Empowered Funds LLC Buys New Shares in Axon Enterprise, Inc $AXON

Key Points

• Empowered Funds LLC acquired 5,507 Axon Enterprise shares worth approximately $3.1 million in the second quarter. Institutional investors collectively own 79.08% of the company.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and three Holds; the stock has an average “Moderate Buy” rating and a consensus price target of $730.92.
• Axon reported quarterly revenue of $904.39 million, up 35.3% year over year, and earnings of $1.88 per share, exceeding analyst expectations. However, the stock opened at $518.30, down 8.5%, while insiders sold roughly $40.7 million of shares over the past three months.

Empowered Funds LLC purchased a new position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 5,507 shares of the biotechnology company's stock, valued at approximately $3,087,000.

Other large investors have also bought and sold shares of the company. 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. 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. Sivia Capital Partners LLC purchased a new position in shares of Axon Enterprise in the second quarter worth $284,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Axon Enterprise during the 2nd quarter valued at $3,467,000. 79.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AXON shares. Needham & Company LLC reissued a "buy" rating on shares of Axon Enterprise in a report on Thursday, August 6th. UBS Group upped their price objective on shares of Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Piper Sandler increased their target price on shares of Axon Enterprise from $724.00 to $732.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Zacks Research cut Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. boosted their price target on Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Thirteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $730.92.

Axon Enterprise Stock Down 8.5%

AXON stock opened at $518.30 on Wednesday. Axon Enterprise, Inc has a fifty-two week low of $339.01 and a fifty-two week high of $792.16. The company has a market capitalization of $42.11 billion, a price-to-earnings ratio of 215.06, a price-to-earnings-growth ratio of 9.20 and a beta of 1.39. The business's 50 day moving average price is $565.59 and its two-hundred day moving average price is $484.77. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15.

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

Insider Buying and Selling at Axon Enterprise

In other news, CRO Cameron Brooks sold 1,242 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $500.00, for a total transaction of $621,000.00. Following the sale, the executive owned 49,710 shares in the company, valued at approximately $24,855,000. The trade was a 2.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 13,000 shares of the company's stock in a transaction dated Friday, June 5th. The stock was 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 in the company, valued at $82,609,106.25. This represents a 7.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 75,401 shares of company stock valued at $40,670,843. Company insiders own 4.20% of the company's stock.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source