Axon Enterprise, Inc $AXON Stock Bought by GAMMA Investing LLC

Key Points

• GAMMA Investing LLC significantly increased its Axon Enterprise stake by 6,472.9% in the third quarter, holding 110,359 shares worth approximately $46.6 million. Institutional investors collectively own 79.08% of the company.
• Axon reported quarterly revenue of $904.39 million, up 35.3% year over year and above estimates, while earnings of $1.88 per share also exceeded expectations. The stock opened at $417.31, well below its 52-week high of $764.02.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $721.57, although insiders have sold 47,397 shares worth about $26.7 million over the past three months.

GAMMA Investing LLC lifted its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 6,472.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 110,359 shares of the biotechnology company's stock after purchasing an additional 108,680 shares during the period. Axon Enterprise comprises about 1.5% of GAMMA Investing LLC's investment portfolio, making the stock its 9th biggest position. GAMMA Investing LLC owned 0.14% of Axon Enterprise worth $46,629,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. raised its holdings in shares of Axon Enterprise by 53.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 11,518 shares of the biotechnology company's stock valued at $6,542,000 after acquiring an additional 4,002 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Axon Enterprise by 122,993.6% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 461,601 shares of the biotechnology company's stock valued at $195,036,000 after purchasing an additional 461,226 shares during the period. B. Metzler seel. Sohn & Co. AG purchased a new position in Axon Enterprise during the 2nd quarter valued at $3,854,000. Arrowstreet Capital Limited Partnership bought a new position in Axon Enterprise in the 1st quarter worth $15,067,000. Finally, Brown Lisle Cummings Inc. raised its holdings in Axon Enterprise by 97,231.4% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 34,066 shares of the biotechnology company's stock worth $19,098,000 after purchasing an additional 34,031 shares in the last quarter. Hedge funds and other institutional investors own 79.08% of the company's stock.

Axon Enterprise Stock Up 2.8%

AXON stock opened at $417.31 on Friday. The company has a market cap of $33.90 billion, a price-to-earnings ratio of 173.16, a P/E/G ratio of 7.64 and a beta of 1.44. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. The business's 50-day moving average is $520.54 and its two-hundred day moving average is $476.63. Axon Enterprise, Inc has a fifty-two week low of $339.01 and a fifty-two week high of $764.02.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.04. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%.The business had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. During the same period in the previous year, the company posted $2.12 EPS. The business's quarterly revenue was up 35.3% compared to the same quarter last year. As a group, analysts forecast that Axon Enterprise, Inc will post 2.12 earnings per share for the current year.

Insider Buying and Selling at Axon Enterprise

In related news, President Joshua Isner sold 16,775 shares of the business's stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $574.43, for a total transaction of $9,636,063.25. Following the completion of the sale, the president directly owned 296,974 shares in the company, valued at approximately $170,590,774.82. The trade was a 5.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeffrey Kunins sold 9,605 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $626.70, for a total value of $6,019,453.50. Following the completion of the sale, the insider owned 97,761 shares of the company's stock, valued at $61,266,818.70. This trade represents a 8.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 47,397 shares of company stock valued at $26,722,984. 4.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AXON. Morgan Stanley boosted their price target on shares of Axon Enterprise from $600.00 to $640.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. TD Cowen reiterated a "buy" rating on shares of Axon Enterprise in a report on Wednesday, July 22nd. Citigroup reissued a "market outperform" rating on shares of Axon Enterprise in a research report on Thursday, September 17th. UBS Group upped their price target on Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a research note on Thursday, August 6th. Finally, Zacks Research raised Axon Enterprise from a "hold" rating to a "strong-buy" rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Axon Enterprise has a consensus rating of "Moderate Buy" and a consensus price target of $721.57.

Axon Enterprise Profile

Axon Enterprise, Inc develops technology and connected systems for public safety and law enforcement agencies. Its product portfolio includes TASER conducted energy weapons, body-worn cameras, in-car cameras and other recording devices designed to support safer interactions, improve accountability and document incidents.

The company also provides cloud-based software for managing digital evidence, reports, records and agency operations. Its Axon platform connects hardware with services such as evidence management, real-time operations, computer-aided dispatch and other workflow tools, enabling agencies to store, organize and share information across their organizations.

Founded in 1993 as AIR TASER by Rick Smith and Tom Smith, the company later operated as TASER International before adopting the name Axon Enterprise in 2017.

Want to see what other hedge funds are holding AXON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Axon Enterprise, Inc (NASDAQ:AXON - Free Report).

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.