Axon Enterprise (AXON) Rose in Q4 on Revenue Guidance

Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund’s performance was flat compared to the Russell 2000 Growth Index in the fourth quarter. The fund (institutional shares) returned 0.22% compared to the benchmark return of 4.13%. The fund (institutional shares) fell by 35.12% for the full year compared to a 26.36% decline for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Discovery Fund highlighted stocks like Axon Enterprise, Inc. (NASDAQ:AXON) in the Q4 2022 investor letter. Headquartered in Scottsdale, Arizona, Axon Enterprise, Inc. (NASDAQ:AXON) is a conducted energy devices manufacturer. On February 24, 2023, Axon Enterprise, Inc. (NASDAQ:AXON) stock closed at $193.55 per share. One-month return of Axon Enterprise, Inc. (NASDAQ:AXON) was 1.09%, and its shares gained 38.00% of their value over the last 52 weeks. Axon Enterprise, Inc. (NASDAQ:AXON) has a market capitalization of $13.774 billion.

Baron Discovery Fund made the following comment about Axon Enterprise, Inc. (NASDAQ:AXON) in its Q4 2022 investor letter:

“Shares of Axon Enterprise, Inc. (NASDAQ:AXON), a public safety-focused technology company, rose during the quarter following a strong earnings report in which full-year revenue guidance was raised. Notable strength in the Axon Cloud segment reflects increased domestic demand for software-heavy premium integrated bundles. We believe the company has a line of sight to a more than 20% average annual revenue growth, an improving margin profile with software solutions growth, and the potential to become the dominant ecosystem in the public safety space.”

Axon Enterprise, Inc. (NASDAQ:AXON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Axon Enterprise, Inc. (NASDAQ:AXON) at the end of the fourth quarter which was 27 in the previous quarter.

We discussed Axon Enterprise, Inc. (NASDAQ:AXON) in another article and shared Conestoga Capital Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.