Cibc World Market Inc. Acquires Shares of 7,496 Axon Enterprise, Inc $AXON

Key Points

• CIBC World Markets initiated a position in Axon Enterprise by purchasing 7,496 shares valued at approximately $4.2 million. Institutional investors collectively own 79.08% of the company.
• Wall Street remains broadly positive, with 13 analysts rating Axon a Buy and three a Hold; the consensus rating is Moderate Buy with a $730.92 price target.
• Axon exceeded quarterly expectations, reporting $1.88 in EPS and $904.39 million in revenue, up 35.3% year over year. However, insiders sold 76,594 shares worth roughly $41.2 million over the past three months.

Cibc World Market Inc. bought a new position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 7,496 shares of the biotechnology company's stock, valued at approximately $4,202,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Axon Enterprise by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,367,224 shares of the biotechnology company's stock valued at $5,319,928,000 after buying an additional 53,060 shares in the last quarter. BlackRock Inc. grew its stake in Axon Enterprise by 4.3% in the 2nd quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock worth $4,672,432,000 after acquiring an additional 345,365 shares in the last quarter. Geode Capital Management LLC grew its stake in Axon Enterprise by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 2,226,159 shares of the biotechnology company's stock worth $1,265,657,000 after acquiring an additional 35,544 shares in the last quarter. Sands Capital Management LLC increased its position in shares of Axon Enterprise by 11.6% during the fourth quarter. Sands Capital Management LLC now owns 1,609,436 shares of the biotechnology company's stock worth $914,047,000 after acquiring an additional 167,095 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Axon Enterprise by 326.9% during the fourth quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company's stock worth $874,463,000 after acquiring an additional 1,179,038 shares during the period. 79.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AXON has been the subject of a number of research reports. TD Cowen reiterated a "buy" rating on shares of Axon Enterprise in a report on Wednesday, July 22nd. Citizens Jmp reaffirmed a "market outperform" rating and set a $700.00 target price on shares of Axon Enterprise in a research report on Thursday, June 25th. Barclays upped their target price on Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Morgan Stanley increased their price target on Axon Enterprise from $600.00 to $640.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Zacks Research lowered Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Thirteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Axon Enterprise has a consensus rating of "Moderate Buy" and a consensus price target of $730.92.

Axon Enterprise Trading Up 2.6%

Shares of NASDAQ:AXON opened at $613.26 on Wednesday. The company has a market capitalization of $49.82 billion, a PE ratio of 254.47, a P/E/G ratio of 9.70 and a beta of 1.39. The company has a current ratio of 2.15, a quick ratio of 1.80 and a debt-to-equity ratio of 0.47. Axon Enterprise, Inc has a 12-month low of $339.01 and a 12-month high of $794.29. The business's fifty day simple moving average is $549.76 and its 200-day simple moving average is $479.31.

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

Insiders Place Their Bets

In other Axon Enterprise news, President Joshua Isner sold 13,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the completion of the sale, the president directly owned 169,125 shares of the company's stock, valued at approximately $82,609,106.25. This represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $485.00, for a total transaction of $753,690.00. Following the completion of the sale, the insider owned 34,024 shares in the company, valued at $16,501,640. This represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 76,594 shares of company stock valued at $41,236,386 in the last three months. 4.20% of the stock is currently owned by insiders.

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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