Axon Enterprise, Inc $AXON is Pinnacle Wealth Management LLC's 7th Largest Position

Key Points

• Pinnacle Wealth Management LLC has reduced its stake in Axon Enterprise by 11.8%, now holding 4,586 shares worth approximately $2.4 million, making it the firm's 7th largest investment.
• Brokerages have upgraded their ratings on Axon Enterprise, with Bank of America raising its price target from $895.00 to $1,000.00 and a consensus average target price of $837.69 among analysts.
• In its latest earnings report, Axon Enterprise reported earnings per share (EPS) of $2.12, surpassing estimates and reflecting a 32.6% increase in revenue compared to the same quarter last year.

Pinnacle Wealth Management LLC lessened its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 11.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,586 shares of the biotechnology company's stock after selling 614 shares during the quarter. Axon Enterprise comprises about 2.7% of Pinnacle Wealth Management LLC's holdings, making the stock its 7th biggest holding. Pinnacle Wealth Management LLC's holdings in Axon Enterprise were worth $2,412,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. TCTC Holdings LLC increased its holdings in shares of Axon Enterprise by 75.0% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 24 shares during the period. Fourth Dimension Wealth LLC acquired a new position in shares of Axon Enterprise in the 4th quarter valued at $30,000. Bartlett & CO. Wealth Management LLC increased its holdings in shares of Axon Enterprise by 132.0% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 58 shares of the biotechnology company's stock valued at $31,000 after acquiring an additional 33 shares during the period. Catalyst Capital Advisors LLC acquired a new position in Axon Enterprise in the 1st quarter valued at $32,000. Finally, Alpine Bank Wealth Management acquired a new position in Axon Enterprise in the 1st quarter valued at $40,000. Hedge funds and other institutional investors own 79.08% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on AXON. Craig Hallum raised shares of Axon Enterprise from a "hold" rating to a "buy" rating and set a $900.00 price objective on the stock in a research note on Tuesday, August 5th. Needham & Company LLC set a $870.00 price objective on shares of Axon Enterprise and gave the company a "buy" rating in a research note on Tuesday, August 5th. Wolfe Research began coverage on shares of Axon Enterprise in a research note on Monday, July 7th. They issued an "outperform" rating on the stock. Bank of America boosted their price objective on shares of Axon Enterprise from $895.00 to $1,000.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $855.00 price objective (up from $645.00) on shares of Axon Enterprise in a research note on Tuesday, August 5th. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Axon Enterprise has a consensus rating of "Moderate Buy" and an average target price of $837.69.

Axon Enterprise Stock Performance

NASDAQ:AXON opened at $754.24 on Monday. Axon Enterprise, Inc has a fifty-two week low of $346.71 and a fifty-two week high of $885.91. The company has a quick ratio of 2.71, a current ratio of 2.95 and a debt-to-equity ratio of 0.63. The firm's fifty day simple moving average is $773.85 and its 200-day simple moving average is $670.41. The stock has a market cap of $59.21 billion, a PE ratio of 186.23, a price-to-earnings-growth ratio of 27.68 and a beta of 1.36.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The biotechnology company reported $2.12 EPS for the quarter, topping the consensus estimate of $1.54 by $0.58. Axon Enterprise had a net margin of 13.64% and a return on equity of 6.80%. The business had revenue of $668.54 million for the quarter, compared to analyst estimates of $641.77 million. During the same period in the previous year, the firm earned $1.20 EPS. The business's revenue for the quarter was up 32.6% compared to the same quarter last year. Analysts expect that Axon Enterprise, Inc will post 5.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Joshua Isner sold 15,919 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $746.26, for a total value of $11,879,712.94. Following the sale, the president directly owned 238,379 shares in the company, valued at $177,892,712.54. The trade was a 6.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey C. Kunins sold 7,891 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $750.10, for a total transaction of $5,919,039.10. Following the completion of the sale, the insider owned 144,538 shares in the company, valued at $108,417,953.80. This represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,695 shares of company stock worth $40,964,638. 5.70% of the stock is owned by company insiders.

About Axon Enterprise

Axon Enterprise, Inc develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand in the United States and internationally. It operates through two segments, Software and Sensors, and TASER. The company also offers hardware and cloud-based software solutions that enable law enforcement to capture, securely store, manage, share, and analyze video and other digital evidence.

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