Arrowstreet Capital Limited Partnership Makes New $15.07 Million Investment in Axon Enterprise, Inc $AXON

Key Points

• Arrowstreet Capital acquired a new $15.07 million position in Axon Enterprise during the first quarter, purchasing 35,478 shares. Institutional investors collectively own 79.08% of the company.
• Analysts maintain a generally positive outlook, with 15 Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $725.25. JPMorgan recently raised its target to $755, while Zacks downgraded the stock to Hold.
• Axon’s latest quarterly results modestly exceeded expectations, with earnings of $1.61 per share and revenue of $807.35 million, up 33.7% year over year. Meanwhile, insiders sold nearly 59,000 shares worth approximately $30.5 million over the past three months.

Arrowstreet Capital Limited Partnership bought a new position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 35,478 shares of the biotechnology company's stock, valued at approximately $15,067,000.

Other large investors have also recently bought and sold shares of the company. Rockefeller Capital Management L.P. increased its stake in Axon Enterprise by 53.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 11,518 shares of the biotechnology company's stock valued at $6,542,000 after purchasing an additional 4,002 shares in the last quarter. Legal & General Group Plc boosted its position in Axon Enterprise by 1.3% during the fourth quarter. Legal & General Group Plc now owns 426,533 shares of the biotechnology company's stock worth $242,241,000 after purchasing an additional 5,419 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in Axon Enterprise in the fourth quarter valued at $13,116,000. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Axon Enterprise by 40.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,083 shares of the biotechnology company's stock valued at $6,406,000 after purchasing an additional 4,360 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of Axon Enterprise by 21.1% in the fourth quarter. Clearbridge Investments LLC now owns 343,910 shares of the biotechnology company's stock valued at $195,317,000 after buying an additional 59,821 shares in the last quarter. 79.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Morgan Stanley set a $600.00 price target on Axon Enterprise in a research note on Thursday, May 7th. Royal Bank Of Canada restated an "outperform" rating on shares of Axon Enterprise in a report on Tuesday, July 21st. The Goldman Sachs Group set a $535.00 target price on shares of Axon Enterprise in a research report on Thursday, May 7th. Zacks Research downgraded shares of Axon Enterprise from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Finally, JPMorgan Chase & Co. increased their price target on shares of Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Fifteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $725.25.

Insider Transactions at Axon Enterprise

In other Axon Enterprise news, insider Elizabeth Reid Coughlin sold 1,554 shares of Axon Enterprise stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $485.00, for a total value of $753,690.00. Following the completion of the sale, the insider directly owned 34,024 shares of the company's stock, valued at approximately $16,501,640. The trade was a 4.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Caitlin Elizabeth Kalinowski sold 564 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $478.97, for a total value of $270,139.08. Following the completion of the transaction, the director owned 3,632 shares of the company's stock, valued at $1,739,619.04. This trade represents a 13.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 58,989 shares of company stock worth $30,527,983 in the last three months. 4.20% of the stock is currently owned by company insiders.

Axon Enterprise Price Performance

Axon Enterprise stock opened at $525.30 on Friday. Axon Enterprise, Inc has a 12-month low of $339.01 and a 12-month high of $885.91. The stock has a market capitalization of $42.34 billion, a P/E ratio of 210.96, a P/E/G ratio of 10.84 and a beta of 1.38. The firm's 50-day moving average is $494.25 and its two-hundred day moving average is $476.25. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.27 and a quick ratio of 1.93.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share for the quarter, beating analysts' consensus estimates of $1.60 by $0.01. The business had revenue of $807.35 million during the quarter, compared to analyst estimates of $778.90 million. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The company's revenue was up 33.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.47 earnings per share. Equities analysts predict that Axon Enterprise, Inc will post 1.63 earnings per share for the current year.

Axon Enterprise Profile

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company's hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.

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