Styrax Capital LP Takes Position in Axon Enterprise, Inc $AXON

Key Points

• Styrax Capital LP acquired 200,000 Axon Enterprise shares worth approximately $84.9 million, representing about 5.9% of its portfolio and 0.25% of Axon’s outstanding stock.
• Institutional investors own 79.08% of Axon, while insiders have sold 58,989 shares valued at approximately $30.5 million over the past 90 days, including a $10 million sale by CEO Patrick W. Smith.
• Axon reported quarterly revenue of $807.35 million, up 33.7% year over year, and EPS of $1.61, slightly exceeding estimates. Analysts maintain a “Moderate Buy” consensus with an average price target of $725.25, despite the stock’s high valuation and recent target-price reductions.

Styrax Capital LP acquired a new stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 200,000 shares of the biotechnology company's stock, valued at approximately $84,938,000. Axon Enterprise makes up approximately 5.9% of Styrax Capital LP's portfolio, making the stock its 9th largest position. Styrax Capital LP owned 0.25% of Axon Enterprise as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Rockefeller Capital Management L.P. grew its holdings in shares of Axon Enterprise by 53.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 11,518 shares of the biotechnology company's stock worth $6,542,000 after purchasing an additional 4,002 shares in the last quarter. Legal & General Group Plc grew its holdings 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 valued at $242,241,000 after purchasing an additional 5,419 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of Axon Enterprise during the fourth quarter valued at about $13,116,000. Harel Insurance Investments & Financial Services Ltd. grew its position in Axon Enterprise by 40.7% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,083 shares of the biotechnology company's stock worth $6,406,000 after acquiring an additional 4,360 shares during the last quarter. Finally, Clearbridge Investments LLC increased its stake in shares of Axon Enterprise by 21.1% in the fourth quarter. Clearbridge Investments LLC now owns 343,910 shares of the biotechnology company's stock worth $195,317,000 after buying an additional 59,821 shares during the period. Institutional investors own 79.08% of the company's stock.

Insider Transactions at Axon Enterprise

In other news, CEO Patrick W. Smith sold 20,000 shares of the company's 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 transaction, the chief executive officer directly owned 3,060,997 shares of the company's stock, valued at $1,530,498,500. This represents a 0.65% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $485.00, for a total value of $753,690.00. Following the sale, the insider directly owned 34,024 shares in the company, valued at $16,501,640. This trade represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 58,989 shares of company stock valued at $30,527,983. Insiders own 4.20% of the company's stock.

Analyst Upgrades and Downgrades

AXON has been the subject of a number of analyst reports. Citizens Jmp reiterated a "market outperform" rating and set a $700.00 target price on shares of Axon Enterprise in a report on Thursday, June 25th. JPMorgan Chase & Co. upped their price target on Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. TD Cowen reiterated a "buy" rating on shares of Axon Enterprise in a report on Wednesday. UBS Group reduced their target price on Axon Enterprise from $570.00 to $440.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. Finally, Zacks Research lowered shares of Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Fifteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $725.25.

Axon Enterprise Stock Performance

NASDAQ AXON opened at $502.34 on Monday. Axon Enterprise, Inc has a 12 month low of $339.01 and a 12 month high of $885.91. The stock's fifty day moving average price is $483.26 and its 200-day moving average price is $478.81. The stock has a market cap 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. The company has a current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.49.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.01. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The business had revenue of $807.35 million during the quarter, compared to analysts' expectations of $778.90 million. During the same period in the previous year, the company earned $1.47 earnings per share. The business's revenue for the quarter was up 33.7% compared to the same quarter last year. As a group, equities analysts forecast that Axon Enterprise, Inc will post 1.63 EPS for the current fiscal year.

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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