Federated Hermes Inc. Decreases Holdings in Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Federated Hermes Inc. reduced its stake in Axon Enterprise by 4.7%, now owning 323,207 shares valued at approximately $169.99 million as of the latest SEC filing.
• Several brokerages increased their target prices for Axon Enterprise, with Goldman Sachs raising it to $830.00 and JPMorgan Chase & Co. to $850.00, reflecting optimism among analysts.
• Insiders, including President Joshua Isner, sold a total of 34,642 shares worth over $25 million in the last ninety days, which indicates a notable decrease in their holdings.

Federated Hermes Inc. decreased its stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 4.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 323,207 shares of the biotechnology company's stock after selling 15,856 shares during the quarter. Federated Hermes Inc. owned about 0.42% of Axon Enterprise worth $169,991,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TCTC Holdings LLC boosted its holdings in Axon Enterprise by 75.0% during the 1st quarter. TCTC Holdings LLC now owns 56 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 24 shares during the period. Foundations Investment Advisors LLC raised its position in shares of Axon Enterprise by 21.4% in the 1st quarter. Foundations Investment Advisors LLC now owns 738 shares of the biotechnology company's stock worth $388,000 after acquiring an additional 130 shares in the last quarter. Mackenzie Financial Corp grew its stake in Axon Enterprise by 10.0% during the 1st quarter. Mackenzie Financial Corp now owns 7,899 shares of the biotechnology company's stock worth $4,154,000 after buying an additional 718 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its stake 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 buying an additional 19 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Axon Enterprise by 6.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,928 shares of the biotechnology company's stock worth $31,519,000 after buying an additional 3,676 shares during the last quarter. Hedge funds and other institutional investors own 79.08% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on AXON. Wolfe Research began coverage on Axon Enterprise in a research note on Monday, July 7th. They set an "outperform" rating on the stock. The Goldman Sachs Group upped their price target on Axon Enterprise from $730.00 to $830.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Morgan Stanley set a $885.00 target price on Axon Enterprise and gave the stock an "overweight" rating in a research note on Friday, July 11th. 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. Finally, Bank of America increased their target price on Axon Enterprise from $750.00 to $895.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. One investment 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 company currently has an average rating of "Moderate Buy" and a consensus target price of $772.08.

Axon Enterprise Stock Down 2.0%

NASDAQ:AXON traded down $15.02 during midday trading on Friday, reaching $740.47. The company had a trading volume of 322,211 shares, compared to its average volume of 695,137. The stock's fifty day simple moving average is $764.32 and its 200-day simple moving average is $655.08. The firm has a market capitalization of $57.65 billion, a price-to-earnings ratio of 178.86, a PEG ratio of 83.44 and a beta of 1.29. Axon Enterprise, Inc has a 12-month low of $279.02 and a 12-month high of $830.21. The company has a current ratio of 2.83, a quick ratio of 2.62 and a debt-to-equity ratio of 0.68.

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

Insider Activity at Axon Enterprise

In other Axon Enterprise news, CFO Brittany Bagley sold 3,400 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $700.00, for a total transaction of $2,380,000.00. Following the transaction, the chief financial officer owned 131,833 shares in the company, valued at approximately $92,283,100. The trade was a 2.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael Garnreiter sold 5,913 shares of the business's 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 transaction, the director owned 17,740 shares in the company, valued at $13,482,400. The trade was a 25.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,642 shares of company stock worth $25,090,528 in the last three months. 4.40% of the stock is currently owned by corporate 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.