Wealthedge Investment Advisors LLC Sells 2,392 Shares of Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Wealthedge Investment Advisors LLC significantly reduced its stake in Axon Enterprise, Inc by 84.8%, selling 2,392 shares during the first quarter, bringing its total holdings to just 429 shares valued at $226,000.
• Several institutional investors, including Capital World Investors and Jennison Associates LLC, have notably increased their stakes in Axon Enterprise, reflecting strong institutional interest with 79.08% of the stock now owned by institutional investors.
• Despite insider sales, Axon Enterprise reported impressive financial performance with a quarterly revenue of $668.54 million, up 32.6% year-over-year, and an earnings per share (EPS) of $2.12, exceeding analysts' expectations by $0.58.

Wealthedge Investment Advisors LLC lowered its stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 84.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 429 shares of the biotechnology company's stock after selling 2,392 shares during the period. Wealthedge Investment Advisors LLC's holdings in Axon Enterprise were worth $226,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of AXON. Capital World Investors boosted its holdings in Axon Enterprise by 86.4% in the fourth quarter. Capital World Investors now owns 1,815,765 shares of the biotechnology company's stock valued at $1,079,145,000 after acquiring an additional 841,772 shares during the last quarter. GAMMA Investing LLC lifted its position in Axon Enterprise by 58,725.5% during the 1st quarter. GAMMA Investing LLC now owns 764,731 shares of the biotechnology company's stock valued at $402,210,000 after purchasing an additional 763,431 shares during the period. Jennison Associates LLC boosted its stake in shares of Axon Enterprise by 23,203.7% in the 1st quarter. Jennison Associates LLC now owns 614,053 shares of the biotechnology company's stock valued at $322,961,000 after purchasing an additional 611,418 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Axon Enterprise during the 1st quarter worth approximately $264,796,000. Finally, Westfield Capital Management Co. LP raised its stake in shares of Axon Enterprise by 29.8% during the first quarter. Westfield Capital Management Co. LP now owns 927,801 shares of the biotechnology company's stock worth $487,977,000 after buying an additional 212,931 shares during the last quarter. Institutional investors own 79.08% of the company's stock.

Insiders Place Their Bets

In other Axon Enterprise news, insider Jeffrey C. Kunins sold 7,891 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $750.10, for a total transaction of $5,919,039.10. Following the sale, the insider directly owned 144,538 shares of the company's stock, valued at approximately $108,417,953.80. This represents a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Patrick W. Smith sold 10,000 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $831.29, for a total transaction of $8,312,900.00. Following the completion of the sale, the chief executive officer owned 3,053,982 shares of the company's stock, valued at approximately $2,538,744,696.78. This represents a 0.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,995 shares of company stock valued at $41,925,130 in the last quarter. 4.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AXON. UBS Group reaffirmed a "neutral" rating and set a $840.00 target price (up previously from $820.00) on shares of Axon Enterprise in a report on Tuesday, August 5th. Barclays lifted their price objective on Axon Enterprise from $726.00 to $735.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Northland Securities set a $800.00 target price on Axon Enterprise in a research note on Tuesday, August 5th. JPMorgan Chase & Co. raised their target price on Axon Enterprise from $730.00 to $850.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $855.00 price target (up from $645.00) on shares of Axon Enterprise in a research report on Tuesday, August 5th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Axon Enterprise currently has a consensus rating of "Moderate Buy" and a consensus target price of $837.69.

Axon Enterprise Stock Up 0.6%

Axon Enterprise stock opened at $754.24 on Friday. Axon Enterprise, Inc has a twelve month low of $346.71 and a twelve month high of $885.91. The company has a quick ratio of 2.71, a current ratio of 2.95 and a debt-to-equity ratio of 0.63. The company has a 50 day moving average of $773.85 and a 200-day moving average of $670.09. The stock has a market capitalization of $59.21 billion, a PE ratio of 186.23, a price-to-earnings-growth ratio of 27.52 and a beta of 1.36.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its earnings results on Monday, August 4th. The biotechnology company reported $2.12 EPS for the quarter, beating the consensus estimate of $1.54 by $0.58. The firm had revenue of $668.54 million for the quarter, compared to analysts' expectations of $641.77 million. Axon Enterprise had a return on equity of 6.80% and a net margin of 13.64%. The business's quarterly revenue was up 32.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS. On average, equities research analysts anticipate that Axon Enterprise, Inc will post 5.8 EPS for the current fiscal year.

Axon Enterprise Company 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.

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