Axon Enterprise, Inc $AXON Shares Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Axon Enterprise stake by 13.1% in the first quarter, buying 15,762 more shares and bringing its total to 135,940 shares worth about $57.6 million.
• Analyst sentiment remains mostly positive, with several firms raising price targets; the stock now has a consensus rating of Moderate Buy and an average price target of $725.25.
• Axon reported better-than-expected quarterly results, including EPS of $1.61 and revenue of $807.35 million, while insiders also sold shares in recent transactions.

Allspring Global Investments Holdings LLC lifted its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 13.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 135,940 shares of the biotechnology company's stock after acquiring an additional 15,762 shares during the period. Allspring Global Investments Holdings LLC owned 0.17% of Axon Enterprise worth $57,580,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Axon Enterprise by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,367,224 shares of the biotechnology company's stock valued at $5,319,928,000 after purchasing an additional 53,060 shares during the period. Geode Capital Management LLC raised its holdings in shares of Axon Enterprise by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 2,226,159 shares of the biotechnology company's stock valued at $1,265,657,000 after buying an additional 35,544 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Axon Enterprise by 1,198.7% during the fourth quarter. Baillie Gifford & Co. now owns 1,642,578 shares of the biotechnology company's stock valued at $932,869,000 after buying an additional 1,516,099 shares during the last quarter. Sands Capital Management LLC boosted its position in shares of Axon Enterprise by 11.6% during the fourth quarter. Sands Capital Management LLC now owns 1,609,436 shares of the biotechnology company's stock worth $914,047,000 after buying an additional 167,095 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of Axon Enterprise by 326.9% during the fourth quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company's stock worth $874,463,000 after buying an additional 1,179,038 shares during the period. Institutional investors and hedge funds own 79.08% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Zacks Research cut Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Piper Sandler boosted their price target on Axon Enterprise from $674.00 to $724.00 and gave the stock an "overweight" rating in a research report on Monday, July 13th. Citizens Jmp reissued a "market outperform" rating and issued a $700.00 price target on shares of Axon Enterprise in a research note on Thursday, June 25th. The Goldman Sachs Group set a $535.00 price target on Axon Enterprise in a research note on Thursday, May 7th. Finally, Needham & Company LLC raised their price target on Axon Enterprise from $600.00 to $750.00 and gave the company a "buy" rating in a report on Monday, July 6th. Fifteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $725.25.

Insider Transactions at Axon Enterprise

In other news, President Joshua Isner sold 13,000 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the completion of the transaction, the president owned 169,125 shares in the company, valued at approximately $82,609,106.25. This trade represents a 7.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of Axon Enterprise stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $485.00, for a total transaction of $753,690.00. Following the completion of the transaction, the insider directly owned 34,024 shares in the company, valued at $16,501,640. This represents a 4.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 58,989 shares of company stock valued at $30,527,983 in the last quarter. 4.20% of the stock is owned by company insiders.

Axon Enterprise Trading Down 5.8%

Axon Enterprise stock opened at $510.28 on Friday. The firm has a 50 day simple moving average of $471.67 and a 200-day simple moving average of $481.88. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.27 and a quick ratio of 1.93. The stock has a market capitalization of $41.13 billion, a PE ratio of 204.93, a price-to-earnings-growth ratio of 10.41 and a beta of 1.38. Axon Enterprise, Inc has a 12-month low of $339.01 and a 12-month high of $885.91.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.60 by $0.01. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The firm had revenue of $807.35 million for the quarter, compared to analysts' expectations of $778.90 million. During the same quarter in the previous year, the company earned $1.47 earnings per share. The firm's quarterly revenue was up 33.7% compared to the same quarter last year. As a group, equities research analysts expect that Axon Enterprise, Inc will post 1.63 EPS for the current fiscal 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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