Resona Asset Management Co. Ltd. Purchases 18,506 Shares of Axon Enterprise, Inc $AXON

Key Points

• Resona Asset Management boosted its Axon Enterprise stake by 17.8% in the fourth quarter, buying 18,506 more shares and bringing its total holding to 122,358 shares worth about $69.99 million.
• Axon Enterprise reported strong quarterly results, with EPS of $1.61 beating estimates and revenue of $807.35 million topping forecasts; revenue rose 33.7% from a year earlier.
• Despite the solid earnings, analysts have trimmed price targets at several firms, though the stock still carries a consensus “Moderate Buy” rating with an average target of $712.75.

Resona Asset Management Co. Ltd. increased its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 17.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 122,358 shares of the biotechnology company's stock after purchasing an additional 18,506 shares during the quarter. Resona Asset Management Co. Ltd. owned approximately 0.16% of Axon Enterprise worth $69,988,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. New Millennium Group LLC bought a new position in Axon Enterprise in the 3rd quarter valued at about $29,000. Sound Income Strategies LLC raised its holdings in Axon Enterprise by 550.0% in the 4th 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 period. Camelot Portfolios LLC bought a new position in Axon Enterprise in the 4th quarter valued at about $30,000. Root Financial Partners LLC bought a new position in Axon Enterprise in the 3rd quarter valued at about $34,000. Finally, Lodestone Wealth Management LLC bought a new position in Axon Enterprise in the 4th quarter valued at about $35,000. 79.08% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Axon Enterprise news, Director Jeri Williams sold 157 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $490.00, for a total value of $76,930.00. Following the sale, the director owned 1,159 shares in the company, valued at $567,910. This trade represents a 11.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Erika Nardini sold 198 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $506.58, for a total transaction of $100,302.84. Following the completion of the sale, the director owned 1,946 shares in the company, valued at $985,804.68. This represents a 9.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,855 shares of company stock valued at $7,109,828 over the last three months. 4.20% of the stock is owned by corporate insiders.

Axon Enterprise Stock Performance

Shares of NASDAQ:AXON opened at $399.37 on Tuesday. The company's 50 day simple moving average is $428.80 and its 200 day simple moving average is $511.32. The stock has a market capitalization of $32.19 billion, a price-to-earnings ratio of 160.39, a price-to-earnings-growth ratio of 9.22 and a beta of 1.44. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.27 and a quick ratio of 1.93. Axon Enterprise, Inc has a 1 year low of $339.01 and a 1 year high of $885.91.

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. The business had revenue of $807.35 million for the quarter, compared to analysts' expectations of $778.91 million. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The firm's quarterly revenue was up 33.7% compared to the same quarter last year. During the same period last year, the firm posted $1.47 earnings per share. As a group, research analysts predict that Axon Enterprise, Inc will post 1.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on AXON. Needham & Company LLC lowered their price target on shares of Axon Enterprise from $870.00 to $600.00 and set a "buy" rating on the stock in a report on Friday, February 20th. Citizens Jmp lowered their price target on shares of Axon Enterprise from $825.00 to $700.00 and set a "market outperform" rating on the stock in a report on Thursday, May 7th. Wall Street Zen raised shares of Axon Enterprise from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Morgan Stanley set a $600.00 target price on shares of Axon Enterprise in a report on Thursday, May 7th. Finally, William Blair reaffirmed an "outperform" rating on shares of Axon Enterprise in a report on Tuesday, February 3rd. Sixteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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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