Axon Enterprise, Inc $AXON is Deepwater Asset Management LLC's 3rd Largest Position

Key Points

• Deepwater Asset Management nearly doubled its Axon Enterprise position in the second quarter, increasing holdings by 98.1% to 17,933 shares worth about $10.1 million. Axon now represents approximately 4.6% of the firm’s portfolio and is its third-largest holding.
• Axon reported quarterly revenue of $904.4 million, up 35.3% year over year and above estimates, while adjusted earnings of $1.88 per share exceeded consensus by $0.04. Institutional investors collectively own 79.08% of the company.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $730.92. However, the stock’s valuation remains elevated, with a reported P/E ratio of 257.20.

Deepwater Asset Management LLC lifted its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 98.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,933 shares of the biotechnology company's stock after buying an additional 8,882 shares during the period. Axon Enterprise makes up approximately 4.6% of Deepwater Asset Management LLC's holdings, making the stock its 3rd largest position. Deepwater Asset Management LLC's holdings in Axon Enterprise were worth $10,053,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC acquired a new position in shares of Axon Enterprise in the fourth quarter valued at approximately $480,000. NewEdge Advisors LLC grew its position in Axon Enterprise by 41.1% in the 1st quarter. NewEdge Advisors LLC now owns 2,294 shares of the biotechnology company's stock valued at $1,207,000 after buying an additional 668 shares during the last quarter. Empowered Funds LLC grew its position in Axon Enterprise by 8.4% in the 1st quarter. Empowered Funds LLC now owns 2,028 shares of the biotechnology company's stock valued at $1,067,000 after buying an additional 157 shares during the last quarter. Woodline Partners LP increased its stake in Axon Enterprise by 40.6% in the 1st quarter. Woodline Partners LP now owns 6,932 shares of the biotechnology company's stock valued at $3,646,000 after buying an additional 2,003 shares during the period. Finally, Sivia Capital Partners LLC purchased a new position in Axon Enterprise during the 2nd quarter worth $284,000. Institutional investors and hedge funds own 79.08% of the company's stock.

Axon Enterprise Price Performance

Axon Enterprise stock opened at $619.85 on Wednesday. The firm has a market capitalization of $50.36 billion, a PE ratio of 257.20, a P/E/G ratio of 9.95 and a beta of 1.39. Axon Enterprise, Inc has a 52 week low of $339.01 and a 52 week high of $794.29. The firm's 50-day simple moving average is $532.07 and its 200 day simple moving average is $473.93. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.04. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%.The company had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. During the same quarter last year, the business posted $2.12 earnings per share. Axon Enterprise's revenue was up 35.3% compared to the same quarter last year. On average, equities research analysts predict that Axon Enterprise, Inc will post 2.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on AXON. Piper Sandler boosted their target price on Axon Enterprise from $724.00 to $732.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Citizens Jmp reissued a "market outperform" rating and issued a $700.00 price target on shares of Axon Enterprise in a report on Thursday, June 25th. TD Cowen restated a "buy" rating on shares of Axon Enterprise in a research note on Wednesday, July 22nd. Zacks Research lowered Axon Enterprise from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Finally, UBS Group increased their price objective on Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Axon Enterprise presently has a consensus rating of "Moderate Buy" and an average target price of $730.92.

Insider Activity

In related news, CEO Patrick W. Smith sold 20,000 shares of Axon Enterprise stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $500.00, for a total value of $10,000,000.00. Following the transaction, the chief executive officer owned 3,060,997 shares in the company, valued at approximately $1,530,498,500. This trade represents a 0.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Isaiah Fields sold 2,000 shares of Axon Enterprise stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $400.00, for a total value of $800,000.00. Following the completion of the transaction, the insider directly owned 52,813 shares in the company, valued at $21,125,200. This represents a 3.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 68,989 shares of company stock valued at $36,016,932 in the last three months. Company insiders own 4.20% of the company's stock.

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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