Clare Market Investments LLC Takes $9.73 Million Position in Axon Enterprise, Inc $AXON

Key Points

• Clare Market Investments LLC opened a new position in Axon Enterprise during the first quarter, buying 22,914 shares worth about $9.73 million. The stake makes AXON the firm’s 10th largest holding and about 2.0% of its portfolio.
• Several insiders sold shares recently, including President Joshua Isner, who sold 13,000 shares for about $6.35 million. In the past 90 days, insiders have sold nearly 49,000 shares worth roughly $24.1 million.
• Axon’s latest quarterly results topped expectations, with EPS of $1.61 and revenue of $807.35 million, up 33.7% year over year. Analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $722.12.

Clare Market Investments LLC purchased a new stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 22,914 shares of the biotechnology company's stock, valued at approximately $9,731,000. Axon Enterprise accounts for about 2.0% of Clare Market Investments LLC's holdings, making the stock its 10th largest holding.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV bought a new stake in Axon Enterprise in the fourth quarter worth about $28,000. Sound Income Strategies LLC grew 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 worth $30,000 after purchasing an additional 44 shares during the last quarter. Camelot Portfolios LLC purchased a new position in Axon Enterprise in the 4th quarter worth about $30,000. AlphaCentric Advisors LLC purchased a new position in Axon Enterprise in the 4th quarter worth about $34,000. Finally, Lodestone Wealth Management LLC purchased a new stake in Axon Enterprise in the 4th quarter valued at about $35,000. 79.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, President Joshua Isner sold 13,000 shares of the firm's stock in a transaction on 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 sale, the president owned 169,125 shares in the company, valued at approximately $82,609,106.25. This trade represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of the company's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $485.00, for a total transaction of $753,690.00. Following the completion of the transaction, the insider owned 34,024 shares of the company's stock, valued at approximately $16,501,640. This trade represents a 4.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 48,989 shares of company stock worth $24,090,083. 4.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AXON. The Goldman Sachs Group set a $535.00 price target on Axon Enterprise in a research report on Thursday, May 7th. Morgan Stanley set a $600.00 price objective on shares of Axon Enterprise in a research note on Thursday, May 7th. Citizens Jmp reissued a "market outperform" rating and set a $700.00 target price on shares of Axon Enterprise in a research report on Thursday, June 25th. Piper Sandler reaffirmed an "overweight" rating and issued a $674.00 price target on shares of Axon Enterprise in a research report on Monday, June 15th. Finally, UBS Group dropped their price objective on shares of Axon Enterprise from $570.00 to $440.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $722.12.

Axon Enterprise Trading Up 4.1%

Shares of Axon Enterprise stock opened at $647.56 on Tuesday. The firm's 50 day simple moving average is $442.27 and its two-hundred day simple moving average is $482.38. The firm has a market capitalization of $52.19 billion, a price-to-earnings ratio of 261.80, a PEG ratio of 12.18 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 current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.49.

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 for the quarter, beating analysts' consensus estimates of $1.60 by $0.01. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The business had revenue of $807.35 million for the quarter, compared to analyst estimates of $778.90 million. During the same period in the prior year, the company earned $1.47 earnings per share. The company's revenue was up 33.7% on a year-over-year basis. Analysts predict that Axon Enterprise, Inc will post 1.63 EPS for the current year.

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.

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.