Sei Investments Co. Cuts Stock Holdings in Axon Enterprise, Inc $AXON

Key Points

• Sei Investments Co. cut its Axon Enterprise stake by 53.7% in the first quarter, selling 133,326 shares and ending with 114,856 shares valued at about $48.8 million.
• Axon reported strong quarterly results, beating EPS and revenue expectations with $1.61 EPS on $807.35 million in sales, while revenue rose 33.7% year over year.
• Analysts remain mostly upbeat on the stock: Axon has a Moderate Buy consensus, though there was some mixed sentiment after Zacks downgraded it to hold and several firms adjusted price targets.

Sei Investments Co. decreased its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 53.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,856 shares of the biotechnology company's stock after selling 133,326 shares during the quarter. Sei Investments Co. owned approximately 0.14% of Axon Enterprise worth $48,774,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Evergreen Capital Management LLC boosted its holdings in Axon Enterprise by 3.8% during the second 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 increased its stake in 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 buying an additional 19 shares during the last quarter. Tower Research Capital LLC TRC lifted 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 in the last quarter. Certuity LLC lifted 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 in the last quarter. Finally, Pure Financial Advisors LLC boosted its stake in shares of Axon Enterprise by 6.7% in 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 last quarter. Hedge funds and other institutional investors own 79.08% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on AXON. Zacks Research lowered Axon Enterprise from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Piper Sandler lifted their price target on Axon Enterprise from $674.00 to $724.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Morgan Stanley set a $600.00 price objective on Axon Enterprise in a research report on Thursday, May 7th. Citizens Jmp restated a "market outperform" rating and issued a $700.00 price objective on shares of Axon Enterprise in a research note on Thursday, June 25th. Finally, Barclays decreased their target price on Axon Enterprise from $682.00 to $523.00 and set an "overweight" rating for the company in a research report on Friday, May 8th. Fifteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $725.25.

Axon Enterprise Stock Up 2.1%

Axon Enterprise stock opened at $502.34 on Friday. The firm has a 50 day moving average price of $483.26 and a 200-day moving average price of $479.59. 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 twelve month low of $339.01 and a twelve month high of $885.91. The company has a market capitalization of $40.49 billion, a P/E ratio of 201.74, a P/E/G ratio of 10.25 and a beta of 1.38.

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. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The company had revenue of $807.35 million for the quarter, compared to analysts' expectations of $778.90 million. During the same quarter in the previous year, the firm posted $1.47 EPS. Axon Enterprise's revenue was up 33.7% on a year-over-year basis. As a group, equities analysts predict that Axon Enterprise, Inc will post 1.63 EPS for the current year.

Insider Activity

In other news, CEO Patrick W. Smith sold 20,000 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $500.00, for a total transaction of $10,000,000.00. Following the completion of the transaction, the chief executive officer owned 3,060,997 shares in the company, valued at approximately $1,530,498,500. This represents a 0.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Cameron Brooks sold 1,242 shares of the stock in a transaction 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 transaction, the executive owned 49,710 shares of the company's stock, valued at $24,855,000. The trade was a 2.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 58,989 shares of company stock worth $30,527,983. 4.20% of the stock is owned by company insiders.

About Axon Enterprise

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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