Silvant Capital Management LLC Invests $12 Million in Axon Enterprise, Inc $AXON

Key Points

• Silvant Capital Management established a new $12 million position in Axon Enterprise, buying 21,406 shares during the second quarter. Hedge funds and institutional investors collectively own 79.08% of the company.
• Axon exceeded quarterly expectations, reporting $1.88 in EPS versus the $1.84 consensus and $904.39 million in revenue, up 35.3% year over year. However, the stock trades at a highly elevated valuation, with a price-to-earnings ratio above 254.
• Analyst sentiment remains favorable, with 13 Buy ratings and three Holds and a consensus price target of $730.92. Insiders sold 66,989 shares worth approximately $35.2 million during the latest quarter.

Silvant Capital Management LLC purchased a new position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 21,406 shares of the biotechnology company's stock, valued at approximately $12,000,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AXON. Rockefeller Capital Management L.P. grew its position in shares of Axon Enterprise by 53.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 11,518 shares of the biotechnology company's stock valued at $6,542,000 after purchasing an additional 4,002 shares in the last quarter. Legal & General Group Plc increased its position in shares of Axon Enterprise by 1.3% during the 4th quarter. Legal & General Group Plc now owns 426,533 shares of the biotechnology company's stock worth $242,241,000 after purchasing an additional 5,419 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Axon Enterprise during the fourth quarter valued at about $13,116,000. Arrowstreet Capital Limited Partnership purchased a new stake in Axon Enterprise in the first quarter valued at approximately $15,067,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Axon Enterprise by 40.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,083 shares of the biotechnology company's stock valued at $6,406,000 after buying an additional 4,360 shares in the last quarter. 79.08% of the stock is owned by hedge funds and other institutional investors.

Axon Enterprise Stock Down 4.9%

Shares of NASDAQ AXON opened at $614.26 on Friday. The business has a 50-day moving average of $539.39 and a two-hundred day moving average of $475.81. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.15 and a quick ratio of 1.80. The company has a market capitalization of $49.90 billion, a price-to-earnings ratio of 254.88, a price-to-earnings-growth ratio of 10.48 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 issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $876.42 million. During the same quarter last year, the company posted $2.12 earnings per share. The business's quarterly revenue was up 35.3% compared to the same quarter last year. On average, analysts forecast that Axon Enterprise, Inc will post 2.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Axon Enterprise news, President Joshua Isner sold 13,000 shares of Axon Enterprise stock in a transaction on Friday, June 5th. The shares were sold at an average price of $488.45, for a total value of $6,349,850.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeri Williams sold 629 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $469.64, for a total transaction of $295,403.56. Following the completion of the sale, the director directly owned 1,141 shares of the company's stock, valued at $535,859.24. The trade was a 35.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 66,989 shares of company stock valued at $35,216,932 in the last quarter. Corporate insiders own 4.20% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on AXON shares. Royal Bank Of Canada reiterated an "outperform" rating on shares of Axon Enterprise in a report on Tuesday, July 21st. Zacks Research downgraded Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. TD Cowen reiterated a "buy" rating on shares of Axon Enterprise in a research note on Wednesday, July 22nd. Barclays increased their price target on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Axon Enterprise in a research note on Wednesday, August 5th. Thirteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $730.92.

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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