Axon Enterprise, Inc $AXON Position Lifted by Avidian Wealth Enterprises LLC

Key Points

• Avidian Wealth Enterprises significantly increased its Axon position by 3,661.6% in the third quarter, reaching 62,818 shares valued at approximately $26.5 million. Institutional investors collectively own 79.08% of the company.
• Axon shares rose 0.8% to $409.39, but remain well below their 52-week high of $764.02. The stock carries a high price-to-earnings ratio of 169.87, reflecting elevated valuation concerns.
• Axon exceeded quarterly expectations with earnings of $1.88 per share and revenue of $904.4 million, up 35.3% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $721.57.

Avidian Wealth Enterprises LLC grew its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 3,661.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,818 shares of the biotechnology company's stock after buying an additional 61,148 shares during the quarter. Axon Enterprise accounts for 0.7% of Avidian Wealth Enterprises LLC's portfolio, making the stock its 25th largest position. Avidian Wealth Enterprises LLC owned about 0.08% of Axon Enterprise worth $26,542,000 as of its most recent SEC filing.

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

Axon Enterprise Stock Up 0.8%

Shares of AXON traded up $3.39 during midday trading on Thursday, hitting $409.39. The company had a trading volume of 399,147 shares, compared to its average volume of 1,050,204. The stock has a market cap of $33.26 billion, a price-to-earnings ratio of 169.87, a PEG ratio of 7.88 and a beta of 1.44. The company's 50 day moving average price is $522.70 and its 200 day moving average price is $477.18. 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, Inc has a 52 week low of $339.01 and a 52 week high of $764.02.

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

Wall Street Analyst Weigh In

Several research firms recently commented on AXON. Citizens Jmp reissued a "market outperform" rating and set a $700.00 price target on shares of Axon Enterprise in a research report on Thursday, June 25th. Piper Sandler lifted their price objective on shares of Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Morgan Stanley boosted their target price on shares of Axon Enterprise from $600.00 to $640.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Needham & Company LLC reaffirmed a "buy" rating on shares of Axon Enterprise in a report on Wednesday, September 2nd. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Axon Enterprise in a research note on Wednesday, August 5th. One research 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $721.57.

Insider Transactions at Axon Enterprise

In other news, insider Jeffrey C. Kunins sold 9,605 shares of the firm's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $626.70, for a total value of $6,019,453.50. Following the transaction, the insider directly owned 97,761 shares in the company, valued at approximately $61,266,818.70. This trade represents a 8.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick W. Smith sold 10,000 shares of the business's stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $508.99, for a total transaction of $5,089,900.00. Following the sale, the chief executive officer directly owned 3,118,012 shares of the company's stock, valued at approximately $1,587,036,927.88. This represents a 0.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 47,397 shares of company stock valued at $26,722,984. 4.20% of the stock is currently owned by insiders.

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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