Cynosure Group LLC Buys 510 Shares of Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Cynosure Group LLC increased its stake in Axon Enterprise by 57.1%, acquiring an additional 510 shares during the first quarter, bringing its total holdings to 1,403 shares valued at $738,000.
• Several analysts upgraded Axon Enterprise's ratings, with price objectives set between $735.00 and $900.00, reflecting a positive outlook on the stock.
• Axon Enterprise reported a strong quarterly performance, with earnings per share of $2.12, exceeding estimates and showcasing a 32.6% increase in revenue compared to the previous year.

Cynosure Group LLC increased its stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 57.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,403 shares of the biotechnology company's stock after buying an additional 510 shares during the quarter. Cynosure Group LLC's holdings in Axon Enterprise were worth $738,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of AXON. TCTC Holdings LLC lifted its position in shares of Axon Enterprise by 75.0% during the first quarter. TCTC Holdings LLC now owns 56 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 24 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in Axon Enterprise in the 4th quarter worth $30,000. Bartlett & CO. Wealth Management LLC boosted its position in Axon Enterprise by 132.0% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 58 shares of the biotechnology company's stock valued at $31,000 after buying an additional 33 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new stake in shares of Axon Enterprise during the first quarter valued at about $32,000. Finally, Alpine Bank Wealth Management purchased a new stake in shares of Axon Enterprise during the first quarter worth about $40,000. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on AXON. Bank of America raised their price objective on Axon Enterprise from $895.00 to $1,000.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. increased their price objective 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. Raymond James Financial reissued an "outperform" rating and set a $855.00 price objective (up from $645.00) on shares of Axon Enterprise in a report on Tuesday, August 5th. UBS Group restated a "neutral" rating and issued a $840.00 target price (up previously from $820.00) on shares of Axon Enterprise in a research note on Tuesday, August 5th. Finally, Northland Securities set a $800.00 price target on Axon Enterprise in a research note on Tuesday, August 5th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $837.69.

Insiders Place Their Bets

In other news, Director Michael Garnreiter sold 5,913 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $760.00, for a total transaction of $4,493,880.00. Following the transaction, the director directly owned 17,740 shares in the company, valued at $13,482,400. The trade was a 25.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jennifer H. Mak sold 75 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $771.81, for a total transaction of $57,885.75. Following the completion of the transaction, the chief accounting officer directly owned 15,240 shares in the company, valued at $11,762,384.40. This trade represents a 0.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,185 shares of company stock valued at $24,126,378 over the last quarter. 5.70% of the stock is owned by insiders.

Axon Enterprise Stock Performance

Shares of AXON traded down $18.59 during midday trading on Wednesday, hitting $749.98. 643,825 shares of the stock traded hands, compared to its average volume of 710,594. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.71 and a current ratio of 2.95. Axon Enterprise, Inc has a 1-year low of $346.71 and a 1-year high of $885.91. The business's 50 day moving average price is $775.67 and its two-hundred day moving average price is $667.61. The firm has a market capitalization of $58.88 billion, a PE ratio of 185.18, a price-to-earnings-growth ratio of 30.05 and a beta of 1.36.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The biotechnology company reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.58. The business had revenue of $668.54 million during the quarter, compared to analysts' expectations of $641.77 million. Axon Enterprise had a net margin of 13.64% and a return on equity of 6.80%. The business's revenue was up 32.6% on a year-over-year basis. During the same period last year, the firm posted $1.20 earnings per share. Equities research analysts predict that Axon Enterprise, Inc will post 5.8 EPS for the current fiscal year.

Axon Enterprise Company Profile

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.