Axon Enterprise (AXON) Stock Rose 141% in Q1

Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 12.26% net of fees in the first quarter, compared to the Russell 2000 Growth Index’s 6.07% return. In addition to positive stock selection, rebound by many of the higher-growth stocks, which detracted in 2022, and an underweight exposure to the weakest performing sectors of the Index benefitted the strategy in Q1. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Small Cap Strategy highlighted stocks like Axon Enterprise, Inc. (NASDAQ:AXON) in the first quarter 2023 investor letter. Headquartered in Scottsdale, Arizona, Axon Enterprise, Inc. (NASDAQ:AXON) is a conducted energy devices manufacturer that operates through Software and Sensors, and TASER. On May 23, 2023, Axon Enterprise, Inc. (NASDAQ:AXON) stock closed at $195.80 per share. One-month return of Axon Enterprise, Inc. (NASDAQ:AXON) was -9.41%, and its shares gained 104.94% of their value over the last 52 weeks. Axon Enterprise, Inc. (NASDAQ:AXON) has a market capitalization of $14.467 billion.

Conestoga Small Cap Strategy made the following comment about Axon Enterprise, Inc. (NASDAQ:AXON) in its Q1 2023 investor letter:

“Axon Enterprise, Inc. (NASDAQ:AXON): AXON develops technology and weapon products for military, law enforcement and civilians. The first quarter was AXON’s third straight quarter as a portfolio leader as the stock appreciated by 141% during that time frame despite the Russell 2000 Growth only rising 10%. AXON announced robust fourth quarter and full year results, with the latter exceeding their initial revenue guidance by over $280 million, or 29%. In addition, AXON announced 2025 targets of $2 billion in revenue (+20% CAGR) and adjusted EBITDA margins of 25%. In addition, AXON increased its total addressable market to $50 billion.”

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Axon Enterprise, Inc. (NASDAQ:AXON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Axon Enterprise, Inc. (NASDAQ:AXON) at the end of first quarter 2023 which was 38 in the previous quarter.

We discussed Axon Enterprise, Inc. (NASDAQ:AXON) in another article and shared the list of large-cap stocks with insider buying. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.