Jennison Associates 13F: Cuts AXON Stake by $41M

Jennison Associates lightened its load in Axon Enterprise, Inc. (NASDAQ: AXON) during the most recent reporting period. The firm trimmed its stake by 8.19%, selling off 73,717 shares. According to its latest Form 13F filing with the SEC, the fund ended the period with 826,680 shares. At the time of the filing, the remaining position was valued at about $463.4 million.

This move follows a series of adjustments by other major institutions earlier in the year. While Jennison Associates pared back its exposure, other funds have been more active. The New York State Common Retirement Fund added 500 shares in early May, bringing its total to 39,421. Meanwhile, Vanguard Fiduciary Trust recently initiated a brand-new position with 452,430 shares, and Russell Investments Group lifted its holdings by 57.6% to reach 104,995 shares. Conversely, BNP Paribas followed a similar path to Jennison, reducing its stake by 15.6% to 184,412 shares.

On Tuesday, Axon stock was priced at $560.61. The shares have seen quite a range over the last year, hitting a low of $339.01 and climbing as high as $764.02. The company currently trades above its 200-day moving average of $489.57, which often suggests long-term price stability. With a market capitalization of $33.89 billion, the company is a heavyweight in the aerospace and defense industry.

Recent Earnings

Axon's financial performance shows a company in a growth phase. It brought in $3.22 billion in revenue, representing a growth rate of 35.3%. The company is profitable, reporting a net margin of 6.19% and earnings per share of $2.41. While its trailing price-to-earnings (P/E) ratio is high at 173.1, the forward P/E ratio — which looks at expected future earnings — is much lower at 39.57. The next earnings report is expected on November 3, 2026.

Analysts Set New Price Targets

Several research firms have recently weighed in on the stock's potential. On September 3, 2026, Argus Research kept a Buy rating and raised its price target from $460.00 to $600.00. Earlier in the summer, Needham maintained a Buy rating with a $750.00 target, and Piper Sandler reiterated an Overweight rating, setting its target at $732.00. Across 19 different analysts, the consensus remains a Buy, with an average price target of $690.68, suggesting many experts see room for the stock to grow from its current levels.

Public Safety Technology Focus

Axon Enterprise provides the technology many police departments and first responders use every day. Originally known as TASER International, the Scottsdale-based company makes body cameras, cloud-based evidence management software, and the TASER energy devices themselves. Its business is split between selling hardware and providing the software services that help agencies store and analyze digital video evidence.

What's Ahead for Axon Enterprise, Inc.

Investors will likely keep a close eye on the November 3 earnings date to see if Axon can continue its double-digit revenue growth. While the 13F filing from Jennison Associates shows a reduction in shares, these reports are backward-looking and only show what the fund held as of the filing date. They do not necessarily reflect what the fund owns today, but they provide a useful window into how the big money was moving during the spring of 2026.