Axon Enterprise, Inc $AXON Position Increased by Citizens Financial Group Inc. RI

Key Points

• Institutional investors increased exposure to Axon: Citizens Financial Group raised its position by 13,919.9% to 111,038 shares, while several other funds also significantly expanded their holdings. Institutional investors now own 79.08% of the company.
• Analyst sentiment remains positive: Axon has a consensus “Moderate Buy” rating, with 15 analysts issuing Strong Buy or Buy ratings and an average price target of $689.94.
• Strong growth contrasts with a high valuation: Quarterly revenue rose 35.3% year over year to $904.39 million and EPS beat estimates, but the stock trades at a P/E ratio of 174.43. Insiders have also sold 47,397 shares worth approximately $26.7 million over the past 90 days.

Citizens Financial Group Inc. RI grew its holdings in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 13,919.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 111,038 shares of the biotechnology company's stock after buying an additional 110,246 shares during the quarter. Citizens Financial Group Inc. RI owned 0.14% of Axon Enterprise worth $46,916,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sowell Financial Services LLC increased its position in shares of Axon Enterprise by 1,652.0% during the 3rd quarter. Sowell Financial Services LLC now owns 142,492 shares of the biotechnology company's stock worth $60,206,000 after purchasing an additional 134,359 shares in the last quarter. Ascent Wealth Partners LLC lifted its holdings in Axon Enterprise by 308.2% during the 3rd quarter. Ascent Wealth Partners LLC now owns 66,568 shares of the biotechnology company's stock valued at $28,126,000 after purchasing an additional 50,260 shares during the last quarter. Evergreen Capital Management LLC lifted its holdings in Axon Enterprise by 3,745.6% during the 3rd quarter. Evergreen Capital Management LLC now owns 45,647 shares of the biotechnology company's stock valued at $19,287,000 after purchasing an additional 44,460 shares during the last quarter. Manchester Capital Management LLC boosted its position in Axon Enterprise by 40,610.5% in the third quarter. Manchester Capital Management LLC now owns 7,735 shares of the biotechnology company's stock valued at $3,268,000 after buying an additional 7,716 shares in the last quarter. Finally, Barrett & Company Inc. grew its stake in Axon Enterprise by 2,250.7% during the third quarter. Barrett & Company Inc. now owns 6,582 shares of the biotechnology company's stock worth $2,781,000 after buying an additional 6,302 shares during the last quarter. Institutional investors and hedge funds own 79.08% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on AXON shares. Barclays raised their price objective on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Citigroup reissued a "market outperform" rating on shares of Axon Enterprise in a report on Thursday, September 17th. Raymond James Financial set a $675.00 price target on Axon Enterprise in a research report on Thursday, October 15th. Morgan Stanley raised their price target on Axon Enterprise from $600.00 to $640.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Finally, Northcoast Research lifted their price objective on Axon Enterprise from $650.00 to $680.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $689.94.

Insider Activity at Axon Enterprise

In other Axon Enterprise news, CEO Patrick W. Smith sold 10,000 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $508.99, for a total value of $5,089,900.00. Following the transaction, the chief executive officer directly owned 3,118,012 shares in the company, valued at approximately $1,587,036,927.88. This trade represents a 0.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Isaiah Fields sold 1,017 shares of Axon Enterprise stock in a transaction on Friday, September 11th. The shares were sold at an average price of $480.45, for a total value of $488,617.65. Following the completion of the sale, the insider directly owned 56,264 shares of the company's stock, valued at $27,032,038.80. This trade represents a 1.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 47,397 shares of company stock worth $26,722,984. Company insiders own 4.20% of the company's stock.

Axon Enterprise Trading Up 1.4%

AXON opened at $420.37 on Friday. The company has a current ratio of 2.15, a quick ratio of 1.80 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $34.15 billion, a PE ratio of 174.43, a PEG ratio of 7.99 and a beta of 1.44. Axon Enterprise, Inc has a 1-year low of $339.01 and a 1-year high of $764.02. The firm has a 50-day moving average price of $480.64 and a two-hundred day moving average price of $473.90.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 earned $2.12 earnings per share. Axon Enterprise's quarterly revenue was up 35.3% on a year-over-year basis. As a group, equities analysts anticipate that Axon Enterprise, Inc will post 2.10 earnings per share for the current fiscal year.

About Axon Enterprise

Axon Enterprise, Inc develops technology and connected products for public safety organizations. The company's portfolio includes TASER conducted-energy weapons, body-worn cameras, in-car cameras, and related hardware designed to support law enforcement, corrections, security, and other emergency-response professionals.

Axon also provides cloud-based software for managing digital evidence, records, workflows, real-time operations, investigations, and communications. Its platform is intended to connect hardware, software, and services across the public-safety ecosystem, helping agencies collect, store, analyze, and share operational information.

The company was founded in 1993 as TASER International by Rick Smith and Tom Smith and adopted the name Axon Enterprise in 2017 as it expanded beyond conducted-energy weapons into a broader technology platform.

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.