Atreides Management LP Has $26.17 Million Stock Holdings in Axon Enterprise, Inc $AXON

Key Points

• Atreides Management cut its stake in Axon by 30.2%, selling 15,793 shares and now holding 36,461 shares worth about $26.17 million.
• Company insiders have been net sellers: CEO Patrick W. Smith sold 10,000 shares for roughly $5.00 million, and insiders sold 24,634 shares totaling about $13.8 million in the last 90 days, leaving insiders with 4.40% ownership.
• Axon reported a quarterly beat (EPS $2.15 vs. $1.60 expected; revenue $796.7M, up 38.5% YoY) while analysts remain largely positive with a consensus rating of Moderate Buy and a $762.93 price target despite several lowered estimates.

Atreides Management LP decreased its holdings in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 30.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 36,461 shares of the biotechnology company's stock after selling 15,793 shares during the period. Atreides Management LP's holdings in Axon Enterprise were worth $26,166,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AXON. Stone House Investment Management LLC acquired a new stake in Axon Enterprise in the third quarter valued at about $29,000. New Millennium Group LLC bought a new position in Axon Enterprise in the third quarter valued at about $29,000. Darwin Wealth Management LLC acquired a new position in Axon Enterprise during the second quarter worth about $37,000. Root Financial Partners LLC acquired a new position in Axon Enterprise during the third quarter worth about $34,000. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Axon Enterprise in the second quarter worth about $56,000. Institutional investors and hedge funds own 79.08% of the company's stock.

Insider Buying and Selling at Axon Enterprise

In related news, CEO Patrick W. Smith sold 10,000 shares of the business's stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $500.24, for a total value of $5,002,400.00. Following the sale, the chief executive officer owned 3,090,997 shares of the company's stock, valued at $1,546,240,339.28. The trade was a 0.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Isaiah Fields sold 2,000 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $535.01, for a total value of $1,070,020.00. Following the completion of the sale, the insider owned 55,588 shares of the company's stock, valued at $29,740,135.88. The trade was a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 24,634 shares of company stock worth $13,803,095. 4.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on AXON shares. Robert W. Baird set a $800.00 price target on shares of Axon Enterprise in a research note on Wednesday, February 25th. UBS Group lowered their price objective on shares of Axon Enterprise from $610.00 to $570.00 and set a "neutral" rating for the company in a research report on Wednesday, February 25th. Wall Street Zen raised shares of Axon Enterprise from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Needham & Company LLC decreased their target price on shares of Axon Enterprise from $870.00 to $600.00 and set a "buy" rating on the stock in a research note on Friday, February 20th. Finally, Morgan Stanley decreased their target price on shares of Axon Enterprise from $713.00 to $675.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 25th. Sixteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $762.93.

Axon Enterprise Stock Performance

NASDAQ:AXON opened at $496.18 on Friday. The stock's 50-day moving average is $531.08 and its 200-day moving average is $609.33. Axon Enterprise, Inc has a 1-year low of $396.41 and a 1-year high of $885.91. The company has a current ratio of 2.53, a quick ratio of 2.29 and a debt-to-equity ratio of 0.53. The stock has a market cap of $39.89 billion, a P/E ratio of 326.44, a price-to-earnings-growth ratio of 10.59 and a beta of 1.46.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its quarterly earnings data on Tuesday, February 24th. The biotechnology company reported $2.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.60 by $0.55. Axon Enterprise had a net margin of 4.48% and a return on equity of 2.82%. The business had revenue of $796.72 million during the quarter, compared to analyst estimates of $755.29 million. During the same quarter last year, the business earned $2.08 EPS. The firm's quarterly revenue was up 38.5% on a year-over-year basis. Equities research analysts anticipate that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

Axon Enterprise Company 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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