Axon Enterprise (AXON)’s Year-on-Year Revenue Jumped 27%

Conestoga Capital Advisors, an asset management company, released its “Small Cap Growth Fund” third-quarter investor letter. A copy of the same can be downloaded here. The fund declined 4.56% net of fees in the third quarter, compared to a 0.24% return for Russell 2000 Growth Index. Stock selection and negative sector allocation impacted the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Conestoga Capital Advisors highlighted stocks like Axon Enterprise, Inc. (NASDAQ:AXON) in its Q3 2022 investor letter. Headquartered in Scottsdale, Arizona, Axon Enterprise, Inc. (NASDAQ:AXON) is a conducted energy devices manufacturer. On December 14, 2022, Axon Enterprise, Inc. (NASDAQ:AXON) stock closed at $173.52 per share. One-month return of Axon Enterprise, Inc. (NASDAQ:AXON) was -9.17%, and its shares gained 17.61% of their value over the last 52 weeks. Axon Enterprise, Inc. (NASDAQ:AXON) has a market capitalization of $12.349 billion.

Conestoga Capital Advisors made the following comment about Axon Enterprise, Inc. (NASDAQ:AXON) in its Q3 2022 investor letter:

“Axon Enterprise, Inc. (NASDAQ:AXON): AXON continues to post strong financial results. Second quarter revenue and EPS came in ahead of expectations, prompting AXON to raise full year revenue guidance for the fifth time this year. Revenue guidance for the year ahead has been raised by $170 million cumulatively and represents 27% year-over-year growth. Strength was broad-based in the second quarter as cloud software grew 35%, body camera shipments grew 31% and Taser 7 units grew 85%, with 76% sold on subscription.”

Photo by mahdis mousavi on Unsplash

Axon Enterprise, Inc. (NASDAQ:AXON) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Axon Enterprise, Inc. (NASDAQ:AXON) at the end of the third quarter, which was 26 in the previous quarter. We discussed Axon Enterprise, Inc. (NASDAQ:AXON) in another article and shared the best augmented reality stocks to invest in. In addition, please check out our hedge fund investor letters Q3 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.