Norges Bank Acquires New Stake in Axon Enterprise, Inc $AXON

Key Points

• Norges Bank opened a new position in Axon Enterprise, buying 908,148 shares valued at about $515.8 million, and now owns 1.15% of the company.
• Axon’s latest quarterly results topped expectations, with EPS of $1.61 versus $1.60 expected and revenue of $807.35 million, up 33.7% year over year.
• Sentiment remains broadly positive: several analysts issued favorable ratings, and the consensus price target stands at $712.75, while institutional investors hold about 79.08% of the stock.

Norges Bank acquired a new stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 908,148 shares of the biotechnology company's stock, valued at approximately $515,764,000. Norges Bank owned 1.15% of Axon Enterprise as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in AXON. Brighton Jones LLC bought a new stake in Axon Enterprise during the fourth quarter valued at $480,000. NewEdge Advisors LLC lifted its position in Axon Enterprise by 41.1% during the first quarter. NewEdge Advisors LLC now owns 2,294 shares of the biotechnology company's stock valued at $1,207,000 after purchasing an additional 668 shares during the last quarter. Empowered Funds LLC lifted its position in Axon Enterprise by 8.4% during the first quarter. Empowered Funds LLC now owns 2,028 shares of the biotechnology company's stock valued at $1,067,000 after purchasing an additional 157 shares during the last quarter. Woodline Partners LP lifted its position in Axon Enterprise by 40.6% during the first quarter. Woodline Partners LP now owns 6,932 shares of the biotechnology company's stock valued at $3,646,000 after purchasing an additional 2,003 shares during the last quarter. Finally, Sivia Capital Partners LLC bought a new stake in Axon Enterprise during the second quarter valued at approximately $284,000. Institutional investors own 79.08% of the company's stock.

Insider Activity

In other news, insider Isaiah Fields sold 2,000 shares of the business's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $400.00, for a total value of $800,000.00. Following the completion of the sale, the insider owned 52,813 shares of the company's stock, valued at approximately $21,125,200. The trade was a 3.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Erika Nardini sold 198 shares of the business's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $506.58, for a total value of $100,302.84. Following the completion of the sale, the director directly owned 1,946 shares of the company's stock, valued at approximately $985,804.68. This trade represents a 9.24% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 2,355 shares of company stock valued at $977,233. Corporate insiders own 4.20% of the company's stock.

Axon Enterprise Price Performance

Shares of Axon Enterprise stock opened at $448.72 on Monday. Axon Enterprise, Inc has a 52-week low of $339.01 and a 52-week high of $885.91. The stock has a market capitalization of $36.17 billion, a price-to-earnings ratio of 180.21, a price-to-earnings-growth ratio of 8.16 and a beta of 1.45. The company has a fifty day moving average of $407.53 and a 200-day moving average of $494.02. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.93 and a current ratio of 2.27.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.60 by $0.01. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The company had revenue of $807.35 million during the quarter, compared to analysts' expectations of $778.91 million. During the same quarter in the prior year, the company earned $1.47 EPS. The firm's revenue was up 33.7% on a year-over-year basis. Equities research analysts expect that Axon Enterprise, Inc will post 1.82 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AXON. Zacks Research upgraded shares of Axon Enterprise from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 19th. Wall Street Zen upgraded shares of Axon Enterprise from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. William Blair reiterated an "outperform" rating on shares of Axon Enterprise in a research report on Tuesday, February 3rd. Morgan Stanley set a $600.00 price target on Axon Enterprise in a research note on Thursday, May 7th. Finally, Barclays cut their price objective on Axon Enterprise from $682.00 to $523.00 and set an "overweight" rating for the company in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Axon Enterprise currently has an average rating of "Moderate Buy" and a consensus price target of $712.75.

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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