Cetera Investment Advisers Sells 499 Shares of Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Cetera Investment Advisers reduced its stake in Axon Enterprise by 2.2%, selling 499 shares, leaving it with a total of 22,510 shares worth approximately $11.8 million.
• Analysts have increased their price targets for Axon Enterprise, with Goldman Sachs pushing the target from $730 to $830, while Bank of America set a new target of $895, reflecting a generally optimistic outlook on the stock.
• In the latest quarter, Axon Enterprise reported earnings of $1.41 EPS, exceeding expectations and showing a year-over-year revenue increase of 31.3%, amounting to $603.63 million.

Cetera Investment Advisers reduced its holdings in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,510 shares of the biotechnology company's stock after selling 499 shares during the quarter. Cetera Investment Advisers' holdings in Axon Enterprise were worth $11,839,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in AXON. Brighton Jones LLC acquired a new stake in shares of Axon Enterprise in the fourth quarter valued at about $480,000. Teacher Retirement System of Texas acquired a new stake in shares of Axon Enterprise in the fourth quarter valued at about $399,000. Pictet Asset Management Holding SA lifted its stake in shares of Axon Enterprise by 3.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 44,934 shares of the biotechnology company's stock valued at $26,705,000 after buying an additional 1,669 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Axon Enterprise by 697.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,357 shares of the biotechnology company's stock valued at $4,372,000 after buying an additional 6,434 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its stake in shares of Axon Enterprise by 51.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,447 shares of the biotechnology company's stock valued at $3,237,000 after buying an additional 1,856 shares during the period. 79.08% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Axon Enterprise

In related news, Director Michael Garnreiter sold 5,913 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $760.00, for a total value of $4,493,880.00. Following the completion of the transaction, the director directly owned 17,740 shares of the company's stock, valued at approximately $13,482,400. This represents a 25.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jennifer H. Mak sold 75 shares of Axon Enterprise stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $771.81, for a total value of $57,885.75. Following the completion of the sale, the chief accounting officer directly 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. Insiders have sold 34,642 shares of company stock valued at $25,090,528 over the last three months. Insiders own 4.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on AXON shares. UBS Group started coverage on shares of Axon Enterprise in a research note on Wednesday, July 16th. They set a "neutral" rating and a $820.00 price target for the company. Needham & Company LLC raised their price target on shares of Axon Enterprise from $600.00 to $750.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. lifted their target price 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 began coverage on shares of Axon Enterprise in a research note on Monday, July 7th. They issued an "outperform" rating for the company. Finally, Bank of America lifted their target price on shares of Axon Enterprise from $750.00 to $895.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $772.08.

Axon Enterprise Trading Down 3.3%

Shares of NASDAQ AXON traded down $24.81 during midday trading on Friday, reaching $730.68. 75,464 shares of the stock were exchanged, compared to its average volume of 693,343. The business has a 50-day simple moving average of $764.32 and a two-hundred day simple moving average of $655.08. The company has a market capitalization of $56.88 billion, a price-to-earnings ratio of 176.49, a P/E/G ratio of 83.44 and a beta of 1.29. Axon Enterprise, Inc has a 12 month low of $279.02 and a 12 month high of $830.21. 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 (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.07. Axon Enterprise had a net margin of 14.86% and a return on equity of 5.81%. The company had revenue of $603.63 million for the quarter, compared to analysts' expectations of $585.67 million. During the same period last year, the firm posted $1.15 earnings per share. The business's quarterly revenue was up 31.3% compared to the same quarter last year. As a group, equities research analysts expect that Axon Enterprise, Inc will post 5.8 EPS for the current year.

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.