Primecap Management Co. CA Reduces Holdings in Axon Enterprise, Inc. (NASDAQ:AXON)

Primecap Management Co. CA lowered its position in shares of Axon Enterprise, Inc. (NASDAQ:AXON) by 16.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 76,600 shares of the biotechnology company’s stock after selling 15,100 shares during the period. Primecap Management Co. CA’s holdings in Axon Enterprise were worth $30,609,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc lifted its stake in Axon Enterprise by 9.2% in the third quarter. CIBC Asset Management Inc now owns 10,578 shares of the biotechnology company’s stock valued at $4,227,000 after buying an additional 895 shares during the last quarter. Foundations Investment Advisors LLC purchased a new stake in Axon Enterprise in the 3rd quarter valued at $221,000. Sequoia Financial Advisors LLC boosted its stake in Axon Enterprise by 4.9% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,727 shares of the biotechnology company’s stock worth $690,000 after purchasing an additional 81 shares during the period. Axxcess Wealth Management LLC acquired a new stake in Axon Enterprise during the 3rd quarter worth $814,000. Finally, Jag Capital Management LLC grew its position in Axon Enterprise by 9.7% during the 3rd quarter. Jag Capital Management LLC now owns 56,086 shares of the biotechnology company’s stock worth $22,412,000 after purchasing an additional 4,954 shares during the last quarter. 79.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Axon Enterprise

In related news, insider Jeffrey C. Kunins sold 21,834 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $593.88, for a total transaction of $12,966,775.92. Following the transaction, the insider now owns 154,394 shares of the company’s stock, valued at approximately $91,691,508.72. This represents a 12.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Patrick W. Smith sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $356.53, for a total transaction of $26,739,750.00. Following the sale, the chief executive officer now owns 2,970,366 shares in the company, valued at approximately $1,059,024,589.98. This trade represents a 2.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 330,256 shares of company stock valued at $131,338,820 over the last quarter. Insiders own 6.10% of the company’s stock.

Axon Enterprise Stock Performance

Axon Enterprise stock opened at $632.04 on Friday. Axon Enterprise, Inc. has a fifty-two week low of $224.28 and a fifty-two week high of $640.51. The company has a market capitalization of $48.19 billion, a price-to-earnings ratio of 163.32, a PEG ratio of 18.26 and a beta of 0.94. The stock has a fifty day moving average of $458.43 and a two-hundred day moving average of $365.54. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.63 and a current ratio of 2.96.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays boosted their price target on Axon Enterprise from $381.00 to $387.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Craig Hallum increased their price objective on Axon Enterprise from $370.00 to $376.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. JMP Securities boosted their target price on shares of Axon Enterprise from $430.00 to $500.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 31st. Robert W. Baird increased their target price on shares of Axon Enterprise from $440.00 to $460.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Finally, Needham & Company LLC boosted their price target on Axon Enterprise from $525.00 to $600.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Axon Enterprise currently has an average rating of “Moderate Buy” and an average price target of $427.83.

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.