Cornerstone Wealth Group LLC Takes Position in Airbnb, Inc. $ABNB

Cornerstone Wealth Group LLC acquired a new stake in shares of Airbnb, Inc. (NASDAQ:ABNB) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 19,186 shares of the company’s stock, valued at approximately $2,330,000.

Other hedge funds also recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH boosted its position in Airbnb by 3.5% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 962,551 shares of the company’s stock worth $116,873,000 after acquiring an additional 32,501 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Airbnb by 1.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,925,689 shares of the company’s stock valued at $387,186,000 after purchasing an additional 31,120 shares in the last quarter. Cerity Partners LLC lifted its holdings in Airbnb by 18.1% in the third quarter. Cerity Partners LLC now owns 364,824 shares of the company’s stock worth $44,297,000 after purchasing an additional 55,838 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Airbnb by 5.7% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 159,676 shares of the company’s stock valued at $21,132,000 after buying an additional 8,605 shares in the last quarter. Finally, Abacus FCF Advisors LLC increased its stake in Airbnb by 7.8% during the 3rd quarter. Abacus FCF Advisors LLC now owns 135,577 shares of the company’s stock valued at $16,462,000 after buying an additional 9,864 shares during the period. Institutional investors and hedge funds own 80.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Jefferies Financial Group upped their price target on shares of Airbnb from $160.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. Wells Fargo & Company set a $128.00 target price on Airbnb and gave the stock an “equal weight” rating in a research report on Friday, January 9th. DA Davidson reiterated a “buy” rating and set a $155.00 price target on shares of Airbnb in a research report on Friday, December 5th. Sanford C. Bernstein dropped their price objective on Airbnb from $165.00 to $162.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 6th. Finally, Morgan Stanley raised their target price on Airbnb from $120.00 to $130.00 and gave the company an “underweight” rating in a research note on Tuesday, January 13th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twenty-one have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Airbnb has a consensus rating of “Hold” and a consensus target price of $147.84.

Insider Transactions at Airbnb

In other Airbnb news, CTO Aristotle N. Balogh sold 2,565 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $134.79, for a total value of $345,736.35. Following the completion of the sale, the chief technology officer directly owned 165,086 shares of the company’s stock, valued at $22,251,941.94. The trade was a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brian Chesky sold 51,230 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $131.16, for a total transaction of $6,719,326.80. Following the transaction, the chief executive officer owned 45,854 shares in the company, valued at approximately $6,014,210.64. This trade represents a 52.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,401,156 shares of company stock worth $173,365,363. 27.83% of the stock is owned by corporate insiders.

Airbnb Trading Up 0.1%

Shares of NASDAQ ABNB opened at $130.73 on Wednesday. The business has a 50-day moving average price of $128.17 and a two-hundred day moving average price of $127.60. Airbnb, Inc. has a one year low of $99.88 and a one year high of $163.93. The firm has a market capitalization of $80.47 billion, a PE ratio of 31.05, a PEG ratio of 2.03 and a beta of 1.09.

Airbnb (NASDAQ:ABNB) last released its earnings results on Thursday, November 6th. The company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.31 by ($0.10). Airbnb had a return on equity of 32.14% and a net margin of 22.03%.The company had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the previous year, the company earned $2.13 EPS. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. Research analysts anticipate that Airbnb, Inc. will post 4.31 EPS for the current year.

Airbnb Company 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.