Raiffeisen Bank International AG Cuts Stock Position in Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Raiffeisen Bank International AG reduced its stake in Axon Enterprise, Inc by 35.3%, selling 1,120 shares and holding 2,052 shares valued at approximately $1,098,000.
• A number of hedge funds have increased their investments in Axon, with significant purchases including Arrowstreet Capital's 697.1% boost to its position, now holding 7,357 shares valued at about $4.37 million.
• Axon Enterprise reported a 32.6% increase in year-over-year revenue, reaching $668.54 million, and significantly beat analysts' earnings estimates with an EPS of $2.12 compared to the expected $1.54.

Raiffeisen Bank International AG cut its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 35.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,052 shares of the biotechnology company's stock after selling 1,120 shares during the quarter. Raiffeisen Bank International AG's holdings in Axon Enterprise were worth $1,098,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new position in Axon Enterprise in the 4th quarter worth approximately $30,000. TCTC Holdings LLC increased its stake in Axon Enterprise by 75.0% in the first quarter. TCTC Holdings LLC now owns 56 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 24 shares during the period. Bartlett & CO. Wealth Management LLC increased its stake in Axon Enterprise by 132.0% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 58 shares of the biotechnology company's stock worth $31,000 after purchasing an additional 33 shares during the period. Catalyst Capital Advisors LLC purchased a new stake in Axon Enterprise in the first quarter worth $32,000. Finally, Alpine Bank Wealth Management purchased a new stake in Axon Enterprise in the first quarter worth $40,000. 79.08% of the stock is currently owned by institutional investors.

Insider Activity at Axon Enterprise

In other news, CFO Brittany Bagley sold 3,400 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $700.00, for a total value of $2,380,000.00. Following the transaction, the chief financial officer owned 131,833 shares of the company's stock, valued at $92,283,100. This represents a 2.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Cameron Brooks sold 3,000 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $740.76, for a total value of $2,222,280.00. Following the completion of the transaction, the executive directly owned 19,447 shares in the company, valued at approximately $14,405,559.72. This trade represents a 13.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,642 shares of company stock valued at $25,090,528 in the last three months. Company insiders own 4.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Needham & Company LLC set a $870.00 price target on Axon Enterprise and gave the company a "buy" rating in a research note on Tuesday. Wolfe Research began coverage on Axon Enterprise in a report on Monday, July 7th. They issued an "outperform" rating for the company. The Goldman Sachs Group raised their price target on Axon Enterprise from $730.00 to $830.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Raymond James Financial reaffirmed an "outperform" rating and set a $855.00 target price (up previously from $645.00) on shares of Axon Enterprise in a report on Tuesday. Finally, Barclays lifted their price target on Axon Enterprise from $726.00 to $735.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $837.69.

Axon Enterprise Price Performance

Shares of AXON traded down $28.47 during trading hours on Friday, hitting $842.50. 667,201 shares of the stock were exchanged, compared to its average volume of 731,927. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.62 and a current ratio of 2.95. Axon Enterprise, Inc has a 12-month low of $346.71 and a 12-month high of $885.91. The company has a market cap of $66.14 billion, a price-to-earnings ratio of 208.02, a price-to-earnings-growth ratio of 96.51 and a beta of 1.36. The stock's 50-day moving average price is $774.27 and its two-hundred day moving average price is $664.69.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The biotechnology company reported $2.12 EPS for the quarter, topping the consensus estimate of $1.54 by $0.58. The firm had revenue of $668.54 million during the quarter, compared to analysts' expectations of $641.77 million. Axon Enterprise had a return on equity of 6.80% and a net margin of 13.64%. The firm's revenue for the quarter was up 32.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 earnings per share. Research analysts expect that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

About Axon Enterprise

Axon Enterprise, Inc develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand in the United States and internationally. It operates through two segments, Software and Sensors, and TASER. The company also offers hardware and cloud-based software solutions that enable law enforcement to capture, securely store, manage, share, and analyze video and other digital evidence.