Canada Pension Plan Investment Board Acquires Shares of 16,370 Axon Enterprise, Inc $AXON

Key Points

• Canada Pension Plan Investment Board acquired 16,370 Axon Enterprise shares worth approximately $9.18 million, while institutional investors collectively own 79.08% of the company.
• Axon reported quarterly EPS of $1.88 versus the $1.84 consensus estimate and revenue of $904.39 million versus $876.42 million, with revenue rising 35.3% year over year.
• Analysts maintain a “Moderate Buy” consensus and an average price target of $730.92, but Axon trades at a high valuation of roughly 249 times earnings; insiders have sold $41.2 million of stock over the past three months.

Canada Pension Plan Investment Board acquired a new position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 16,370 shares of the biotechnology company's stock, valued at approximately $9,177,000.

A number of other hedge funds also recently modified their holdings of the business. Rockefeller Capital Management L.P. increased its stake in shares of Axon Enterprise by 53.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 11,518 shares of the biotechnology company's stock worth $6,542,000 after purchasing an additional 4,002 shares during the last quarter. Legal & General Group Plc boosted its holdings in Axon Enterprise by 1.3% in the fourth quarter. Legal & General Group Plc now owns 426,533 shares of the biotechnology company's stock worth $242,241,000 after purchasing an additional 5,419 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in Axon Enterprise in the fourth quarter worth $13,116,000. B. Metzler seel. Sohn & Co. AG acquired a new position in Axon Enterprise during the second quarter worth $3,854,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Axon Enterprise during the first quarter worth $15,067,000. Hedge funds and other institutional investors own 79.08% of the company's stock.

Axon Enterprise Stock Down 1.7%

AXON stock opened at $600.73 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.15 and a quick ratio of 1.80. Axon Enterprise, Inc has a 52-week low of $339.01 and a 52-week high of $792.16. The company has a 50-day moving average of $560.75 and a two-hundred day moving average of $482.99. The stock has a market capitalization of $48.80 billion, a price-to-earnings ratio of 249.27, a price-to-earnings-growth ratio of 9.75 and a beta of 1.39.

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

Insider Transactions at Axon Enterprise

In other Axon Enterprise news, CRO Cameron Brooks sold 1,242 shares of Axon Enterprise stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $500.00, for a total value of $621,000.00. Following the transaction, the executive directly owned 49,710 shares of the company's stock, valued at $24,855,000. The trade was a 2.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 13,000 shares of Axon Enterprise stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $488.45, for a total value of $6,349,850.00. Following the completion of the transaction, the president directly owned 169,125 shares in the company, valued at approximately $82,609,106.25. This represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 76,594 shares of company stock worth $41,236,386. Insiders own 4.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AXON. Zacks Research cut Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Weiss Ratings reissued a "hold (c-)" rating on shares of Axon Enterprise in a report on Wednesday, August 5th. UBS Group raised their price objective on Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Royal Bank Of Canada restated an "outperform" rating on shares of Axon Enterprise in a report on Tuesday, July 21st. Finally, TD Cowen reaffirmed a "buy" rating on shares of Axon Enterprise in a research report on Wednesday, July 22nd. Thirteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $730.92.

Axon Enterprise Company 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source