10,000 Shares in Axon Enterprise, Inc $AXON Bought by Canal Insurance CO

Key Points

• Canal Insurance CO initiated a new position in Axon Enterprise, buying 10,000 shares worth about $4.25 million in the first quarter.
• Insider activity has tilted toward selling, with executives including Cameron Brooks and Isaiah Fields selling shares; insiders have sold a total of 58,989 shares over the past 90 days.
• Axon reported better-than-expected quarterly results, with EPS of $1.61 and revenue of $807.35 million, while analysts currently rate the stock Moderate Buy with a consensus price target of $725.25.

Canal Insurance CO bought a new position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,000 shares of the biotechnology company's stock, valued at approximately $4,247,000.

Several other hedge funds have also modified their holdings of the stock. Creative Financial Designs Inc. ADV acquired a new stake in Axon Enterprise during the 4th quarter worth about $28,000. Sound Income Strategies LLC boosted its holdings in shares of Axon Enterprise by 550.0% in the fourth quarter. Sound Income Strategies LLC now owns 52 shares of the biotechnology company's stock worth $30,000 after buying an additional 44 shares during the period. Camelot Portfolios LLC acquired a new position in shares of Axon Enterprise in the fourth quarter worth about $30,000. AlphaCentric Advisors LLC purchased a new position in shares of Axon Enterprise in the fourth quarter worth approximately $34,000. Finally, Lodestone Wealth Management LLC purchased a new position in shares of Axon Enterprise in the fourth quarter worth approximately $35,000. 79.08% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Axon Enterprise

In other news, CRO Cameron Brooks sold 1,242 shares of the company's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $500.00, for a total value of $621,000.00. Following the transaction, the executive directly owned 49,710 shares of the company's stock, valued at approximately $24,855,000. This represents a 2.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Isaiah Fields sold 2,000 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $400.00, for a total value of $800,000.00. Following the sale, the insider owned 52,813 shares of the company's stock, valued at approximately $21,125,200. This represents a 3.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,989 shares of company stock worth $30,527,983 over the last 90 days. 4.20% of the stock is currently owned by insiders.

Axon Enterprise Stock Performance

AXON stock opened at $547.00 on Tuesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.93 and a current ratio of 2.27. The stock has a market cap of $44.09 billion, a P/E ratio of 219.68, a P/E/G ratio of 11.54 and a beta of 1.38. The firm has a 50 day simple moving average of $460.80 and a 200 day simple moving average of $482.64. Axon Enterprise, Inc has a 52 week low of $339.01 and a 52 week high of $885.91.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.01. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The firm had revenue of $807.35 million for the quarter, compared to analyst estimates of $778.90 million. During the same quarter in the prior year, the business earned $1.47 EPS. The company's revenue for the quarter was up 33.7% compared to the same quarter last year. Research analysts anticipate that Axon Enterprise, Inc will post 1.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. UBS Group reduced their price target on shares of Axon Enterprise from $570.00 to $440.00 and set a "neutral" rating for the company in a research report on Thursday, May 7th. The Goldman Sachs Group set a $535.00 price objective on shares of Axon Enterprise in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Barclays reduced their target price on Axon Enterprise from $682.00 to $523.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Finally, Morgan Stanley set a $600.00 price target on Axon Enterprise in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Axon Enterprise has a consensus rating of "Moderate Buy" and a consensus target price of $725.25.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company's hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.

Want to see what other hedge funds are holding AXON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Axon Enterprise, Inc (NASDAQ:AXON - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.