CI Investments Inc. Reduces Stock Holdings in Axon Enterprise, Inc $AXON

Key Points

• CI Investments Inc. cut its Axon Enterprise stake by 7.4% in the first quarter, selling 7,725 shares and ending with 96,293 shares valued at about $40.9 million.
• Axon reported better-than-expected quarterly results, with EPS of $1.61 versus $1.60 expected and revenue of $807.35 million, up 33.7% from a year earlier.
• Analysts remain generally positive on the stock despite mixed price-target changes, with a consensus rating of “Moderate Buy” and an average target price of $725.25.

CI Investments Inc. lessened its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 7.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 96,293 shares of the biotechnology company's stock after selling 7,725 shares during the quarter. CI Investments Inc. owned approximately 0.12% of Axon Enterprise worth $40,895,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Creative Financial Designs Inc. ADV purchased a new position in Axon Enterprise during the 4th quarter valued at about $28,000. Sound Income Strategies LLC lifted its holdings in shares of Axon Enterprise by 550.0% in the fourth quarter. Sound Income Strategies LLC now owns 52 shares of the biotechnology company's stock valued at $30,000 after purchasing an additional 44 shares in the last quarter. Camelot Portfolios LLC purchased a new stake in shares of Axon Enterprise in the fourth quarter valued at about $30,000. AlphaCentric Advisors LLC purchased a new stake in shares of Axon Enterprise in the fourth quarter valued at about $34,000. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Axon Enterprise in the fourth quarter valued at approximately $35,000. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

Axon Enterprise Stock Performance

Shares of NASDAQ AXON opened at $511.17 on Wednesday. The company has a market cap of $41.20 billion, a PE ratio of 205.29, a price-to-earnings-growth ratio of 10.76 and a beta of 1.38. Axon Enterprise, Inc has a 12 month low of $339.01 and a 12 month high of $885.91. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.27 and a quick ratio of 1.93. The company has a 50-day simple moving average of $476.68 and a 200-day simple moving average of $480.47.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.01. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The business had revenue of $807.35 million for the quarter, compared to the consensus estimate of $778.90 million. During the same quarter in the prior year, the firm posted $1.47 earnings per share. The company's quarterly revenue was up 33.7% compared to the same quarter last year. On average, equities analysts anticipate that Axon Enterprise, Inc will post 1.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Barclays dropped their price objective on shares of Axon Enterprise from $682.00 to $523.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. UBS Group reduced their target price on Axon Enterprise from $570.00 to $440.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. Piper Sandler increased their target price on Axon Enterprise from $674.00 to $724.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Weiss Ratings raised Axon Enterprise from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of Axon Enterprise in a report on Tuesday. Fifteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $725.25.

Insider Buying and Selling

In other news, President Joshua Isner sold 13,000 shares of Axon Enterprise stock in a transaction 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 sale, the president owned 169,125 shares of the company's stock, valued at $82,609,106.25. The trade was a 7.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Isaiah Fields sold 2,000 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $400.00, for a total value of $800,000.00. Following the transaction, the insider owned 52,813 shares in the company, valued at $21,125,200. This trade represents a 3.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,989 shares of company stock worth $30,527,983 in the last three months. 4.20% of the stock is currently owned by insiders.

About Axon Enterprise

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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