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

SummitTX Capital L.P. acquired a new position in Axon Enterprise, Inc (NASDAQ:AXON) during the first quarter, Holdings Channel.com reports. The firm acquired 6,847 shares of the biotechnology company’s stock, valued at approximately $2,908,000.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Axon Enterprise by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,367,224 shares of the biotechnology company’s stock valued at $5,319,928,000 after purchasing an additional 53,060 shares during the period. Geode Capital Management LLC boosted its holdings in Axon Enterprise by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 2,226,159 shares of the biotechnology company’s stock valued at $1,265,657,000 after purchasing an additional 35,544 shares during the last quarter. Baillie Gifford & Co. grew its position in Axon Enterprise by 1,198.7% during the 4th quarter. Baillie Gifford & Co. now owns 1,642,578 shares of the biotechnology company’s stock worth $932,869,000 after purchasing an additional 1,516,099 shares during the period. Sands Capital Management LLC grew its position in Axon Enterprise by 11.6% during the 4th quarter. Sands Capital Management LLC now owns 1,609,436 shares of the biotechnology company’s stock worth $914,047,000 after purchasing an additional 167,095 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Axon Enterprise by 326.9% during the 4th quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company’s stock valued at $874,463,000 after buying an additional 1,179,038 shares during the last quarter. Hedge funds and other institutional investors own 79.08% of the company’s stock.

Insider Activity

In other Axon Enterprise news, President Joshua Isner sold 13,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the transaction, the president owned 169,125 shares in the company, valued at approximately $82,609,106.25. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Patrick W. Smith sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $643.79, for a total value of $6,437,900.00. Following the completion of the sale, the chief executive officer directly owned 3,040,997 shares in the company, valued at approximately $1,957,763,458.63. The trade was a 0.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 58,989 shares of company stock worth $30,527,983. 4.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AXON shares. TD Cowen reissued a “buy” rating on shares of Axon Enterprise in a report on Wednesday, July 22nd. Citizens Jmp reaffirmed a “market outperform” rating and set a $700.00 target price on shares of Axon Enterprise in a report on Thursday, June 25th. Morgan Stanley set a $600.00 price target on Axon Enterprise in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price target on Axon Enterprise from $750.00 to $755.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Zacks Research downgraded Axon Enterprise from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Fifteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $725.25.

Axon Enterprise Stock Up 4.2%

AXON stock opened at $547.65 on Wednesday. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $885.91. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.93 and a current ratio of 2.27. The firm’s fifty day moving average is $488.89 and its 200 day moving average is $477.58. The firm has a market cap of $44.14 billion, a PE ratio of 219.94, a P/E/G ratio of 10.72 and a beta of 1.38.

Axon Enterprise (NASDAQ:AXON) last issued its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share for the quarter, topping 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 business had revenue of $807.35 million during the quarter, compared to the consensus estimate of $778.90 million. During the same quarter in the prior year, the firm posted $1.47 earnings per share. The company’s revenue was up 33.7% compared to the same quarter last year. On average, research analysts forecast that Axon Enterprise, Inc will post 1.63 EPS for the current year.

Axon Enterprise Profile

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.