Zevenbergen Capital Investments LLC Sells 7,975 Shares of Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Zevenbergen Capital Investments LLC reduced its stake in Axon Enterprise by 1.9%, now holding a total of 415,264 shares valued at approximately $218 million.
• A number of institutional investors have increased their positions in Axon Enterprise, reflecting a strong institutional interest with 79.08% of the stock owned by such investors.
• A recent earnings report showed Axon generated $668.54 million in revenue, exceeding expectations of $641.77 million, and reported earnings per share of $2.12.

Zevenbergen Capital Investments LLC cut its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 1.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 415,264 shares of the biotechnology company's stock after selling 7,975 shares during the period. Axon Enterprise makes up approximately 5.3% of Zevenbergen Capital Investments LLC's holdings, making the stock its 7th largest holding. Zevenbergen Capital Investments LLC owned about 0.53% of Axon Enterprise worth $218,408,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Virtu Financial LLC acquired a new position in shares of Axon Enterprise in the 1st quarter valued at approximately $513,000. Frank Rimerman Advisors LLC raised its position in shares of Axon Enterprise by 26.6% in the 1st quarter. Frank Rimerman Advisors LLC now owns 609 shares of the biotechnology company's stock valued at $320,000 after purchasing an additional 128 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Axon Enterprise by 48.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 102,148 shares of the biotechnology company's stock valued at $53,725,000 after purchasing an additional 33,120 shares in the last quarter. Cynosure Group LLC raised its position in shares of Axon Enterprise by 57.1% in the 1st quarter. Cynosure Group LLC now owns 1,403 shares of the biotechnology company's stock valued at $738,000 after purchasing an additional 510 shares in the last quarter. Finally, Townsquare Capital LLC raised its position in shares of Axon Enterprise by 119.9% in the 1st quarter. Townsquare Capital LLC now owns 2,008 shares of the biotechnology company's stock valued at $1,056,000 after purchasing an additional 1,095 shares in the last quarter. 79.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Axon Enterprise

In related news, CFO Brittany Bagley sold 3,400 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $700.00, for a total transaction of $2,380,000.00. Following the completion of the transaction, the chief financial officer owned 131,833 shares of the company's stock, valued at $92,283,100. This trade represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Joshua Isner sold 9,905 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $738.03, for a total value of $7,310,187.15. Following the transaction, the president directly owned 298,809 shares of the company's stock, valued at $220,530,006.27. This represents a 3.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,642 shares of company stock valued at $25,090,528. Corporate insiders own 4.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AXON. Needham & Company LLC set a $870.00 target price on Axon Enterprise and gave the company a "buy" rating in a research report on Tuesday, August 5th. 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 report on Tuesday, August 5th. Morgan Stanley set a $885.00 price target on Axon Enterprise and gave the company an "overweight" rating in a report on Friday, July 11th. Craig Hallum upgraded Axon Enterprise from a "hold" rating to a "buy" rating and set a $900.00 price target for the company in a report on Tuesday, August 5th. Finally, JMP Securities boosted their price target on Axon Enterprise from $725.00 to $825.00 and gave the company a "market outperform" rating in a report on Tuesday, July 22nd. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $837.69.

Axon Enterprise Trading Down 3.3%

NASDAQ:AXON opened at $842.50 on Friday. Axon Enterprise, Inc has a 1 year low of $346.71 and a 1 year high of $885.91. The stock has a market cap of $66.14 billion, a price-to-earnings ratio of 208.02, a PEG ratio of 93.35 and a beta of 1.36. The business has a fifty day moving average of $774.27 and a 200-day moving average of $665.08. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.62 and a current ratio of 2.95.

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 for the quarter, beating the consensus estimate of $1.54 by $0.58. Axon Enterprise had a return on equity of 6.80% and a net margin of 13.64%. The business had revenue of $668.54 million during the quarter, compared to analysts' expectations of $641.77 million. During the same quarter last year, the business posted $1.20 earnings per share. The company's quarterly revenue was up 32.6% on a year-over-year basis. Equities analysts predict that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

About Axon Enterprise

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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