Axon Enterprise, Inc $AXON Stake Lowered by Cibc World Market Inc.

Key Points

• CIBC World Market cut its Axon Enterprise stake by 71.2% in the fourth quarter, selling 11,176 shares and leaving it with 4,528 shares valued at about $2.57 million.
• Insider selling continued, including sales by insider Isaiah Fields and President Joshua Isner; insiders sold a total of 39,344 shares worth about $19.27 million last quarter.
• Axon’s latest earnings beat expectations, with Q1 EPS of $1.61 versus $1.60 expected and revenue of $807.35 million, up 33.7% year over year. Analysts remain generally positive, with a consensus rating of Moderate Buy and a target price of $712.75.

Cibc World Market Inc. cut its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 71.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,528 shares of the biotechnology company's stock after selling 11,176 shares during the quarter. Cibc World Market Inc.'s holdings in Axon Enterprise were worth $2,572,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV bought a new position in shares of Axon Enterprise during the fourth quarter valued at approximately $28,000. New Millennium Group LLC bought a new position in shares of Axon Enterprise during the third quarter valued at approximately $29,000. Sound Income Strategies LLC grew its holdings in shares of Axon Enterprise by 550.0% during the fourth quarter. Sound Income Strategies LLC now owns 52 shares of the biotechnology company's stock valued at $30,000 after purchasing an additional 44 shares during the last quarter. Camelot Portfolios LLC bought a new position in shares of Axon Enterprise during the fourth quarter valued at approximately $30,000. Finally, Lodestone Wealth Management LLC bought a new position in shares of Axon Enterprise during the fourth quarter valued at approximately $35,000. 79.08% of the stock is owned by institutional investors.

Insider Activity

In other Axon Enterprise news, insider Isaiah Fields sold 2,000 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $400.00, for a total transaction of $800,000.00. Following the completion of the transaction, the insider directly owned 52,813 shares of the company's stock, valued at approximately $21,125,200. This trade represents a 3.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Joshua Isner sold 13,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $488.45, for a total value of $6,349,850.00. Following the transaction, the president directly owned 169,125 shares of the company's stock, valued at approximately $82,609,106.25. The trade was a 7.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 39,344 shares of company stock worth $19,267,315 in the last quarter. 4.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AXON has been the subject of several recent research reports. Citigroup reaffirmed a "buy" rating on shares of Axon Enterprise in a report on Wednesday, February 25th. Needham & Company LLC lowered their target price on Axon Enterprise from $870.00 to $600.00 and set a "buy" rating for the company in a report on Friday, February 20th. Citizens Jmp lowered their target price on Axon Enterprise from $825.00 to $700.00 and set a "market outperform" rating for the company in a report on Thursday, May 7th. JPMorgan Chase & Co. upped their target price on Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Finally, Barclays reduced their price objective on Axon Enterprise from $682.00 to $523.00 and set an "overweight" rating for the company in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $712.75.

Axon Enterprise Stock Performance

Shares of NASDAQ AXON opened at $471.06 on Tuesday. The stock has a fifty day moving average price of $408.45 and a two-hundred day moving average price of $491.12. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.93 and a current ratio of 2.27. The firm has a market cap of $37.97 billion, a P/E ratio of 189.18, a PEG ratio of 8.84 and a beta of 1.45. Axon Enterprise, Inc has a 1 year low of $339.01 and a 1 year high of $885.91.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.60 by $0.01. The firm had revenue of $807.35 million during the quarter, compared to analyst estimates of $778.91 million. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The firm's quarterly revenue was up 33.7% on a year-over-year basis. During the same period last year, the company posted $1.47 EPS. Research analysts forecast that Axon Enterprise, Inc will post 1.82 EPS for the current fiscal 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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