Korea Investment CORP Acquires New Stake in Axon Enterprise, Inc $AXON

Key Points

• Korea Investment Corp. acquired 38,461 Axon shares during the second quarter, valued at approximately $21.6 million. Institutional investors collectively own 79.08% of the company.
• Analysts remain broadly bullish, with 13 Buy ratings and three Holds, resulting in a “Moderate Buy” consensus and an average price target of $730.92.
• Axon exceeded quarterly expectations, reporting $1.88 in EPS and $904.39 million in revenue, up 35.3% year over year. However, insiders sold nearly 67,000 shares worth $35.2 million over the past three months.

Korea Investment CORP acquired a new stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 38,461 shares of the biotechnology company's stock, valued at approximately $21,562,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Edgewood Management LLC bought a new position in shares of Axon Enterprise during the fourth quarter valued at $846,516,000. Wellington Management Group LLP raised its position in shares of Axon Enterprise by 326.9% in the 4th quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company's stock worth $874,463,000 after purchasing an additional 1,179,038 shares during the last quarter. Norges Bank bought a new position in Axon Enterprise in the 4th quarter worth about $515,764,000. BlackRock Inc. boosted its stake in Axon Enterprise by 4.3% in the 2nd quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock worth $4,672,432,000 after purchasing an additional 345,365 shares in the last quarter. Finally, Styrax Capital LP bought a new position in Axon Enterprise in the 1st quarter worth about $84,938,000. 79.08% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AXON. UBS Group raised their price objective on shares of Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. Morgan Stanley raised their price target on shares of Axon Enterprise from $600.00 to $640.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Citizens Jmp reissued a "market outperform" rating and set a $700.00 price target on shares of Axon Enterprise in a research report on Thursday, June 25th. Zacks Research lowered shares of Axon Enterprise from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $715.00 price objective on shares of Axon Enterprise in a research report on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Axon Enterprise has an average rating of "Moderate Buy" and a consensus price target of $730.92.

Insider Activity

In related news, insider Elizabeth Reid Coughlin sold 1,554 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $485.00, for a total value of $753,690.00. Following the sale, the insider owned 34,024 shares in the company, valued at approximately $16,501,640. This trade represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Joshua Isner sold 13,000 shares of Axon Enterprise stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the completion of the sale, the president directly owned 169,125 shares of the company's stock, valued at approximately $82,609,106.25. This trade represents a 7.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 66,989 shares of company stock valued at $35,216,932 over the last three months. Corporate insiders own 4.20% of the company's stock.

Axon Enterprise Price Performance

Shares of NASDAQ:AXON opened at $627.75 on Monday. Axon Enterprise, Inc has a fifty-two week low of $339.01 and a fifty-two week high of $794.29. The business has a 50-day simple moving average of $543.11 and a two-hundred day simple moving average of $476.99. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. The firm has a market cap of $51.00 billion, a price-to-earnings ratio of 260.48, a price-to-earnings-growth ratio of 10.19 and a beta of 1.39.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.04. The business had revenue of $904.39 million for the quarter, compared to analysts' expectations of $876.42 million. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The business's revenue for the quarter was up 35.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.12 EPS. On average, analysts expect that Axon Enterprise, Inc will post 2.04 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source