OP Asset Management Ltd Makes New Investment in Axon Enterprise, Inc $AXON

Key Points

• OP Asset Management Ltd disclosed a new first-quarter stake in Axon Enterprise, buying 13,217 shares valued at about $5.6 million.
• Axon has continued to attract institutional interest, with hedge funds and other investors making new purchases or increasing holdings; institutional ownership now stands at 79.08%.
• Axon’s latest quarterly results beat expectations, with EPS of $1.61 and revenue of $807.35 million, while analysts still broadly rate the stock a Moderate Buy with an average price target of $712.75.

OP Asset Management Ltd purchased a new stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 13,217 shares of the biotechnology company's stock, valued at approximately $5,613,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV bought a new position in shares of Axon Enterprise during the fourth quarter worth about $28,000. Sound Income Strategies LLC boosted its holdings in Axon Enterprise by 550.0% in the fourth quarter. Sound Income Strategies LLC now owns 52 shares of the biotechnology company's stock valued at $30,000 after acquiring an additional 44 shares during the last quarter. Camelot Portfolios LLC acquired a new stake in Axon Enterprise during the 4th quarter valued at approximately $30,000. AlphaCentric Advisors LLC acquired a new stake in Axon Enterprise during the 4th quarter valued at approximately $34,000. Finally, Lodestone Wealth Management LLC bought a new position in Axon Enterprise during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 79.08% of the company's stock.

Analyst Upgrades and Downgrades

AXON has been the topic of a number of recent analyst reports. Weiss Ratings upgraded shares of Axon Enterprise from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. TD Cowen decreased their price objective on shares of Axon Enterprise from $950.00 to $825.00 and set a "buy" rating for the company in a research report on Wednesday, April 8th. The Goldman Sachs Group set a $535.00 target price on shares of Axon Enterprise in a report on Thursday, May 7th. JPMorgan Chase & Co. upped their price target on shares of Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Finally, Morgan Stanley set a $600.00 price target on Axon Enterprise in a report on Thursday, May 7th. 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 company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $712.75.

Insider Activity

In other news, insider Elizabeth Reid Coughlin sold 1,554 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $485.00, for a total transaction of $753,690.00. Following the transaction, the insider owned 34,024 shares of the company's stock, valued at $16,501,640. This represents a 4.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Isaiah Fields sold 2,000 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were 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. This represents a 3.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 38,989 shares of company stock valued at $19,090,083. Corporate insiders own 4.20% of the company's stock.

Axon Enterprise Stock Up 4.6%

Axon Enterprise stock opened at $465.12 on Friday. The company has a quick ratio of 1.93, a current ratio of 2.27 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 firm's fifty day moving average is $420.65 and its 200 day moving average is $482.08. The company has a market capitalization of $37.49 billion, a PE ratio of 186.79, a PEG ratio of 8.09 and a beta of 1.45.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 EPS for the quarter, topping analysts' consensus estimates of $1.60 by $0.01. The business had revenue of $807.35 million during the quarter, compared to analysts' expectations of $778.90 million. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The business's quarterly revenue was up 33.7% on a year-over-year basis. During the same period last year, the company posted $1.47 earnings per share. As a group, sell-side analysts predict that Axon Enterprise, Inc will post 1.82 EPS for the current fiscal year.

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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