California State Teachers Retirement System Acquires 64,666,282 Shares of Axon Enterprise, Inc $AXON

Key Points

• California State Teachers Retirement System increased its Axon Enterprise holdings by 64.7 million shares in the second quarter, bringing its stake to 64.8 million shares, or approximately 79.74% of the company, valued at $36.3 billion.
• Axon reported quarterly earnings of $1.88 per share, exceeding estimates of $1.84, while revenue rose 35.3% year over year to $904.4 million. Shares opened at $515.67, with a market capitalization of about $41.9 billion and a highly elevated P/E ratio of 214.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $721.57; however, insiders sold 56,380 shares worth approximately $32.6 million over the past 90 days.

California State Teachers Retirement System increased its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 55,955.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,781,849 shares of the biotechnology company's stock after purchasing an additional 64,666,282 shares during the period. California State Teachers Retirement System owned approximately 79.74% of Axon Enterprise worth $36,317,352,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Creative Financial Designs Inc. ADV bought a new position in Axon Enterprise during the fourth quarter worth $28,000. Keating Financial Advisory Services Inc. acquired a new stake in Axon Enterprise in the second quarter worth $31,000. AlphaCentric Advisors LLC bought a new stake in Axon Enterprise in the fourth quarter valued at $34,000. Darwin Wealth Management LLC bought a new stake in Axon Enterprise in the second quarter valued at $37,000. Finally, Washington Trust Advisors Inc. raised its holdings in shares of Axon Enterprise by 1,300.0% during the second quarter. Washington Trust Advisors Inc. now owns 70 shares of the biotechnology company's stock valued at $39,000 after purchasing an additional 65 shares during the period. Institutional investors own 79.08% of the company's stock.

Axon Enterprise Stock Performance

Shares of AXON opened at $515.67 on Tuesday. The firm has a market cap of $41.89 billion, a PE ratio of 213.97, a PEG ratio of 10.06 and a beta of 1.40. Axon Enterprise, Inc has a 1 year low of $339.01 and a 1 year high of $792.16. 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 stock's fifty day moving average price is $569.57 and its two-hundred day moving average price is $487.23.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The firm had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. During the same quarter last year, the company earned $2.12 earnings per share. The company's revenue was up 35.3% on a year-over-year basis. On average, equities research analysts forecast that Axon Enterprise, Inc will post 2.04 EPS for the current year.

Insider Buying and Selling

In related news, President Joshua Isner sold 16,775 shares of the business's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $574.43, for a total transaction of $9,636,063.25. Following 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 position. The transaction 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 stock in a transaction dated 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 sale, the insider directly owned 97,761 shares in the company, valued at $61,266,818.70. This trade represents a 8.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 56,380 shares of company stock valued at $32,582,366. Company insiders own 4.20% of the company's stock.

Analyst Ratings Changes

AXON has been the topic of several research reports. TD Cowen restated a "buy" rating on shares of Axon Enterprise in a report on Wednesday, July 22nd. UBS Group upped their price target on Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Argus raised their price target on shares of Axon Enterprise from $460.00 to $600.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. Royal Bank Of Canada reiterated an "outperform" rating on shares of Axon Enterprise in a research note on Tuesday, July 21st. Finally, Barclays lifted their target price on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $721.57.

Axon Enterprise Profile

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company's hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.

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