Geneva Capital Management LLC Reduces Stock Position in Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Geneva Capital Management LLC reduced its stake in Axon Enterprise, Inc by 3.9%, now holding 95,716 shares valued at approximately $50.3 million, following the sale of 3,873 shares during the first quarter.
• A total of 79.08% of Axon’s stock is owned by institutional investors, indicating a strong institutional backing in the company.
• Axon recently reported earnings of $1.41 per share, which surpassed analysts' expectations, with revenue increasing by 31.3% year-over-year to $603.63 million.

Geneva Capital Management LLC trimmed its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 3.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,716 shares of the biotechnology company's stock after selling 3,873 shares during the quarter. Geneva Capital Management LLC owned approximately 0.12% of Axon Enterprise worth $50,342,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Pinion Investment Advisors LLC increased its stake in Axon Enterprise by 3.0% during the first quarter. Pinion Investment Advisors LLC now owns 649 shares of the biotechnology company's stock worth $341,000 after purchasing an additional 19 shares during the period. Kentucky Retirement Systems increased its stake in Axon Enterprise by 0.4% during the first quarter. Kentucky Retirement Systems now owns 4,953 shares of the biotechnology company's stock worth $2,605,000 after purchasing an additional 19 shares during the period. WCM Investment Management LLC increased its stake in Axon Enterprise by 0.8% during the first quarter. WCM Investment Management LLC now owns 2,441 shares of the biotechnology company's stock worth $1,306,000 after purchasing an additional 19 shares during the period. Sheaff Brock Investment Advisors LLC increased its stake in shares of Axon Enterprise by 0.5% during the first 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 period. Finally, HBK Sorce Advisory LLC increased its stake in shares of Axon Enterprise by 4.6% during the first quarter. HBK Sorce Advisory LLC now owns 451 shares of the biotechnology company's stock worth $237,000 after buying an additional 20 shares during the period. 79.08% of the stock is currently owned by institutional investors.

Insider Transactions at Axon Enterprise

In other news, Director Caitlin Elizabeth Kalinowski sold 1,300 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $738.84, for a total value of $960,492.00. Following the completion of the transaction, the director owned 4,829 shares in the company, valued at $3,567,858.36. This trade represents a 21.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Cameron Brooks sold 3,000 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $740.76, for a total value of $2,222,280.00. Following the completion of the transaction, the executive owned 19,447 shares of the company's stock, valued at approximately $14,405,559.72. This represents a 13.36% 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 valued at $25,090,528 in the last three months. Insiders own 5.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on AXON shares. UBS Group upped their target price on shares of Axon Enterprise from $820.00 to $840.00 and gave the stock a "neutral" rating in a research note on Tuesday. Craig Hallum raised Axon Enterprise from a "hold" rating to a "buy" rating and set a $900.00 price target for the company in a report on Tuesday. Bank of America upped their price target on Axon Enterprise from $750.00 to $895.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Morgan Stanley set a $885.00 price target on Axon Enterprise and gave the company an "overweight" rating in a report on Friday, July 11th. Finally, The Goldman Sachs Group upped their price target on Axon Enterprise from $730.00 to $830.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Axon Enterprise presently has a consensus rating of "Moderate Buy" and an average target price of $810.38.

Axon Enterprise Stock Performance

Shares of NASDAQ AXON traded up $122.24 during mid-day trading on Tuesday, hitting $867.12. 2,532,998 shares of the company were exchanged, compared to its average volume of 631,794. The company has a quick ratio of 2.62, a current ratio of 2.83 and a debt-to-equity ratio of 0.68. The stock has a 50 day simple moving average of $767.23 and a 200-day simple moving average of $659.73. Axon Enterprise, Inc has a 1-year low of $286.19 and a 1-year high of $885.92. The firm has a market cap of $67.51 billion, a price-to-earnings ratio of 214.10, a price-to-earnings-growth ratio of 83.03 and a beta of 1.36.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The biotechnology company reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.58. The firm had revenue of $668.54 million during the quarter, compared to the consensus estimate of $641.77 million. Axon Enterprise had a return on equity of 7.10% and a net margin of 13.64%. The company's revenue for the quarter was up 32.6% on a year-over-year basis. During the same period last year, the company earned $1.20 earnings per share. On average, sell-side analysts forecast that Axon Enterprise, Inc will post 5.8 EPS for the current fiscal 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.