Alberta Investment Management Corp Sells 22,500,000 Shares of Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Alberta Investment Management Corp significantly reduced its stake in Axon Enterprise, Inc by 99.7%, selling 22.5 million shares, and now holds approximately 0.08% of the company's stock valued at $32.14 million.
• Several institutional investors have increased their investments in Axon Enterprise, including Massachusetts Financial Services, which raised its holdings by 82.7%, indicating growing interest among major financial institutions.
• Analysts have set target prices for Axon Enterprise's stock between $750 and $885, with an average rating of "Moderate Buy", suggesting confidence in the company's future performance.

Alberta Investment Management Corp trimmed its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 99.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,116 shares of the biotechnology company's stock after selling 22,500,000 shares during the period. Alberta Investment Management Corp owned approximately 0.08% of Axon Enterprise worth $32,144,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. TCTC Holdings LLC raised its stake in shares of Axon Enterprise by 75.0% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 24 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in shares of Axon Enterprise in the 4th quarter valued at approximately $30,000. Bartlett & CO. Wealth Management LLC increased its position in shares of Axon Enterprise by 132.0% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 58 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 33 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Axon Enterprise in the 1st quarter valued at approximately $32,000. Finally, Alpine Bank Wealth Management acquired a new position in shares of Axon Enterprise in the 1st quarter valued at $40,000. 79.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Axon Enterprise

In other news, President Joshua Isner sold 905 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $776.39, for a total value of $702,632.95. Following the completion of the sale, the president directly owned 268,735 shares of the company's stock, valued at $208,643,166.65. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jennifer H. Mak sold 75 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $771.81, for a total value of $57,885.75. Following the completion of the transaction, the chief accounting officer owned 15,240 shares in the company, valued at $11,762,384.40. This represents a 0.49% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,642 shares of company stock valued at $25,090,528. Corporate insiders own 5.70% of the company's stock.

Axon Enterprise Stock Up 16.4%

AXON traded up $122.48 during trading on Tuesday, hitting $867.36. The company had a trading volume of 1,798,087 shares, compared to its average volume of 703,945. The company has a market cap of $67.52 billion, a PE ratio of 209.51, a P/E/G ratio of 82.76 and a beta of 1.36. The business has a 50-day moving average of $764.81 and a 200-day moving average of $658.28. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.83 and a quick ratio of 2.62. Axon Enterprise, Inc has a 1-year low of $286.19 and a 1-year high of $885.92.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its earnings results on Monday, August 4th. The biotechnology company reported $2.12 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.58. The company had revenue of $668.54 million for the quarter, compared to analysts' expectations of $641.77 million. Axon Enterprise had a net margin of 14.86% and a return on equity of 5.81%. The firm's revenue was up 32.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 earnings per share. As a group, analysts forecast that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

AXON has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Axon Enterprise from $730.00 to $850.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Wolfe Research initiated coverage on shares of Axon Enterprise in a research note on Monday, July 7th. They issued an "outperform" rating for the company. Craig Hallum upgraded shares of Axon Enterprise from a "hold" rating to a "buy" rating and set a $900.00 price objective for the company in a research note on Tuesday. The Goldman Sachs Group raised their price objective on shares of Axon Enterprise from $730.00 to $830.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. Finally, Needham & Company LLC lifted their target price on shares of Axon Enterprise from $820.00 to $870.00 and gave the stock a "buy" rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $810.38.

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.