Jennison Associates LLC Has $47.44 Million Stock Position in Axon Enterprise, Inc $AXON

Key Points

• Jennison Associates cut its Axon Enterprise position by 89.8% in the second quarter, selling 742,063 shares and retaining 84,617 shares valued at approximately $47.44 million.
• Analysts maintain a generally positive view, with 13 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $730.92.
• Axon reported quarterly revenue of $904.39 million, up 35.3% year over year, and EPS of $1.88, exceeding expectations; however, the stock trades at a lofty P/E ratio of 254.29, while insiders sold about $36.02 million of shares over the past 90 days.

Jennison Associates LLC decreased its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 89.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,617 shares of the biotechnology company's stock after selling 742,063 shares during the quarter. Jennison Associates LLC owned about 0.10% of Axon Enterprise worth $47,437,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Darwin Wealth Management LLC bought a new position in shares of Axon Enterprise in the 2nd quarter worth $37,000. Creative Financial Designs Inc. ADV bought a new stake in Axon Enterprise during the 4th quarter valued at $28,000. Camelot Portfolios LLC bought a new stake in Axon Enterprise during the 4th quarter valued at $30,000. AlphaCentric Advisors LLC acquired a new position in Axon Enterprise during the fourth quarter worth $34,000. Finally, Strive Financial Group LLC acquired a new position in Axon Enterprise during the fourth quarter worth $41,000. 79.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AXON has been the subject of a number of analyst reports. Zacks Research cut shares of Axon Enterprise from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. JPMorgan Chase & Co. upped their target price on shares of Axon Enterprise from $750.00 to $755.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. TD Cowen reaffirmed a "buy" rating on shares of Axon Enterprise in a research report on Wednesday, July 22nd. Barclays lifted their price target on Axon Enterprise from $523.00 to $688.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Finally, Citizens Jmp reissued a "market outperform" rating and set a $700.00 price objective on shares of Axon Enterprise in a report on Thursday, June 25th. Thirteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Axon Enterprise has an average rating of "Moderate Buy" and a consensus target price of $730.92.

Insiders Place Their Bets

In other Axon Enterprise news, Director Caitlin Elizabeth Kalinowski sold 564 shares of Axon Enterprise stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $478.97, for a total transaction of $270,139.08. Following the transaction, the director owned 3,632 shares of the company's stock, valued at $1,739,619.04. This trade represents a 13.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of Axon Enterprise stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $485.00, for a total transaction of $753,690.00. Following the transaction, the insider directly owned 34,024 shares in the company, valued at approximately $16,501,640. This represents a 4.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 68,989 shares of company stock worth $36,016,932 in the last ninety days. 4.20% of the stock is owned by corporate insiders.

Axon Enterprise Price Performance

AXON opened at $612.83 on Friday. Axon Enterprise, Inc has a 1 year low of $339.01 and a 1 year high of $794.29. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.15 and a quick ratio of 1.80. The company has a market capitalization of $49.78 billion, a price-to-earnings ratio of 254.29, a P/E/G ratio of 12.56 and a beta of 1.39. The firm's fifty day moving average price is $526.06 and its two-hundred day moving average price is $474.40.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The company had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. During the same quarter in the prior year, the company posted $2.12 earnings per share. The firm's revenue for the quarter was up 35.3% on a year-over-year basis. As a group, analysts anticipate that Axon Enterprise, Inc will post 1.63 earnings per share for the current fiscal year.

Axon Enterprise Company 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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