OVERSEA CHINESE BANKING Corp Ltd Invests $2.83 Million in Axon Enterprise, Inc $AXON

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Axon Enterprise, Inc (NASDAQ:AXON) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,041 shares of the biotechnology company’s stock, valued at approximately $2,826,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Edgewood Management LLC bought a new position in Axon Enterprise in the fourth quarter worth approximately $846,516,000. Wellington Management Group LLP grew its position 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 acquiring an additional 1,179,038 shares during the period. Norges Bank bought a new stake in shares of Axon Enterprise during the 4th quarter valued at $515,764,000. BlackRock Inc. grew its position in shares of Axon Enterprise by 4.3% during the 2nd quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company’s stock valued at $4,672,432,000 after acquiring an additional 345,365 shares during the period. Finally, Styrax Capital LP purchased a new stake in shares of Axon Enterprise in the 1st quarter worth $84,938,000. Hedge funds and other institutional investors own 79.08% of the company’s stock.

Axon Enterprise Stock Performance

AXON opened at $614.26 on Friday. The company has a 50 day simple moving average of $539.39 and a two-hundred day simple moving average of $475.81. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.15 and a quick ratio of 1.80. The firm has a market cap of $49.90 billion, a P/E ratio of 254.88, a PEG ratio of 10.48 and a beta of 1.39. Axon Enterprise, Inc has a 1-year low of $339.01 and a 1-year high of $794.29.

Axon Enterprise (NASDAQ:AXON) last announced its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The firm had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. During the same period last year, the firm earned $2.12 EPS. The company’s revenue was up 35.3% on a year-over-year basis. Equities analysts forecast that Axon Enterprise, Inc will post 2.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Elizabeth Reid Coughlin sold 1,554 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $485.00, for a total value of $753,690.00. Following the transaction, the insider directly owned 34,024 shares in the company, valued at $16,501,640. The trade was a 4.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Patrick W. Smith sold 9,930 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $548.77, for a total value of $5,449,286.10. Following the completion of the transaction, the chief executive officer directly owned 3,031,067 shares of the company’s stock, valued at approximately $1,663,358,637.59. This trade represents a 0.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 66,989 shares of company stock worth $35,216,932 in the last three months. 4.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AXON. Citizens Jmp reaffirmed a “market outperform” rating and issued a $700.00 target price on shares of Axon Enterprise in a report on Thursday, June 25th. The Goldman Sachs Group reissued a “buy” rating and set a $715.00 price target on shares of Axon Enterprise in a report on Thursday, August 6th. Royal Bank Of Canada restated an “outperform” rating on shares of Axon Enterprise in a research report on Tuesday, July 21st. TD Cowen reaffirmed a “buy” rating on shares of Axon Enterprise in a research note on Wednesday, July 22nd. Finally, Barclays lifted their price objective on Axon Enterprise from $523.00 to $688.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Thirteen 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 a consensus rating of “Moderate Buy” and an average price target of $730.92.

About Axon Enterprise

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.