Fairscale Capital LLC Buys 7,374 Shares of Axon Enterprise, Inc $AXON

Key Points

• Fairscale Capital opened a position in Axon, buying 7,374 shares valued at approximately $3.12 million; the stock represents about 1.8% of its portfolio.
• Axon’s latest quarter missed analyst expectations, reporting adjusted earnings of $1.72 per share versus $1.89 expected and revenue of $908.6 million versus $934.3 million expected. Revenue nevertheless grew 27.8% year over year.
• Analysts give Axon a consensus “Moderate Buy” rating with an average price target of $612.18, while insiders sold 37,397 shares worth about $21.2 million over the past 90 days.

Fairscale Capital LLC bought a new stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,374 shares of the biotechnology company's stock, valued at approximately $3,116,000. Axon Enterprise accounts for about 1.8% of Fairscale Capital LLC's portfolio, making the stock its 10th biggest position.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its holdings in Axon Enterprise by 5,700.2% during the 2nd quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company's stock valued at $119,724,905,000 after purchasing an additional 209,879,882 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Axon Enterprise by 18,050.2% in the second quarter. Envestnet Asset Management Inc. now owns 13,200,075 shares of the biotechnology company's stock worth $7,400,094,000 after purchasing an additional 13,127,348 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in Axon Enterprise by 391,214.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 6,988,884 shares of the biotechnology company's stock worth $2,952,943,000 after purchasing an additional 6,987,098 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Axon Enterprise by 5,022.8% in the third quarter. Assenagon Asset Management S.A. now owns 4,266,589 shares of the biotechnology company's stock worth $1,802,719,000 after purchasing an additional 4,183,302 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Axon Enterprise by 8,432.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,537,957 shares of the biotechnology company's stock worth $1,983,414,000 after purchasing an additional 3,496,493 shares during the last quarter. Institutional investors own 79.08% of the company's stock.

Insider Transactions at Axon Enterprise

In other news, CEO Patrick Smith sold 10,000 shares of the firm's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $508.99, for a total transaction of $5,089,900.00. Following the transaction, the chief executive officer owned 3,118,012 shares in the company, valued at approximately $1,587,036,927.88. This trade represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 16,775 shares of Axon Enterprise stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $574.43, for a total value of $9,636,063.25. Following the completion of the sale, the president owned 296,974 shares of the company's stock, valued at $170,590,774.82. The trade was a 5.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 37,397 shares of company stock worth $21,234,034. Corporate insiders own 4.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AXON shares. The Goldman Sachs Group dropped their target price on Axon Enterprise from $715.00 to $675.00 and set a "buy" rating for the company in a research report on Monday, September 21st. Zacks Research downgraded Axon Enterprise from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 3rd. Argus raised their price target on Axon Enterprise from $460.00 to $600.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Craig Hallum lowered Axon Enterprise from a "buy" rating to a "hold" rating and set a $390.00 price target for the company. in a research note on Friday. Finally, Citigroup restated a "market outperform" rating on shares of Axon Enterprise in a report on Monday, November 2nd. Thirteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $612.18.

Axon Enterprise Trading Down 3.1%

AXON opened at $303.18 on Tuesday. The stock's fifty day moving average is $435.58 and its two-hundred day moving average is $473.66. The company has a market capitalization of $24.63 billion, a P/E ratio of 97.17, a PEG ratio of 8.06 and a beta of 1.48. Axon Enterprise, Inc has a 52 week low of $296.78 and a 52 week high of $665.07. 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 earnings results on Thursday, November 5th. The biotechnology company reported $1.72 earnings per share for the quarter, missing analysts' consensus estimates of $1.89 by ($0.17). Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The firm had revenue of $908.55 million for the quarter, compared to the consensus estimate of $934.33 million. During the same period last year, the firm earned $1.17 earnings per share. The company's revenue for the quarter was up 27.8% on a year-over-year basis. Analysts forecast that Axon Enterprise, Inc will post 2.10 earnings per share for the current year.

Axon Enterprise Profile

Axon Enterprise develops technology and services for public safety agencies. Its products include TASER conducted-energy weapons, body-worn and in-car cameras, and related hardware designed to support law enforcement and other safety professionals.

The company also provides cloud-based software for managing digital evidence, records and operational workflows. Its Axon Evidence platform helps agencies store, organize and share video and other evidence, while its broader software offerings include tools for dispatch and records management.

Founded in 1993 as TASER International, the company adopted the name Axon Enterprise in 2017 as it expanded beyond conducted-energy weapons into connected devices and software.

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