Munro Partners Sells 31,780 Shares of Axon Enterprise, Inc $AXON

Key Points

• Munro Partners reduced its Axon Enterprise stake by 24.6% in the fourth quarter, selling 31,780 shares and leaving it with 97,662 shares worth about $55.5 million.
• Insider selling continued, with CRO Cameron Brooks and CEO Patrick W. Smith both selling shares on June 4 under pre-arranged 10b5-1 trading plans. Over the last 90 days, insiders have sold 38,989 shares valued at about $19.1 million.
• Axon’s latest results beat expectations, as the company reported $1.61 EPS on revenue of $807.35 million, with revenue up 33.7% year over year. The stock was trading around $443.21, and analysts currently rate it a Moderate Buy with a consensus target price of $712.75.

Munro Partners cut its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 24.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 97,662 shares of the biotechnology company's stock after selling 31,780 shares during the quarter. Axon Enterprise makes up approximately 1.4% of Munro Partners' investment portfolio, making the stock its 26th largest holding. Munro Partners owned about 0.12% of Axon Enterprise worth $55,465,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. NEOS Investment Management LLC increased its holdings in shares of Axon Enterprise by 82.7% during the third quarter. NEOS Investment Management LLC now owns 25,369 shares of the biotechnology company's stock valued at $18,206,000 after acquiring an additional 11,482 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Axon Enterprise by 1.3% during the fourth quarter. Legal & General Group Plc now owns 426,533 shares of the biotechnology company's stock valued at $242,241,000 after acquiring an additional 5,419 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Axon Enterprise by 4.2% during the third quarter. Vanguard Group Inc. now owns 9,314,164 shares of the biotechnology company's stock valued at $6,684,217,000 after acquiring an additional 376,904 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of Axon Enterprise during the fourth quarter valued at about $13,116,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Axon Enterprise by 93.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,365 shares of the biotechnology company's stock valued at $13,270,000 after acquiring an additional 11,262 shares in the last quarter. Institutional investors and hedge funds own 79.08% of the company's stock.

Insider Activity

In other news, CRO Cameron Brooks sold 1,242 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $500.00, for a total transaction of $621,000.00. Following the transaction, the executive owned 49,710 shares in the company, valued at $24,855,000. This trade represents a 2.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick W. Smith sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $500.00, for a total value of $10,000,000.00. Following the transaction, the chief executive officer owned 3,060,997 shares in the company, valued at $1,530,498,500. This trade represents a 0.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 38,989 shares of company stock worth $19,090,083. Insiders own 4.20% of the company's stock.

Axon Enterprise Trading Up 0.3%

Axon Enterprise stock opened at $443.21 on Tuesday. The company has a current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.49. Axon Enterprise, Inc has a 12 month low of $339.01 and a 12 month high of $885.91. The stock's 50 day simple moving average is $410.95 and its two-hundred day simple moving average is $488.34. The firm has a market cap of $35.72 billion, a PE ratio of 178.00, a P/E/G ratio of 8.03 and a beta of 1.45.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.60 by $0.01. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The business had revenue of $807.35 million for the quarter, compared to analyst estimates of $778.91 million. During the same quarter in the prior year, the firm posted $1.47 EPS. The business's quarterly revenue was up 33.7% compared to the same quarter last year. Analysts anticipate that Axon Enterprise, Inc will post 1.82 earnings per share for the current year.

Wall Street Analyst Weigh In

AXON has been the topic of a number of recent research reports. TD Cowen dropped their target price on Axon Enterprise from $950.00 to $825.00 and set a "buy" rating on the stock in a research report on Wednesday, April 8th. JPMorgan Chase & Co. upped their target price on Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Citizens Jmp dropped their target price on Axon Enterprise from $825.00 to $700.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 7th. Citigroup reiterated a "buy" rating on shares of Axon Enterprise in a research report on Wednesday, February 25th. Finally, Wall Street Zen upgraded Axon Enterprise from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $712.75.

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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