Axon Enterprise, Inc $AXON Holdings Lifted by Elevation Wealth Partners LLC

Key Points

• Institutional ownership increased: Elevation Wealth Partners raised its Axon stake by 12,450% to 3,263 shares valued at $1.38 million. Institutional investors and hedge funds collectively own 79.08% of the company.
• Insiders have been selling: Axon insiders sold 47,397 shares worth approximately $26.7 million over the past 90 days, including sales by CEO Patrick W. Smith and insider Jeffrey C. Kunins under pre-arranged trading plans.
• Growth outlook remains positive despite valuation concerns: Axon reported quarterly revenue growth of 35.3% and earnings above estimates, while analysts maintain a “Moderate Buy” consensus with a $721.57 price target. Shares recently traded at $406, with a high price-to-earnings ratio of 168.47.

Elevation Wealth Partners LLC increased its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 12,450.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,263 shares of the biotechnology company's stock after acquiring an additional 3,237 shares during the quarter. Elevation Wealth Partners LLC's holdings in Axon Enterprise were worth $1,379,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Axon Enterprise by 5,700.2% in the 2nd quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company's stock valued at $119,724,905,000 after purchasing an additional 209,879,882 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Axon Enterprise by 18,050.2% in the second quarter. Envestnet Asset Management Inc. now owns 13,200,075 shares of the biotechnology company's stock valued at $7,400,094,000 after buying an additional 13,127,348 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Axon Enterprise by 4.3% in the second quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock valued at $4,672,432,000 after acquiring an additional 345,365 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Axon Enterprise by 8,432.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,537,957 shares of the biotechnology company's stock valued at $1,983,414,000 after buying an additional 3,496,493 shares during the last quarter. Finally, Sands Capital Management LLC boosted its stake in shares of Axon Enterprise by 11.6% during the fourth quarter. Sands Capital Management LLC now owns 1,609,436 shares of the biotechnology company's stock worth $914,047,000 after buying an additional 167,095 shares during the period. Institutional investors and hedge funds own 79.08% of the company's stock.

Insider Transactions at Axon Enterprise

In related news, CEO Patrick W. Smith sold 10,000 shares of Axon Enterprise stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $508.99, for a total transaction of $5,089,900.00. Following the completion of the transaction, the chief executive officer directly owned 3,118,012 shares of the company's stock, valued at approximately $1,587,036,927.88. The trade was a 0.32% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 Jeffrey C. Kunins sold 9,605 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $626.70, for a total value of $6,019,453.50. Following the sale, the insider owned 97,761 shares in the company, valued at approximately $61,266,818.70. The trade was a 8.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 47,397 shares of company stock worth $26,722,984. 4.20% of the stock is currently owned by insiders.

Axon Enterprise Price Performance

Shares of NASDAQ AXON traded down $12.62 during midday trading on Wednesday, hitting $406.00. The company had a trading volume of 923,057 shares, compared to its average volume of 1,053,736. The firm has a market capitalization of $32.98 billion, a price-to-earnings ratio of 168.47, a price-to-earnings-growth ratio of 7.75 and a beta of 1.44. Axon Enterprise, Inc has a twelve month low of $339.01 and a twelve month high of $764.02. The business has a 50-day simple moving average of $525.20 and a two-hundred day simple moving average of $477.86. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The company had revenue of $904.39 million for the quarter, compared to analyst estimates of $876.42 million. During the same period in the prior year, the business posted $2.12 earnings per share. The firm's revenue for the quarter was up 35.3% compared to the same quarter last year. Equities research analysts anticipate that Axon Enterprise, Inc will post 2.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on AXON shares. Piper Sandler upped their price objective on Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. UBS Group increased their price target on Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Needham & Company LLC reissued a "buy" rating on shares of Axon Enterprise in a research note on Wednesday, September 2nd. Barclays raised their target price on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Finally, Citizens Jmp reiterated a "market outperform" rating and set a $700.00 price target on shares of Axon Enterprise in a research note on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Axon Enterprise presently has a consensus rating of "Moderate Buy" and a consensus price target of $721.57.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops technology and connected systems for public safety and law enforcement agencies. Its product portfolio includes TASER conducted energy weapons, body-worn cameras, in-car cameras and other recording devices designed to support safer interactions, improve accountability and document incidents.

The company also provides cloud-based software for managing digital evidence, reports, records and agency operations. Its Axon platform connects hardware with services such as evidence management, real-time operations, computer-aided dispatch and other workflow tools, enabling agencies to store, organize and share information across their organizations.

Founded in 1993 as AIR TASER by Rick Smith and Tom Smith, the company later operated as TASER International before adopting the name Axon Enterprise in 2017.

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