of $222,725.00. Following the completion of the transaction, the chief technology officer now owns 263,703 shares in the company, valued at $23,493,300.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph Gebbia sold 15,525 shares of the company’s stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $100.85, for a total transaction of $1,565,696.25. Following the completion of the transaction, the insider now owns 200,552 shares of the company’s stock, valued at approximately $20,225,669.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 845,669 shares of company stock valued at $96,323,645. Corporate insiders own 32.69% of the company’s stock.

Airbnb Stock Down 5.0 %

Shares of NASDAQ:ABNB opened at $118.75 on Monday. Airbnb, Inc. has a 52 week low of $86.71 and a 52 week high of $212.58. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.58 and a current ratio of 1.58. The company has a market capitalization of $77.03 billion, a PE ratio of 64.89 and a beta of 1.14. The company has a 50 day moving average price of $112.90 and a two-hundred day moving average price of $126.63.

Airbnb (NASDAQ:ABNBGet Rating) last issued its earnings results on Tuesday, August 2nd. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.41 by $0.15. Airbnb had a net margin of 16.91% and a return on equity of 26.03%. During the same period in the prior year, the firm earned ($0.11) earnings per share. Analysts forecast that Airbnb, Inc. will post 2.25 earnings per share for the current year.

About Airbnb

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Airbnb, Inc, together with its subsidiaries, operates a platform that enables hosts to offer stays and experiences to guests worldwide. The company's marketplace model connects hosts and guests online or through mobile devices to book spaces and experiences. It primarily offers private rooms, primary homes, or vacation homes.

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Institutional Ownership by Quarter for Airbnb (NASDAQ:ABNB)

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