Evolutionary Tree Capital Management LLC Reduces Position in Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Evolutionary Tree Capital Management LLC reduced its holdings in Axon Enterprise by 48.0%, selling 4,485 shares and now holding 4,865 shares valued at approximately $2,559,000.
• Various institutional investors, including Pinion Investment Advisors LLC and Kentucky Retirement Systems, have increased their stakes in Axon Enterprise during the same period, indicating continued interest in the company.
• Recent analysts' ratings for Axon Enterprise vary, with a consensus rating of "Moderate Buy" and a target price averaging $772.08, reflecting positive market sentiment despite varied performance expectations.

Evolutionary Tree Capital Management LLC cut its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 48.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,865 shares of the biotechnology company's stock after selling 4,485 shares during the quarter. Axon Enterprise makes up approximately 3.0% of Evolutionary Tree Capital Management LLC's portfolio, making the stock its 15th largest holding. Evolutionary Tree Capital Management LLC's holdings in Axon Enterprise were worth $2,559,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Pinion Investment Advisors LLC increased its position in shares of Axon Enterprise by 3.0% during the first quarter. Pinion Investment Advisors LLC now owns 649 shares of the biotechnology company's stock valued at $341,000 after buying an additional 19 shares during the period. Kentucky Retirement Systems increased its holdings in Axon Enterprise by 0.4% during the 1st quarter. Kentucky Retirement Systems now owns 4,953 shares of the biotechnology company's stock worth $2,605,000 after acquiring an additional 19 shares during the period. WCM Investment Management LLC increased its holdings in Axon Enterprise by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 2,441 shares of the biotechnology company's stock worth $1,306,000 after acquiring an additional 19 shares during the period. Sheaff Brock Investment Advisors LLC increased its holdings in Axon Enterprise by 0.5% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 3,561 shares of the biotechnology company's stock worth $1,873,000 after acquiring an additional 19 shares during the period. Finally, HBK Sorce Advisory LLC increased its holdings in Axon Enterprise by 4.6% during the 1st quarter. HBK Sorce Advisory LLC now owns 451 shares of the biotechnology company's stock worth $237,000 after acquiring an additional 20 shares during the period. 79.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on AXON. UBS Group began coverage on shares of Axon Enterprise in a report on Wednesday, July 16th. They set a "neutral" rating and a $820.00 target price on the stock. JMP Securities upped their target price on shares of Axon Enterprise from $725.00 to $825.00 and gave the stock a "market outperform" rating in a report on Tuesday, July 22nd. Needham & Company LLC upped their target price on shares of Axon Enterprise from $600.00 to $750.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Wolfe Research assumed coverage on shares of Axon Enterprise in a report on Monday, July 7th. They issued an "outperform" rating on the stock. Finally, Morgan Stanley set a $885.00 price target on shares of Axon Enterprise and gave the stock an "overweight" rating in a report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $772.08.

Axon Enterprise Price Performance

Shares of NASDAQ AXON opened at $742.47 on Monday. Axon Enterprise, Inc has a 1 year low of $279.02 and a 1 year high of $830.21. The stock has a market capitalization of $57.80 billion, a P/E ratio of 179.34, a P/E/G ratio of 82.76 and a beta of 1.36. The company's 50-day moving average is $764.54 and its 200 day moving average is $657.23. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.83 and a quick ratio of 2.62.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.07. Axon Enterprise had a net margin of 14.86% and a return on equity of 5.81%. The company had revenue of $603.63 million during the quarter, compared to the consensus estimate of $585.67 million. During the same period in the prior year, the firm earned $1.15 earnings per share. Axon Enterprise's revenue was up 31.3% on a year-over-year basis. On average, sell-side analysts expect that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

Insider Buying and Selling

In other Axon Enterprise news, Director Caitlin Elizabeth Kalinowski sold 1,300 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $738.84, for a total transaction of $960,492.00. Following the completion of the transaction, the director owned 4,829 shares of the company's stock, valued at approximately $3,567,858.36. This trade represents a 21.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Joshua Isner sold 9,905 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $738.03, for a total transaction of $7,310,187.15. Following the transaction, the president directly owned 298,809 shares of the company's stock, valued at $220,530,006.27. This represents a 3.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,642 shares of company stock valued at $25,090,528 over the last quarter. 5.70% of the stock is currently owned by insiders.

About Axon Enterprise

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.

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