Primecap Management Co. CA Takes $75.02 Million Position in Axon Enterprise, Inc $AXON

Key Points

• Primecap Management acquired 133,820 Axon Enterprise shares worth approximately $75.02 million, representing about 0.16% of the company. Institutional investors and hedge funds collectively own 79.08% of AXON.
• Analysts maintain a favorable outlook, with 13 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $730.92.
• Axon exceeded quarterly estimates with $1.88 in EPS and $904.39 million in revenue, up 35.3% year over year, though its valuation remains elevated at a P/E ratio of 252.07. Insiders sold $41.24 million of stock over the past three months.

Primecap Management Co. CA purchased a new stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 133,820 shares of the biotechnology company's stock, valued at approximately $75,021,000. Primecap Management Co. CA owned about 0.16% of Axon Enterprise as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AXON. Evergreen Capital Management LLC raised its holdings in Axon Enterprise by 3.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 413 shares of the biotechnology company's stock worth $342,000 after purchasing an additional 15 shares during the last quarter. Synergy Financial Group LTD boosted its stake in shares of Axon Enterprise by 1.4% in the 3rd quarter. Synergy Financial Group LTD now owns 1,388 shares of the biotechnology company's stock valued at $996,000 after purchasing an additional 19 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Axon Enterprise by 1.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,631 shares of the biotechnology company's stock worth $1,350,000 after buying an additional 19 shares during the period. Certuity LLC grew its position in shares of Axon Enterprise by 5.1% during the 4th quarter. Certuity LLC now owns 474 shares of the biotechnology company's stock worth $269,000 after buying an additional 23 shares during the period. Finally, Pure Financial Advisors LLC grew its position in shares of Axon Enterprise by 6.7% during the 4th quarter. Pure Financial Advisors LLC now owns 364 shares of the biotechnology company's stock worth $207,000 after buying an additional 23 shares during the period. 79.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AXON has been the topic of a number of recent research reports. UBS Group raised their price objective on shares of Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. The Goldman Sachs Group reiterated a "buy" rating and set a $715.00 target price on shares of Axon Enterprise in a research report on Thursday, August 6th. Needham & Company LLC restated a "buy" rating on shares of Axon Enterprise in a research report on Thursday, August 6th. Barclays lifted their price objective on Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Finally, Piper Sandler upped their price objective on Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Axon Enterprise presently has an average rating of "Moderate Buy" and an average price target of $730.92.

Axon Enterprise Stock Performance

AXON stock opened at $607.48 on Thursday. The business's 50-day moving average price is $553.45 and its two-hundred day moving average price is $480.77. The company has a current ratio of 2.15, a quick ratio of 1.80 and a debt-to-equity ratio of 0.47. The firm has a market cap of $49.35 billion, a PE ratio of 252.07, a P/E/G ratio of 9.95 and a beta of 1.39. Axon Enterprise, Inc has a 1-year low of $339.01 and a 1-year high of $794.29.

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

Insiders Place Their Bets

In related news, President Joshua Isner sold 13,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $488.45, for a total value of $6,349,850.00. Following the completion of the transaction, the president directly owned 169,125 shares in the company, valued at approximately $82,609,106.25. The trade was a 7.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $621,000.00. Following the sale, the executive directly owned 49,710 shares of the company's stock, valued at approximately $24,855,000. The trade was a 2.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 76,594 shares of company stock worth $41,236,386 in the last three months. 4.20% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding AXON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Axon Enterprise, Inc (NASDAQ:AXON - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source