Mutual of America Capital Management LLC Cuts Stock Position in Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Mutual of America Capital Management LLC reduced its stake in Axon Enterprise by 3.7%, holding 10,089 shares valued at approximately $5.3 million.
• Several institutional investors have increased their positions significantly, with GAMMA Investing LLC raising its stake by over 58,000% to own 764,731 shares now worth $402.2 million.
• Axon Enterprise reported better-than-expected quarterly earnings, with $2.12 earnings per share beating estimates by $0.58, and a 32.6% year-over-year revenue increase to $668.54 million.

Mutual of America Capital Management LLC lowered its stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 3.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,089 shares of the biotechnology company's stock after selling 388 shares during the period. Mutual of America Capital Management LLC's holdings in Axon Enterprise were worth $5,306,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of AXON. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Axon Enterprise in the first quarter valued at about $1,110,000. Quotient Wealth Partners LLC acquired a new stake in Axon Enterprise in the first quarter valued at about $438,000. CX Institutional acquired a new stake in Axon Enterprise in the first quarter valued at about $115,000. GAMMA Investing LLC boosted its stake in Axon Enterprise by 11.8% in the first quarter. GAMMA Investing LLC now owns 1,454 shares of the biotechnology company's stock valued at $765,000 after buying an additional 154 shares in the last quarter. Finally, DAVENPORT & Co LLC boosted its stake in Axon Enterprise by 5.1% in the first quarter. DAVENPORT & Co LLC now owns 940 shares of the biotechnology company's stock valued at $494,000 after buying an additional 46 shares in the last quarter. Institutional investors own 79.08% of the company's stock.

Analyst Ratings Changes

AXON has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Axon Enterprise from $730.00 to $850.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Barclays lifted their price target on Axon Enterprise from $726.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Morgan Stanley set a $885.00 price target on Axon Enterprise and gave the company an "overweight" rating in a research note on Friday, July 11th. The Goldman Sachs Group lifted their price target on Axon Enterprise from $730.00 to $830.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. Finally, Northland Securities set a $800.00 price target on Axon Enterprise in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $837.69.

Axon Enterprise Trading Down 3.3%

AXON stock traded down $28.47 during mid-day trading on Friday, reaching $842.50. The company's stock had a trading volume of 667,201 shares, compared to its average volume of 731,927. The company has a market cap of $66.14 billion, a price-to-earnings ratio of 208.02, a price-to-earnings-growth ratio of 96.51 and a beta of 1.36. The business's 50 day moving average price is $774.27 and its 200 day moving average price is $664.69. The company has a current ratio of 2.95, a quick ratio of 2.62 and a debt-to-equity ratio of 0.63. Axon Enterprise, Inc has a 12 month low of $346.71 and a 12 month high of $885.91.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The biotechnology company reported $2.12 EPS for the quarter, beating the consensus estimate of $1.54 by $0.58. The firm had revenue of $668.54 million during the quarter, compared to the consensus estimate of $641.77 million. Axon Enterprise had a return on equity of 6.80% and a net margin of 13.64%. The company's quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.20 earnings per share. On average, equities research analysts predict that Axon Enterprise, Inc will post 5.8 EPS for the current year.

Insider Activity

In related news, Director Caitlin Elizabeth Kalinowski sold 1,300 shares of Axon Enterprise stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $738.84, for a total transaction of $960,492.00. Following the transaction, the director owned 4,829 shares of the company's stock, valued at $3,567,858.36. The trade was a 21.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Cameron Brooks sold 3,000 shares of Axon Enterprise stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $740.76, for a total value of $2,222,280.00. Following the transaction, the executive directly owned 19,447 shares in the company, valued at approximately $14,405,559.72. The trade was a 13.36% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,642 shares of company stock valued at $25,090,528. Corporate insiders own 4.40% of the company's stock.

About Axon Enterprise

Axon Enterprise, Inc develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand in the United States and internationally. It operates through two segments, Software and Sensors, and TASER. The company also offers hardware and cloud-based software solutions that enable law enforcement to capture, securely store, manage, share, and analyze video and other digital evidence.