Vanguard Group Inc. Purchases 185,571 Shares of Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Vanguard Group Inc. increased its stake in Axon Enterprise, Inc by 2.2% during Q1, now owning about 11.09% of the company valued at approximately $4.54 billion after acquiring an additional 185,571 shares.
• Other major investors like Capital World Investors and GAMMA Investing LLC also significantly increased their holdings, indicating strong institutional interest, with hedging funds owning about 79.08% of the stock.
• Axon Enterprise reported a substantial earnings beat with $2.12 per share in the latest quarter, surpassing analyst expectations of $1.54, and achieving a revenue increase of 32.6% year-over-year.

Vanguard Group Inc. increased its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,632,008 shares of the biotechnology company's stock after acquiring an additional 185,571 shares during the quarter. Vanguard Group Inc. owned about 11.09% of Axon Enterprise worth $4,540,005,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in Axon Enterprise in the 4th quarter valued at $480,000. Envestnet Asset Management Inc. grew its stake in Axon Enterprise by 6.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 85,167 shares of the biotechnology company's stock worth $50,616,000 after buying an additional 5,474 shares during the last quarter. Bank of Nova Scotia grew its stake in Axon Enterprise by 73.2% during the fourth quarter. Bank of Nova Scotia now owns 57,436 shares of the biotechnology company's stock worth $34,135,000 after buying an additional 24,272 shares during the last quarter. Renaissance Technologies LLC grew its stake in Axon Enterprise by 84.4% during the fourth quarter. Renaissance Technologies LLC now owns 109,252 shares of the biotechnology company's stock worth $64,931,000 after buying an additional 50,000 shares during the last quarter. Finally, Advisory Services Network LLC lifted its position in Axon Enterprise by 60.8% during the 4th quarter. Advisory Services Network LLC now owns 2,497 shares of the biotechnology company's stock worth $1,484,000 after buying an additional 944 shares in the last quarter. Institutional investors and hedge funds own 79.08% of the company's stock.

Insider Buying and Selling

In other news, Director Caitlin Elizabeth Kalinowski sold 1,300 shares of Axon Enterprise stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $738.84, for a total value of $960,492.00. Following the completion of the transaction, the director owned 4,829 shares of the company's stock, valued at $3,567,858.36. The trade was a 21.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Garnreiter sold 5,913 shares of Axon Enterprise stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $760.00, for a total value of $4,493,880.00. Following the completion of the transaction, the director directly owned 17,740 shares of the company's stock, valued at approximately $13,482,400. This represents a 25.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,585 shares of company stock valued at $16,100,838 over the last three months. Insiders own 5.70% of the company's stock.

Axon Enterprise Stock Performance

NASDAQ:AXON traded down $39.70 on Tuesday, reaching $778.99. 351,310 shares of the company's stock were exchanged, compared to its average volume of 706,657. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.95 and a quick ratio of 2.71. The firm has a market cap of $61.15 billion, a price-to-earnings ratio of 192.34, a P/E/G ratio of 30.92 and a beta of 1.36. Axon Enterprise, Inc has a 52 week low of $346.71 and a 52 week high of $885.91. The stock has a fifty day simple moving average of $775.48 and a 200-day simple moving average of $666.90.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its earnings results on Monday, August 4th. The biotechnology company reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.58. The business had revenue of $668.54 million during the quarter, compared to analyst estimates of $641.77 million. Axon Enterprise had a net margin of 13.64% and a return on equity of 6.80%. Axon Enterprise's revenue for the quarter was up 32.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 earnings per share. As a group, sell-side analysts predict that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on AXON shares. Barclays boosted their price objective on Axon Enterprise from $726.00 to $735.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Northland Securities set a $800.00 price objective on Axon Enterprise in a report on Tuesday, August 5th. Needham & Company LLC set a $870.00 price objective on Axon Enterprise and gave the stock a "buy" rating in a report on Tuesday, August 5th. Bank of America upped their price target on Axon Enterprise from $895.00 to $1,000.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. upped their price target on Axon Enterprise from $730.00 to $850.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Axon Enterprise has a consensus rating of "Moderate Buy" and a consensus target price of $837.69.

Axon Enterprise 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.