Axon Enterprise, Inc $AXON Stock: Hyperion Asset Management Ltd Reduces Position

Key Points

• Hyperion Asset Management reduced its Axon position by 23.6% in the third quarter, selling 50,489 shares and retaining 163,020 shares worth approximately $68.9 million.
• Other institutional investors increased their holdings, and institutional investors collectively own 79.08% of Axon’s stock. Insiders, however, sold 47,397 shares worth $26.7 million over the past three months.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $707.07. Axon recently reported quarterly revenue of $904.4 million, up 35.3% year over year, and earnings of $1.88 per share.

Hyperion Asset Management Ltd lessened its holdings in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 23.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 163,020 shares of the biotechnology company's stock after selling 50,489 shares during the quarter. Axon Enterprise comprises approximately 1.9% of Hyperion Asset Management Ltd's investment portfolio, making the stock its 15th largest holding. Hyperion Asset Management Ltd owned 0.20% of Axon Enterprise worth $68,879,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Peoples Financial Services CORP. raised its holdings in Axon Enterprise by 354,360.0% in the 3rd quarter. Peoples Financial Services CORP. now owns 35,446 shares of the biotechnology company's stock worth $14,977,000 after purchasing an additional 35,436 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Axon Enterprise by 6,204.9% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 619,707 shares of the biotechnology company's stock worth $261,839,000 after purchasing an additional 609,878 shares in the last quarter. CWA Asset Management Group LLC raised its stake in shares of Axon Enterprise by 2,093.9% during the 3rd quarter. CWA Asset Management Group LLC now owns 22,597 shares of the biotechnology company's stock worth $9,548,000 after buying an additional 21,567 shares during the period. Teamwork Financial Advisors LLC lifted its position in shares of Axon Enterprise by 1,338.1% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 8,269 shares of the biotechnology company's stock valued at $3,494,000 after buying an additional 7,694 shares in the last quarter. Finally, Foguth Wealth Management LLC. lifted its position in shares of Axon Enterprise by 523.4% during the 3rd quarter. Foguth Wealth Management LLC. now owns 8,005 shares of the biotechnology company's stock valued at $3,382,000 after buying an additional 6,721 shares in the last quarter. Hedge funds and other institutional investors own 79.08% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AXON. The Goldman Sachs Group reiterated a "buy" rating and issued a $715.00 target price on shares of Axon Enterprise in a research report on Thursday, August 6th. TD Cowen reaffirmed a "buy" rating on shares of Axon Enterprise in a research note on Tuesday, October 13th. Zacks Research upgraded Axon Enterprise from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. UBS Group lifted their price objective on Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Finally, Raymond James Financial set a $675.00 price objective on Axon Enterprise in a research note on Thursday. 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, the company currently has an average rating of "Moderate Buy" and a consensus price target of $707.07.

Axon Enterprise Trading Up 3.4%

Shares of NASDAQ:AXON traded up $12.91 during mid-day trading on Tuesday, reaching $396.00. 677,743 shares of the company were exchanged, compared to its average volume of 1,050,634. 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 firm has a market cap of $32.17 billion, a price-to-earnings ratio of 164.28, a P/E/G ratio of 7.34 and a beta of 1.44. The firm's 50-day simple moving average is $497.33 and its 200 day simple moving average is $474.55. Axon Enterprise, Inc has a 1 year low of $339.01 and a 1 year high of $764.02.

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

Insiders Place Their Bets

In other Axon Enterprise news, insider Isaiah Fields sold 1,017 shares of the firm's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $480.45, for a total transaction of $488,617.65. Following the transaction, the insider owned 56,264 shares of the company's stock, valued at approximately $27,032,038.80. This trade represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 business's stock in a transaction that occurred on Friday, August 21st. The shares were 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 approximately $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 have sold 47,397 shares of company stock valued at $26,722,984 in the last three months. Corporate insiders own 4.20% of the company's stock.

About Axon Enterprise

Axon Enterprise, Inc develops technology and connected products for public safety organizations. The company's portfolio includes TASER conducted-energy weapons, body-worn cameras, in-car cameras, and related hardware designed to support law enforcement, corrections, security, and other emergency-response professionals.

Axon also provides cloud-based software for managing digital evidence, records, workflows, real-time operations, investigations, and communications. Its platform is intended to connect hardware, software, and services across the public-safety ecosystem, helping agencies collect, store, analyze, and share operational information.

The company was founded in 1993 as TASER International by Rick Smith and Tom Smith and adopted the name Axon Enterprise in 2017 as it expanded beyond conducted-energy weapons into a broader technology platform.

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