Axon Enterprise, Inc $AXON Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management reduced its Axon Enterprise stake by 13% in the second quarter, selling 314,974 shares and retaining 2.10 million shares worth approximately $1.18 billion. Institutional investors and hedge funds collectively own 79.08% of AXON.
• Axon reported quarterly earnings of $1.88 per share, exceeding estimates of $1.84, while revenue rose 35.3% year over year to $904.39 million. The stock opened at $600.73, with a market capitalization of $48.8 billion and a notably high P/E ratio of 249.27.
• Analyst sentiment remains generally positive, with 13 Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $730.92. Meanwhile, insiders sold 76,594 shares worth $41.24 million over the past 90 days.

Wellington Management Group LLP lessened its holdings in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 13.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,103,142 shares of the biotechnology company's stock after selling 314,974 shares during the quarter. Wellington Management Group LLP owned approximately 2.59% of Axon Enterprise worth $1,179,042,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AXON. Rockefeller Capital Management L.P. raised its holdings in Axon Enterprise by 53.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 11,518 shares of the biotechnology company's stock worth $6,542,000 after purchasing an additional 4,002 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Axon Enterprise by 1.3% in the 4th 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 during the period. Eurizon Capital SGR S.p.A. bought a new stake in shares of Axon Enterprise in the 4th quarter valued at $13,116,000. B. Metzler seel. Sohn & Co. AG acquired a new stake in shares of Axon Enterprise during the second quarter worth $3,854,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Axon Enterprise during the first quarter worth $15,067,000. 79.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Axon Enterprise news, insider Elizabeth Reid Coughlin sold 1,554 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $485.00, for a total transaction of $753,690.00. Following the sale, the insider owned 34,024 shares of the company's stock, valued at $16,501,640. The trade was a 4.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Joshua Isner sold 13,000 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $488.45, for a total value of $6,349,850.00. Following the sale, the president owned 169,125 shares in the company, valued at approximately $82,609,106.25. This represents a 7.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 76,594 shares of company stock valued at $41,236,386. 4.20% of the stock is currently owned by insiders.

Axon Enterprise Stock Performance

Shares of AXON opened at $600.73 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.15 and a quick ratio of 1.80. The stock has a 50-day moving average of $560.75 and a 200-day moving average of $482.99. The company has a market cap of $48.80 billion, a PE ratio of 249.27, a P/E/G ratio of 9.92 and a beta of 1.39. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $792.16.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AXON. Piper Sandler lifted their price objective on Axon Enterprise from $724.00 to $732.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Weiss Ratings restated a "hold (c-)" rating on shares of Axon Enterprise in a report on Wednesday, August 5th. UBS Group increased their price target on Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Axon Enterprise in a research report on Tuesday, July 21st. Finally, Zacks Research lowered shares of Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Axon Enterprise presently has an average rating of "Moderate Buy" and an average price target of $730.92.

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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