Mitsubishi UFJ Asset Management Co. Ltd. Purchases 28,158 Shares of Axon Enterprise, Inc $AXON

Key Points

• Mitsubishi UFJ Asset Management increased its Axon Enterprise stake by 14.9%, buying 28,158 shares to own 216,886 shares worth approximately $121.6 million. Institutional investors hold 79.08% of the company.
• Axon insiders sold 68,989 shares worth about $36.0 million over the past 90 days, including sizable sales by President Joshua Isner and CRO Cameron Brooks under a pre-arranged trading plan.
• Analysts maintain a positive outlook, with a “Moderate Buy” consensus and an average price target of $730.92. Axon’s latest quarter beat estimates, reporting $1.88 in EPS and $904.39 million in revenue, up 35.3% year over year.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 14.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 216,886 shares of the biotechnology company's stock after purchasing an additional 28,158 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.27% of Axon Enterprise worth $121,588,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. OneDigital Investment Advisors LLC lifted its stake in Axon Enterprise by 73.9% in the 2nd quarter. OneDigital Investment Advisors LLC now owns 1,351 shares of the biotechnology company's stock valued at $757,000 after purchasing an additional 574 shares during the last quarter. R.H. Investment Group LLC acquired a new position in Axon Enterprise during the second quarter worth approximately $248,000. Simplicity Wealth LLC acquired a new position in Axon Enterprise during the second quarter worth approximately $206,000. Wealth Effects LLC bought a new stake in Axon Enterprise in the second quarter valued at approximately $336,000. Finally, Wealthspan Partners LLC raised its stake in Axon Enterprise by 9.1% in the second quarter. Wealthspan Partners LLC now owns 1,224 shares of the biotechnology company's stock valued at $686,000 after buying an additional 102 shares during the period. 79.08% of the stock is owned by institutional investors.

Insider Activity

In related news, CRO Cameron Brooks sold 1,242 shares of the company's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $500.00, for a total value of $621,000.00. Following the transaction, the executive directly owned 49,710 shares in the company, valued at approximately $24,855,000. This represents a 2.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 13,000 shares of the firm's stock in a transaction dated 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 transaction, the president directly owned 169,125 shares in the company, valued at approximately $82,609,106.25. This represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 68,989 shares of company stock worth $36,016,932. Corporate insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on AXON. Royal Bank Of Canada reiterated an "outperform" rating on shares of Axon Enterprise in a research note on Tuesday, July 21st. Morgan Stanley raised their price target on Axon Enterprise from $600.00 to $640.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Needham & Company LLC reaffirmed a "buy" rating on shares of Axon Enterprise in a research report on Thursday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $715.00 price objective on shares of Axon Enterprise in a research report on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $730.92.

Axon Enterprise Price Performance

Axon Enterprise stock opened at $619.85 on Wednesday. The company has a market capitalization of $50.36 billion, a price-to-earnings ratio of 257.20, a PEG ratio of 9.95 and a beta of 1.39. The company has a current ratio of 2.15, a quick ratio of 1.80 and a debt-to-equity ratio of 0.47. Axon Enterprise, Inc has a 12 month low of $339.01 and a 12 month high of $794.29. The stock's 50 day moving average is $532.07 and its 200-day moving average is $473.93.

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

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