Clear Harbor Asset Management LLC Purchases Shares of 5,504 Axon Enterprise, Inc $AXON

Key Points

• Clear Harbor Asset Management acquired 5,504 Axon Enterprise shares during the second quarter, valued at approximately $3.1 million. Institutional investors collectively own 79.08% of the company.
• Axon insiders sold 66,989 shares worth approximately $35.2 million over the past three months, including significant sales by the company’s president and chief revenue officer.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and three Holds and an average price target of $730.92. Axon recently beat quarterly earnings and revenue estimates, reporting $904.4 million in revenue, up 35.3% year over year.

Clear Harbor Asset Management LLC acquired a new position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 5,504 shares of the biotechnology company's stock, valued at approximately $3,085,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC purchased a new stake in shares of Axon Enterprise during the fourth quarter valued at approximately $480,000. NewEdge Advisors LLC grew its holdings in shares of Axon Enterprise by 41.1% in the first quarter. NewEdge Advisors LLC now owns 2,294 shares of the biotechnology company's stock worth $1,207,000 after purchasing an additional 668 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Axon Enterprise by 8.4% in the first quarter. Empowered Funds LLC now owns 2,028 shares of the biotechnology company's stock worth $1,067,000 after buying an additional 157 shares during the period. Woodline Partners LP increased its stake in shares of Axon Enterprise by 40.6% in the first quarter. Woodline Partners LP now owns 6,932 shares of the biotechnology company's stock worth $3,646,000 after buying an additional 2,003 shares during the period. Finally, Sivia Capital Partners LLC bought a new stake in Axon Enterprise during the 2nd quarter valued at $284,000. Institutional investors own 79.08% of the company's stock.

Insider Activity

In related news, CRO Cameron Brooks sold 1,242 shares of the business's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $500.00, for a total transaction of $621,000.00. Following the transaction, the executive owned 49,710 shares in the company, valued at $24,855,000. The trade was a 2.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 13,000 shares of the business's 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 transaction, the president owned 169,125 shares in the company, valued at $82,609,106.25. This represents a 7.14% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 66,989 shares of company stock worth $35,216,932. 4.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AXON. UBS Group increased their price target on shares of Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a research report on Thursday, August 6th. Citizens Jmp restated a "market outperform" rating and issued a $700.00 price objective on shares of Axon Enterprise in a research report on Thursday, June 25th. Needham & Company LLC reaffirmed a "buy" rating on shares of Axon Enterprise in a research note on Thursday, August 6th. Morgan Stanley increased their target price on shares of Axon Enterprise from $600.00 to $640.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, Zacks Research cut Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Thirteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Axon Enterprise has an average rating of "Moderate Buy" and an average price target of $730.92.

Axon Enterprise Stock Performance

Shares of AXON stock opened at $627.75 on Friday. The firm has a market capitalization of $51.00 billion, a price-to-earnings ratio of 260.48, a PEG ratio of 10.19 and a beta of 1.39. The stock has a fifty day moving average of $543.11 and a 200 day moving average of $476.87. Axon Enterprise, Inc has a 52 week low of $339.01 and a 52 week high of $794.29. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The business had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. During the same period in the previous year, the firm earned $2.12 EPS. The company's quarterly revenue was up 35.3% compared to the same quarter last year. As a group, research analysts expect that Axon Enterprise, Inc will post 2.04 earnings per share 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.

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