Evolutionary Tree Capital Management LLC Lowers Stock Holdings 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 lessened its position 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 13F filing with the SEC. The fund owned 4,865 shares of the biotechnology company's stock after selling 4,485 shares during the quarter. Axon Enterprise accounts for 3.0% of Evolutionary Tree Capital Management LLC's portfolio, making the stock its 15th largest position. Evolutionary Tree Capital Management LLC's holdings in Axon Enterprise were worth $2,559,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Capital World Investors raised its holdings in Axon Enterprise by 86.4% in the 4th quarter. Capital World Investors now owns 1,815,765 shares of the biotechnology company's stock worth $1,079,145,000 after purchasing an additional 841,772 shares during the period. GAMMA Investing LLC raised its holdings in Axon Enterprise by 58,725.5% in the 1st quarter. GAMMA Investing LLC now owns 764,731 shares of the biotechnology company's stock worth $402,210,000 after purchasing an additional 763,431 shares during the period. Northern Trust Corp raised its holdings in Axon Enterprise by 19.8% in the 4th quarter. Northern Trust Corp now owns 716,926 shares of the biotechnology company's stock worth $426,083,000 after purchasing an additional 118,469 shares during the period. Jennison Associates LLC raised its holdings in Axon Enterprise by 23,203.7% in the 1st quarter. Jennison Associates LLC now owns 614,053 shares of the biotechnology company's stock worth $322,961,000 after purchasing an additional 611,418 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in Axon Enterprise by 0.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 554,382 shares of the biotechnology company's stock worth $291,577,000 after purchasing an additional 3,185 shares during the period. Hedge funds and other institutional investors own 79.08% of the company's stock.

Insiders Place Their Bets

In related news, Director Michael Garnreiter sold 5,913 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $760.00, for a total value of $4,493,880.00. Following the completion of the transaction, the director directly owned 17,740 shares in the company, valued at approximately $13,482,400. This represents a 25.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Jennifer H. Mak sold 75 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $771.81, for a total value of $57,885.75. Following the completion of the transaction, the chief accounting officer owned 15,240 shares of the company's stock, valued at $11,762,384.40. The trade was a 0.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,642 shares of company stock valued at $25,090,528. Insiders own 4.40% of the company's stock.

Analyst Upgrades and Downgrades

AXON has been the subject of a number of analyst reports. UBS Group reaffirmed a "neutral" rating and issued a $840.00 price target (up previously from $820.00) on shares of Axon Enterprise in a report on Tuesday. Raymond James Financial reaffirmed an "outperform" rating and issued a $855.00 price target (up previously from $645.00) on shares of Axon Enterprise in a report on Tuesday. JMP Securities upped their price target on 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 set a $870.00 target price on Axon Enterprise and gave the company a "buy" rating in a report on Tuesday. Finally, JPMorgan Chase & Co. increased their target price on Axon Enterprise from $730.00 to $850.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $837.69.

Axon Enterprise Price Performance

Shares of AXON stock traded down $27.39 during trading hours on Friday, reaching $843.58. The company had a trading volume of 483,353 shares, compared to its average volume of 708,271. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.62 and a current ratio of 2.95. The stock has a fifty day moving average of $772.30 and a 200-day moving average of $663.05. The company has a market capitalization of $66.22 billion, a price-to-earnings ratio of 208.29, a PEG ratio of 19.36 and a beta of 1.36. Axon Enterprise, Inc has a 12-month low of $346.71 and a 12-month high of $885.91.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The biotechnology company reported $2.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.58. The business had revenue of $668.54 million during the quarter, compared to analyst estimates of $641.77 million. Axon Enterprise had a return on equity of 6.80% and a net margin of 13.64%. The business's revenue was up 32.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 earnings per share. On average, equities analysts anticipate that Axon Enterprise, Inc will post 5.8 earnings per share for the current 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.