Axon Enterprise, Inc $AXON Stock: 71 West Capital Partners Raises Holdings

Key Points

• 71 West Capital Partners increased its Axon stake by 1,266% in the third quarter, adding 17,648 shares to hold 19,042 shares valued at about $8.05 million.
• Axon’s latest quarter saw revenue rise 27.8% year over year to $908.6 million, but both revenue and EPS of $1.72 came in below analyst estimates.
• Despite the earnings miss and a steep share-price decline from its 52-week high, analysts’ consensus rating remained “Moderate Buy,” with an average price target of $612.18.

71 West Capital Partners boosted its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 1,266.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,042 shares of the biotechnology company's stock after acquiring an additional 17,648 shares during the quarter. 71 West Capital Partners' holdings in Axon Enterprise were worth $8,046,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in AXON. State Street Corp lifted its position in shares of Axon Enterprise by 5,700.2% in the second quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company's stock valued at $119,724,905,000 after buying an additional 209,879,882 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Axon Enterprise by 18,050.2% in the second quarter. Envestnet Asset Management Inc. now owns 13,200,075 shares of the biotechnology company's stock valued at $7,400,094,000 after buying an additional 13,127,348 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Axon Enterprise by 4.3% in the second quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock valued at $4,672,432,000 after buying an additional 345,365 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of Axon Enterprise by 391,214.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 6,988,884 shares of the biotechnology company's stock valued at $2,952,943,000 after buying an additional 6,987,098 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Axon Enterprise by 5,022.8% in the third quarter. Assenagon Asset Management S.A. now owns 4,266,589 shares of the biotechnology company's stock valued at $1,802,719,000 after buying an additional 4,183,302 shares during the period. Institutional investors and hedge funds own 79.08% of the company's stock.

Axon Enterprise Price Performance

AXON stock opened at $303.18 on Tuesday. The company has a 50 day simple moving average of $435.58 and a 200 day simple moving average of $473.66. The stock has a market cap of $24.63 billion, a price-to-earnings ratio of 97.17, a P/E/G ratio of 8.06 and a beta of 1.48. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.15 and a quick ratio of 1.80. Axon Enterprise, Inc has a 1 year low of $296.78 and a 1 year high of $665.07.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The biotechnology company reported $1.72 earnings per share for the quarter, missing analysts' consensus estimates of $1.89 by ($0.17). Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%. The firm had revenue of $908.55 million for the quarter, compared to the consensus estimate of $934.33 million. During the same quarter in the prior year, the firm earned $1.17 EPS. The company's revenue was up 27.8% on a year-over-year basis. Research analysts anticipate that Axon Enterprise, Inc will post 2.10 EPS for the current fiscal year.

Insider Buying and Selling at Axon Enterprise

In related news, insider Isaiah Fields sold 1,017 shares of the company's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $480.45, for a total value of $488,617.65. Following the sale, the insider directly owned 56,264 shares in the company, valued at $27,032,038.80. This represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeffrey C. Kunins sold 9,605 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $626.70, for a total transaction of $6,019,453.50. Following the sale, the insider directly owned 97,761 shares of the company's stock, valued at $61,266,818.70. This represents a 8.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 37,397 shares of company stock worth $21,234,034 over the last ninety days. Insiders own 4.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AXON. Northcoast Research raised their price objective on Axon Enterprise from $650.00 to $680.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Royal Bank Of Canada cut their target price on Axon Enterprise from $735.00 to $615.00 and set an "outperform" rating for the company in a research report on Friday. Zacks Research lowered Axon Enterprise from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 3rd. Northland Securities set a $540.00 target price on Axon Enterprise in a report on Friday. Finally, Needham & Company LLC decreased their price target on Axon Enterprise from $750.00 to $500.00 and set a "buy" rating on the stock in a research report on Friday. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $612.18.

Axon Enterprise Profile

Axon Enterprise develops technology and services for public safety agencies. Its products include TASER conducted-energy weapons, body-worn and in-car cameras, and related hardware designed to support law enforcement and other safety professionals.

The company also provides cloud-based software for managing digital evidence, records and operational workflows. Its Axon Evidence platform helps agencies store, organize and share video and other evidence, while its broader software offerings include tools for dispatch and records management.

Founded in 1993 as TASER International, the company adopted the name Axon Enterprise in 2017 as it expanded beyond conducted-energy weapons into connected devices and software.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.