Principal Financial Group Inc. Cuts Stock Position in Airbnb, Inc. $ABNB

Principal Financial Group Inc. lessened its holdings in Airbnb, Inc. (NASDAQ:ABNB) by 37.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,013,544 shares of the company’s stock after selling 1,199,623 shares during the period. Principal Financial Group Inc.’s holdings in Airbnb were worth $244,487,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Harris Associates L P lifted its holdings in shares of 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 stake in shares of Airbnb in the 2nd quarter valued at approximately $483,644,000. Amundi boosted its holdings in shares of Airbnb by 112.3% in the 2nd quarter. Amundi now owns 2,670,251 shares of the company’s stock worth $361,525,000 after purchasing an additional 1,412,608 shares during the period. McElhenny Sheffield Capital Management LLC bought a new position in shares of Airbnb during the 2nd quarter valued at approximately $170,189,000. Finally, Bank of Nova Scotia increased its position in shares of Airbnb by 1,232.7% during the 2nd quarter. Bank of Nova Scotia now owns 956,188 shares of the company’s stock valued at $126,542,000 after purchasing an additional 884,439 shares during the last quarter. Institutional investors own 80.76% of the company’s stock.

Insider Buying and Selling at Airbnb

In other Airbnb news, Director Joseph Gebbia sold 58,000 shares of the stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $133.28, for a total transaction of $7,730,240.00. Following the transaction, the director directly owned 460,015 shares in the company, valued at $61,310,799.20. This represents a 11.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Aristotle N. Balogh sold 2,565 shares of the firm’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $134.79, for a total transaction of $345,736.35. Following the transaction, the chief technology officer directly owned 165,086 shares in the company, valued at $22,251,941.94. This trade represents a 1.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,202,272 shares of company stock valued at $148,094,596 in the last ninety days. 27.83% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ABNB shares. Morgan Stanley raised their price target on Airbnb from $120.00 to $130.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 13th. Barclays set a $120.00 target price on shares of Airbnb and gave the stock an “equal weight” rating in a report on Friday, January 9th. Sanford C. Bernstein cut their price target on shares of Airbnb from $165.00 to $162.00 and set an “outperform” rating on the stock in a report on Tuesday, January 6th. Cantor Fitzgerald raised shares of Airbnb from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $117.00 to $141.00 in a research report on Thursday, January 8th. Finally, Wedbush boosted their target price on Airbnb from $130.00 to $135.00 and gave the company a “neutral” rating in a research report on Friday, December 19th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twenty have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $147.84.

Airbnb Stock Down 1.8%

Shares of NASDAQ:ABNB opened at $129.37 on Monday. The business’s 50 day moving average is $130.57 and its 200 day moving average is $127.34. The stock has a market cap of $79.63 billion, a P/E ratio of 30.73, a price-to-earnings-growth ratio of 2.00 and a beta of 1.15. Airbnb, Inc. has a 52-week low of $99.88 and a 52-week high of $163.93.

Airbnb (NASDAQ:ABNB) last issued its earnings results on Thursday, November 6th. The company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.31 by ($0.10). Airbnb had a net margin of 22.03% and a return on equity of 32.14%. The firm had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same period last year, the firm earned $2.13 earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, sell-side analysts anticipate that Airbnb, Inc. will post 4.31 EPS for the current fiscal year.

Airbnb Profile

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.