Axon Enterprise, Inc (NASDAQ:AXON) Stock Holdings Trimmed by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp has reduced its holdings in Axon Enterprise, Inc by 46.8%, selling 4,707 shares to hold a total of 5,343 shares valued at approximately $2.81 million.
• Recent analyst reports have generally positive outlooks for Axon, with several firms increasing their target prices, including Bank of America raising their target to $1,000.
• Insider transactions included significant sales by executives, with CRO Cameron Brooks selling 3,000 shares for over $2.22 million, resulting in a 13.36% decrease in his ownership.

King Luther Capital Management Corp decreased its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 46.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,343 shares of the biotechnology company's stock after selling 4,707 shares during the quarter. King Luther Capital Management Corp's holdings in Axon Enterprise were worth $2,810,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Virtu Financial LLC purchased a new position in shares of Axon Enterprise in the 1st quarter worth $513,000. Frank Rimerman Advisors LLC raised its position in shares of Axon Enterprise by 26.6% in the 1st quarter. Frank Rimerman Advisors LLC now owns 609 shares of the biotechnology company's stock worth $320,000 after buying an additional 128 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Axon Enterprise by 48.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 102,148 shares of the biotechnology company's stock worth $53,725,000 after buying an additional 33,120 shares during the period. Cynosure Group LLC raised its position in shares of Axon Enterprise by 57.1% in the 1st quarter. Cynosure Group LLC now owns 1,403 shares of the biotechnology company's stock worth $738,000 after buying an additional 510 shares during the period. Finally, Townsquare Capital LLC raised its position in shares of Axon Enterprise by 119.9% in the 1st quarter. Townsquare Capital LLC now owns 2,008 shares of the biotechnology company's stock worth $1,056,000 after buying an additional 1,095 shares during the period. Institutional investors and hedge funds own 79.08% of the company's stock.

Axon Enterprise Stock Performance

Shares of AXON traded down $3.05 during mid-day trading on Wednesday, hitting $765.52. The stock had a trading volume of 1,128,938 shares, compared to its average volume of 744,388. The company has a market cap of $60.09 billion, a PE ratio of 189.02, a PEG ratio of 28.21 and a beta of 1.36. The company's fifty day simple moving average is $775.38 and its two-hundred day simple moving average is $668.28. The company has a quick ratio of 2.71, a current ratio of 2.95 and a debt-to-equity ratio of 0.63. Axon Enterprise, Inc has a fifty-two week low of $346.71 and a fifty-two week high of $885.91.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its earnings results on Monday, August 4th. The biotechnology company reported $2.12 EPS for the quarter, topping the consensus estimate of $1.54 by $0.58. The company had revenue of $668.54 million during the quarter, compared to analyst estimates of $641.77 million. Axon Enterprise had a return on equity of 6.80% and a net margin of 13.64%. The business's revenue was up 32.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 EPS. On average, equities analysts expect that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Barclays increased their target price on Axon Enterprise from $726.00 to $735.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. The Goldman Sachs Group raised their target price on Axon Enterprise from $730.00 to $830.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Needham & Company LLC set a $870.00 target price on Axon Enterprise and gave the company a "buy" rating in a report on Tuesday, August 5th. Bank of America raised their target price on Axon Enterprise from $895.00 to $1,000.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, JMP Securities raised their target price on Axon Enterprise from $725.00 to $825.00 and gave the company a "market outperform" rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $837.69.

Insider Buying and Selling

In related news, Director Caitlin Elizabeth Kalinowski sold 1,300 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $738.84, for a total transaction 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. The trade was a 21.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Cameron Brooks sold 3,000 shares of the business's stock in a transaction that occurred 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 transaction, the executive owned 19,447 shares of the company's stock, valued at $14,405,559.72. This represents a 13.36% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,185 shares of company stock worth $24,126,378. 4.40% of the stock is currently owned by insiders.

Axon Enterprise 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.