Granahan Investment Management LLC Increases Position in Axon Enterprise, Inc $AXON

Key Points

• Granahan Investment Management boosted its Axon Enterprise stake by 19.8% in the first quarter, buying 14,978 additional shares and bringing its total to 90,692 shares worth about $38.5 million.
• Axon reported better-than-expected quarterly results, with EPS of $1.61 versus the $1.60 consensus and revenue of $807.35 million, up 33.7% year over year.
• Analysts remain broadly positive on the stock, with 15 Buy ratings, 3 Hold ratings, and a consensus price target of $725.25, even as some insiders sold shares recently.

Granahan Investment Management LLC increased its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 19.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,692 shares of the biotechnology company's stock after buying an additional 14,978 shares during the quarter. Axon Enterprise comprises approximately 1.9% of Granahan Investment Management LLC's investment portfolio, making the stock its 12th biggest holding. Granahan Investment Management LLC owned 0.11% of Axon Enterprise worth $38,516,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AXON. Creative Financial Designs Inc. ADV acquired a new stake in Axon Enterprise during the 4th quarter worth about $28,000. Sound Income Strategies LLC grew its stake in Axon Enterprise by 550.0% during the 4th quarter. Sound Income Strategies LLC now owns 52 shares of the biotechnology company's stock valued at $30,000 after purchasing an additional 44 shares during the last quarter. Camelot Portfolios LLC acquired a new position in shares of Axon Enterprise in the fourth quarter valued at about $30,000. AlphaCentric Advisors LLC acquired a new position in shares of Axon Enterprise in the fourth quarter valued at about $34,000. Finally, Lodestone Wealth Management LLC purchased a new position in shares of Axon Enterprise in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 79.08% of the company's stock.

Axon Enterprise Trading Up 2.1%

Shares of NASDAQ:AXON opened at $502.34 on Friday. The company has a current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.49. Axon Enterprise, Inc has a 12-month low of $339.01 and a 12-month high of $885.91. The business has a 50 day moving average of $483.26 and a two-hundred day moving average of $479.59. The company has a market capitalization of $40.49 billion, a PE ratio of 201.74, a PEG ratio of 10.04 and a beta of 1.38.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $1.61 EPS for the quarter, topping analysts' consensus estimates of $1.60 by $0.01. The business had revenue of $807.35 million for the quarter, compared to analysts' expectations of $778.90 million. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The business's revenue was up 33.7% on a year-over-year basis. During the same quarter last year, the company earned $1.47 EPS. As a group, analysts forecast that Axon Enterprise, Inc will post 1.63 EPS for the current year.

Insider Activity

In related news, CRO Cameron Brooks sold 1,242 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $500.00, for a total transaction of $621,000.00. Following the sale, the executive directly owned 49,710 shares of the company's stock, valued at approximately $24,855,000. This represents a 2.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of the firm's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $485.00, for a total transaction of $753,690.00. Following the sale, the insider owned 34,024 shares in the company, valued at approximately $16,501,640. This represents a 4.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,989 shares of company stock valued at $30,527,983 in the last three months. Corporate insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Citizens Jmp reiterated a "market outperform" rating and issued a $700.00 price target on shares of Axon Enterprise in a report on Thursday, June 25th. Needham & Company LLC upped their price objective on shares of Axon Enterprise from $600.00 to $750.00 and gave the company a "buy" rating in a report on Monday, July 6th. UBS Group cut their price objective on shares of Axon Enterprise from $570.00 to $440.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. Morgan Stanley set a $600.00 target price on shares of Axon Enterprise in a report on Thursday, May 7th. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of Axon Enterprise in a research report on Tuesday. Fifteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $725.25.

Axon Enterprise Profile

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company's hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.

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