Fernwood Investment Management LLC Lowers Stock Position in Axon Enterprise Inc (NASDAQ:AAXN)

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Fernwood Investment Management LLC reduced its stake in Axon Enterprise Inc (NASDAQ:AAXN) by 20.2% during the second quarter, HoldingsChannel reports. The firm owned 21,750 shares of the industrial products company’s stock after selling 5,500 shares during the period. Fernwood Investment Management LLC’s holdings in Axon Enterprise were worth $1,397,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Stephens Investment Management Group LLC raised its stake in Axon Enterprise by 0.6% in the second quarter. Stephens Investment Management Group LLC now owns 735,274 shares of the industrial products company’s stock valued at $47,212,000 after purchasing an additional 4,502 shares in the last quarter. Executive Wealth Management LLC purchased a new stake in Axon Enterprise in the second quarter valued at approximately $32,000. Cutter & CO Brokerage Inc. purchased a new stake in Axon Enterprise in the second quarter valued at approximately $472,000. Advisor Group Inc. raised its stake in Axon Enterprise by 64.7% in the second quarter. Advisor Group Inc. now owns 22,000 shares of the industrial products company’s stock valued at $1,412,000 after purchasing an additional 8,646 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its stake in Axon Enterprise by 1.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 17,600 shares of the industrial products company’s stock valued at $1,130,000 after purchasing an additional 310 shares in the last quarter. 77.56% of the stock is currently owned by institutional investors and hedge funds.

Shares of AAXN stock traded down $0.54 during trading hours on Thursday, hitting $57.32. 18,862 shares of the company’s stock were exchanged, compared to its average volume of 803,121. The stock has a market capitalization of $3.41 billion, a P/E ratio of 114.47, a PEG ratio of 4.08 and a beta of 0.76. Axon Enterprise Inc has a 12-month low of $39.43 and a 12-month high of $74.93. The stock has a 50 day simple moving average of $65.21.

Axon Enterprise (NASDAQ:AAXN) last issued its earnings results on Thursday, August 8th. The industrial products company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.05). Axon Enterprise had a return on equity of 3.23% and a net margin of 3.34%. The firm had revenue of $112.36 million during the quarter, compared to the consensus estimate of $115.41 million. During the same quarter in the prior year, the business posted $0.18 EPS. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Axon Enterprise Inc will post 0.52 EPS for the current fiscal year.

In other news, President Luke Larson sold 15,383 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $67.11, for a total value of $1,032,353.13. Following the transaction, the president now owns 56,774 shares in the company, valued at $3,810,103.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael Garnreiter sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $66.65, for a total transaction of $66,650.00. Following the completion of the transaction, the director now owns 32,657 shares in the company, valued at approximately $2,176,589.05. The disclosure for this sale can be found here. Insiders sold 66,383 shares of company stock worth $4,603,003 in the last 90 days. Company insiders own 2.30% of the company’s stock.

AAXN has been the topic of a number of recent analyst reports. Morgan Stanley raised their target price on shares of Axon Enterprise from $65.00 to $71.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. BidaskClub raised shares of Axon Enterprise from a “hold” rating to a “buy” rating in a research note on Saturday, August 3rd. Zacks Investment Research downgraded shares of Axon Enterprise from a “buy” rating to a “sell” rating in a research note on Wednesday. Needham & Company LLC downgraded shares of Axon Enterprise from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $81.00 price target (up from $73.00) on shares of Axon Enterprise in a research note on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Axon Enterprise presently has a consensus rating of “Buy” and a consensus price target of $72.22.

Axon Enterprise Profile

Axon Enterprise, Inc develops, manufactures, and sells conducted energy weapons (CEWs) worldwide. The company operates through two segments, TASER and Software and Sensors. It offers TASER X26P, TASER X2, TASER 7, and TASER Pulse and Bolt CEWs; and related cartridges. The company also provides on-officer body cameras and Axon Fleet in-car video systems; and Axon Evidence connected software network; Axon Records cloud-based records management system; Axon Signal enabled devices; and computer-aided dispatch software, as well as Axon docks, cartridges, and batteries.

Further Reading: What is Compound Interest?

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Institutional Ownership by Quarter for Axon Enterprise (NASDAQ:AAXN)

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