Sandler Capital Management Trims Stake in Axon Enterprise, Inc $AXON

Key Points

• Sandler Capital Management significantly reduced its holdings in Axon Enterprise, Inc by 63.1% in the first quarter, ending with 2,880 shares valued at approximately $1.5 million.
• Axon Enterprise reported earnings of $2.12 EPS for the quarter, exceeding analysts' expectations, along with a revenue of $668.54 million, up 32.6% year-over-year.
• Institutional ownership in Axon Enterprise remains high at 79.08%, with various large investors adjusting their positions, highlighting a dynamic investment environment for the company.

Sandler Capital Management cut its stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 63.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,880 shares of the biotechnology company's stock after selling 4,926 shares during the quarter. Sandler Capital Management's holdings in Axon Enterprise were worth $1,515,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AXON. TCTC Holdings LLC increased its holdings in shares of Axon Enterprise by 75.0% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 24 shares during the period. Fourth Dimension Wealth LLC purchased a new position in shares of Axon Enterprise in the 4th quarter valued at $30,000. Bartlett & CO. Wealth Management LLC increased its holdings in shares of Axon Enterprise by 132.0% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 58 shares of the biotechnology company's stock valued at $31,000 after acquiring an additional 33 shares during the period. Banque Transatlantique SA purchased a new position in shares of Axon Enterprise in the 1st quarter valued at $31,000. Finally, Catalyst Capital Advisors LLC purchased a new position in shares of Axon Enterprise in the 1st quarter valued at $32,000. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Axon Enterprise

In other news, President Joshua Isner sold 15,919 shares of the firm's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $746.26, for a total value of $11,879,712.94. Following the completion of the transaction, the president directly owned 238,379 shares in the company, valued at $177,892,712.54. This trade represents a 6.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Jennifer H. Mak sold 75 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $723.50, for a total value of $54,262.50. Following the completion of the transaction, the chief accounting officer owned 15,080 shares of the company's stock, valued at approximately $10,910,380. The trade was a 0.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,865 shares of company stock valued at $34,362,833. 5.70% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Axon Enterprise from $730.00 to $850.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Needham & Company LLC set a $870.00 price objective on Axon Enterprise and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Bank of America raised their price objective on Axon Enterprise from $895.00 to $1,000.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Craig Hallum raised Axon Enterprise from a "hold" rating to a "buy" rating and set a $900.00 price objective for the company in a research report on Tuesday, August 5th. Finally, Northland Securities set a $800.00 price objective on Axon Enterprise in a research report on Tuesday, August 5th. Thirteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Axon Enterprise presently has a consensus rating of "Moderate Buy" and a consensus target price of $837.69.

Axon Enterprise Stock Performance

Shares of NASDAQ:AXON traded down $8.63 during trading on Tuesday, hitting $731.98. The stock had a trading volume of 311,712 shares, compared to its average volume of 530,308. Axon Enterprise, Inc has a 12-month low of $353.91 and a 12-month high of $885.91. The stock has a market capitalization of $57.46 billion, a price-to-earnings ratio of 180.74, a price-to-earnings-growth ratio of 27.18 and a beta of 1.40. The company has a quick ratio of 2.71, a current ratio of 2.95 and a debt-to-equity ratio of 0.63. The stock has a 50-day simple moving average of $763.32 and a two-hundred day simple moving average of $682.49.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The biotechnology company reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.58. Axon Enterprise had a return on equity of 6.80% and a net margin of 13.64%.The firm had revenue of $668.54 million during the quarter, compared to analysts' expectations of $641.77 million. During the same period last year, the business posted $1.20 earnings per share. The company's revenue for the quarter was up 32.6% compared to the same quarter last year. Axon Enterprise has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Axon Enterprise, Inc will post 5.8 earnings per share for the current fiscal year.

Axon Enterprise Company Profile

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.