Swiss National Bank has decreased its holdings in Axon Enterprise, Inc. (NASDAQ: AXON) by 3.2% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the bank now owns 213,200 shares after selling 7,100 shares during this period. The value of these holdings amounts to approximately $153 million, representing around 0.27% of Axon’s total shares.
Other institutional investors have also made significant adjustments to their positions in Axon. For instance, Vanguard Group Inc. increased its stake by 4.2% during the same quarter, acquiring an additional 376,904 shares, bringing its total to 9,314,164 shares valued at approximately $6.68 billion. Similarly, Geode Capital Management LLC raised its holdings by 5.9%, now owning 2,072,186 shares valued at $1.71 billion.
In a notable increase, Jennison Associates LLC boosted its position by 53.8%, now possessing 943,944 shares valued at $677 million. Vestor Capital LLC’s increase was even more dramatic, lifting its stake by 438,636.3% to own 833,599 shares worth $690 million. Lastly, Norges Bank entered the scene with a new investment valued at approximately $637.81 million. Currently, hedge funds and institutional investors collectively hold around 79.08% of Axon’s stock.
In terms of insider trading, Chief Accounting Officer Jennifer H. Mak sold 1,500 shares on March 2, 2024, at an average price of $573.45, totaling $860,175. Following this transaction, she retains 12,240 shares valued at roughly $7.02 million, indicating a 10.92% decrease in her ownership. Similarly, Chief Financial Officer Brittany Bagley sold 2,000 shares on December 11, 2023, for $1.16 million, reducing her stake by 1.90%, with her remaining shares valued at approximately $60.03 million. Over the past 90 days, company insiders have sold a total of 26,634 shares worth $14.96 million.
Axon Enterprise Stock Performance and Earnings Report
As of the latest trading session, Axon Enterprise shares opened at $559.06, reflecting a decline of 2.6%. The stock has a 50-day simple moving average of $535.65 and a 200-day moving average of $615.42. Over the past year, Axon’s stock has seen significant fluctuations, with a 52-week low of $396.41 and a high of $885.91. The company currently holds a market capitalization of $44.95 billion.
In its recent quarterly earnings report, released on February 24, 2024, Axon reported earnings per share of $2.15, exceeding analyst expectations of $1.60 by $0.55. The company’s revenue for the quarter reached $796.72 million, surpassing predictions of $755.29 million. Year-over-year, revenue growth stood at 38.5%, with a net margin of 4.48% and a return on equity of 2.82%. Analysts forecast that Axon will report earnings per share of $5.80 for the current fiscal year.
Axon Enterprise, Inc. specializes in developing technology and weapon systems tailored for public safety and law enforcement agencies. Its product lineup includes conducted energy weapons, body-worn cameras, and in-car camera systems, all integrated with a suite of software solutions designed for evidence management, review, and records management.
As Axon continues to innovate in the public safety sector, the recent adjustments by institutional investors and insights from its earnings report will be closely monitored by market participants.
