Mediolanum International Funds Ltd Makes New Investment in Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Mediolanum International Funds Ltd purchased a new stake in Axon Enterprise, acquiring 2,998 shares worth approximately $1.6 million.
• Axon Enterprise's stock has received multiple analyst upgrades, with Bank of America increasing its target price from $750 to $895 and maintaining a "buy" rating.
• Insider trading activity shows a significant decline in ownership for executives, with total insider sales amounting to $25.1 million over the past ninety days.

Mediolanum International Funds Ltd purchased a new stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,998 shares of the biotechnology company's stock, valued at approximately $1,604,000.

A number of other hedge funds have also recently made changes to their positions in AXON. Pinion Investment Advisors LLC raised its stake in Axon Enterprise by 3.0% in the first quarter. Pinion Investment Advisors LLC now owns 649 shares of the biotechnology company's stock valued at $341,000 after purchasing an additional 19 shares in the last quarter. Kentucky Retirement Systems increased its holdings in shares of Axon Enterprise by 0.4% in the 1st quarter. Kentucky Retirement Systems now owns 4,953 shares of the biotechnology company's stock worth $2,605,000 after buying an additional 19 shares during the last quarter. WCM Investment Management LLC raised its position in shares of Axon Enterprise by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 2,441 shares of the biotechnology company's stock valued at $1,306,000 after buying an additional 19 shares in the last quarter. HBK Sorce Advisory LLC raised its position in shares of Axon Enterprise by 4.6% during the 1st quarter. HBK Sorce Advisory LLC now owns 451 shares of the biotechnology company's stock valued at $237,000 after buying an additional 20 shares in the last quarter. Finally, Prudent Man Advisors LLC lifted its holdings in shares of Axon Enterprise by 1.6% during the 1st quarter. Prudent Man Advisors LLC now owns 1,298 shares of the biotechnology company's stock worth $683,000 after acquiring an additional 20 shares during the last quarter. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AXON shares. Morgan Stanley set a $885.00 target price on Axon Enterprise and gave the company an "overweight" rating in a research note on Friday, July 11th. Bank of America increased their price objective on Axon Enterprise from $750.00 to $895.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. JMP Securities raised their price objective on Axon Enterprise from $725.00 to $825.00 and gave the company a "market outperform" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. upped their target price on Axon Enterprise from $730.00 to $850.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, Needham & Company LLC lifted their price target on shares of Axon Enterprise from $600.00 to $750.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Axon Enterprise presently has a consensus rating of "Moderate Buy" and an average target price of $772.08.

Insider Activity

In related news, Director Michael Garnreiter sold 5,913 shares of Axon Enterprise stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $760.00, for a total value of $4,493,880.00. Following the completion of the sale, the director directly owned 17,740 shares in the company, valued at approximately $13,482,400. This trade represents a 25.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Caitlin Elizabeth Kalinowski sold 1,300 shares of the business's stock in a transaction dated 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 directly owned 4,829 shares of the company's stock, valued at approximately $3,567,858.36. This trade represents a 21.21% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,642 shares of company stock valued at $25,090,528. Corporate insiders own 4.40% of the company's stock.

Axon Enterprise Stock Down 2.5%

AXON traded down $18.91 during trading on Friday, reaching $736.58. The stock had a trading volume of 232,543 shares, compared to its average volume of 694,592. The company has a current ratio of 2.83, a quick ratio of 2.62 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $57.34 billion, a price-to-earnings ratio of 177.92, a P/E/G ratio of 83.44 and a beta of 1.29. The stock's 50 day moving average is $764.32 and its two-hundred day moving average is $655.08. Axon Enterprise, Inc has a one year low of $279.02 and a one year high of $830.21.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.34 by $0.07. Axon Enterprise had a net margin of 14.86% and a return on equity of 5.81%. The company had revenue of $603.63 million for the quarter, compared to the consensus estimate of $585.67 million. During the same period in the prior year, the firm posted $1.15 EPS. Axon Enterprise's revenue for the quarter was up 31.3% on a year-over-year basis. As a group, analysts expect that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

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.