SummitTX Capital L.P. Takes Position in Axon Enterprise, Inc $AXON

Key Points

• SummitTX Capital acquired 6,847 Axon Enterprise shares worth approximately $2.9 million in the first quarter. Institutional investors own 79.08% of the company, with several other funds also increasing their positions.
• Axon shares opened at $547.65 after rising 4.2%. The company recently reported quarterly revenue of $807.35 million, up 33.7% year over year, and earnings of $1.61 per share, slightly exceeding analyst expectations.
• Analysts maintain a broadly positive outlook, with 15 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $725.25. Insiders, however, sold nearly 59,000 shares worth $30.5 million during the last quarter.

SummitTX Capital L.P. acquired a new stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,847 shares of the biotechnology company's stock, valued at approximately $2,908,000.

Other hedge funds also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. lifted its position in 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 valued at $6,542,000 after acquiring an additional 4,002 shares during the last quarter. Legal & General Group Plc grew its holdings in Axon Enterprise by 1.3% in the fourth 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 position in shares of Axon Enterprise during the fourth quarter worth $13,116,000. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Axon Enterprise by 40.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,083 shares of the biotechnology company's stock worth $6,406,000 after purchasing an additional 4,360 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in shares of Axon Enterprise by 21.1% during the 4th quarter. Clearbridge Investments LLC now owns 343,910 shares of the biotechnology company's stock valued at $195,317,000 after purchasing an additional 59,821 shares during the last quarter. 79.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Axon Enterprise

In other Axon Enterprise news, CRO Cameron Brooks sold 1,242 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $500.00, for a total transaction of $621,000.00. Following the sale, the executive owned 49,710 shares in the company, valued at approximately $24,855,000. The trade was a 2.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 dated Thursday, June 4th. The shares were sold at an average price of $485.00, for a total value of $753,690.00. Following the completion of the transaction, the insider directly owned 34,024 shares in the company, valued at $16,501,640. This represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 58,989 shares of company stock worth $30,527,983 in the last quarter. 4.20% of the stock is owned by insiders.

Axon Enterprise Trading Up 4.2%

NASDAQ:AXON opened at $547.65 on Wednesday. Axon Enterprise, Inc has a 12 month low of $339.01 and a 12 month high of $885.91. The firm has a fifty day simple moving average of $488.89 and a 200-day simple moving average of $477.58. The company has a current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $44.14 billion, a P/E ratio of 219.94, a PEG ratio of 10.72 and a beta of 1.38.

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 for the quarter, beating 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 firm had revenue of $807.35 million for the quarter, compared to analyst estimates of $778.90 million. During the same period in the previous year, the company earned $1.47 earnings per share. The business's quarterly revenue was up 33.7% compared to the same quarter last year. On average, equities research analysts anticipate that Axon Enterprise, Inc will post 1.63 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on AXON. TD Cowen reissued a "buy" rating on shares of Axon Enterprise in a research report on Wednesday, July 22nd. Weiss Ratings raised Axon Enterprise from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. The Goldman Sachs Group set a $535.00 price target on Axon Enterprise in a report on Thursday, May 7th. Needham & Company LLC boosted their price target on Axon Enterprise from $600.00 to $750.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. boosted their price target on Axon Enterprise from $750.00 to $755.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Fifteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Axon Enterprise presently has a consensus rating of "Moderate Buy" and a consensus price target of $725.25.

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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