Zevenbergen Capital Investments LLC Cuts Stock Holdings in Axon Enterprise, Inc $AXON

Key Points

• Zevenbergen Capital Investments cut its Axon Enterprise stake by 26.2% in the third quarter, selling 79,149 shares and retaining 223,002 shares valued at approximately $92.3 million.
• Wall Street remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $721.57, supported by recent earnings and revenue that exceeded analyst expectations.
• Axon shares rose 2.8% to $417.31, while the company reported quarterly revenue growth of 35.3% year over year; however, its valuation remains elevated, with a P/E ratio above 173.

Zevenbergen Capital Investments LLC lessened its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 26.2% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 223,002 shares of the biotechnology company's stock after selling 79,149 shares during the period. Axon Enterprise makes up about 2.1% of Zevenbergen Capital Investments LLC's holdings, making the stock its 17th largest position. Zevenbergen Capital Investments LLC owned 0.27% of Axon Enterprise worth $92,292,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Keating Financial Advisory Services Inc. acquired a new stake in Axon Enterprise in the 2nd quarter valued at $31,000. Washington Trust Advisors Inc. raised its holdings in Axon Enterprise by 1,300.0% during the second quarter. Washington Trust Advisors Inc. now owns 70 shares of the biotechnology company's stock worth $39,000 after buying an additional 65 shares during the last quarter. Wealth Enhancement Trust Services Inc. bought a new position in shares of Axon Enterprise in the third quarter valued at $33,000. Delos Wealth Advisors LLC bought a new position in shares of Axon Enterprise in the second quarter valued at $45,000. Finally, Owl Creek Wealth Partners LLC grew its holdings in shares of Axon Enterprise by 84.8% during the second quarter. Owl Creek Wealth Partners LLC now owns 85 shares of the biotechnology company's stock valued at $48,000 after buying an additional 39 shares during the last quarter. Institutional investors own 79.08% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AXON. Morgan Stanley upped their target price on shares of Axon Enterprise from $600.00 to $640.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Piper Sandler boosted their price objective on Axon Enterprise from $724.00 to $732.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. UBS Group increased their price objective on Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a research note on Thursday, August 6th. Royal Bank Of Canada restated an "outperform" rating on shares of Axon Enterprise in a report on Tuesday, July 21st. Finally, Citigroup reiterated a "market outperform" rating on shares of Axon Enterprise in a report on Thursday, September 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Axon Enterprise presently has an average rating of "Moderate Buy" and a consensus target price of $721.57.

Axon Enterprise Stock Up 2.8%

NASDAQ:AXON traded up $11.31 on Thursday, hitting $417.31. The stock had a trading volume of 1,570,770 shares, compared to its average volume of 1,056,396. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. The stock has a market cap of $33.90 billion, a P/E ratio of 173.16, a price-to-earnings-growth ratio of 7.88 and a beta of 1.44. Axon Enterprise, Inc has a 1 year low of $339.01 and a 1 year high of $764.02. The firm's fifty day simple moving average is $522.70 and its two-hundred day simple moving average is $477.18.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.84 by $0.04. The firm had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%.The company's revenue was up 35.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.12 EPS. Analysts predict that Axon Enterprise, Inc will post 2.12 earnings per share for the current year.

Insiders Place Their Bets

In other Axon Enterprise news, insider Isaiah Fields sold 1,017 shares of the company's stock in a transaction on Friday, September 11th. The stock was sold at an average price of $480.45, for a total value of $488,617.65. Following the completion of the transaction, the insider owned 56,264 shares in the company, valued at $27,032,038.80. This represents a 1.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeffrey Kunins sold 9,605 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $626.70, for a total value of $6,019,453.50. Following the sale, the insider directly owned 97,761 shares of the company's stock, valued at approximately $61,266,818.70. This represents a 8.95% 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 47,397 shares of company stock worth $26,722,984 in the last ninety days. Company insiders own 4.20% of the company's stock.

Axon Enterprise Profile

Axon Enterprise, Inc develops technology and connected systems for public safety and law enforcement agencies. Its product portfolio includes TASER conducted energy weapons, body-worn cameras, in-car cameras and other recording devices designed to support safer interactions, improve accountability and document incidents.

The company also provides cloud-based software for managing digital evidence, reports, records and agency operations. Its Axon platform connects hardware with services such as evidence management, real-time operations, computer-aided dispatch and other workflow tools, enabling agencies to store, organize and share information across their organizations.

Founded in 1993 as AIR TASER by Rick Smith and Tom Smith, the company later operated as TASER International before adopting the name Axon Enterprise in 2017.

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