Axon Enterprise, Inc $AXON Shares Acquired by Frank Rimerman Advisors LLC

Key Points

• Frank Rimerman Advisors increased its Axon Enterprise stake by 19,294.9% in the third quarter, holding 103,569 shares worth approximately $43.8 million. Institutional investors collectively own 79.08% of the company.
• Axon reported quarterly revenue of $904.4 million, up 35.3% year over year, and earnings of $1.88 per share, exceeding analyst expectations. Shares opened at $390.29, while the stock trades at a high valuation with a P/E ratio of 161.95.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $718.47. Meanwhile, insiders sold 47,397 shares worth $26.7 million over the past 90 days under pre-arranged trading plans.

Frank Rimerman Advisors LLC boosted its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 19,294.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 103,569 shares of the biotechnology company's stock after buying an additional 103,035 shares during the quarter. Axon Enterprise makes up approximately 2.4% of Frank Rimerman Advisors LLC's portfolio, making the stock its 7th biggest position. Frank Rimerman Advisors LLC owned 0.13% of Axon Enterprise worth $43,760,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. TD Waterhouse Canada Inc. raised its position in shares of Axon Enterprise by 11,217.5% during the third quarter. TD Waterhouse Canada Inc. now owns 895,780 shares of the biotechnology company's stock worth $378,485,000 after acquiring an additional 887,865 shares during the last quarter. Banque Pictet & Cie SA acquired a new position in shares of Axon Enterprise in the third quarter worth approximately $308,000. Cyndeo Wealth Partners LLC acquired a new position in shares of Axon Enterprise in the third quarter worth approximately $115,415,000. Pension & Wealth Management Advisors Inc. boosted its holdings in Axon Enterprise by 836.4% in the third quarter. Pension & Wealth Management Advisors Inc. now owns 7,454 shares of the biotechnology company's stock valued at $3,149,000 after acquiring an additional 6,658 shares during the last quarter. Finally, Howard Capital Management LLC boosted its holdings in Axon Enterprise by 8,465.0% in the third quarter. Howard Capital Management LLC now owns 174,983 shares of the biotechnology company's stock valued at $73,934,000 after acquiring an additional 172,940 shares during the last quarter. Institutional investors own 79.08% of the company's stock.

Axon Enterprise Stock Performance

Shares of Axon Enterprise stock opened at $390.29 on Friday. The business has a 50-day moving average price of $501.59 and a two-hundred day moving average price of $474.43. Axon Enterprise, Inc has a 1-year low of $339.01 and a 1-year high of $764.02. 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 company has a market cap of $31.71 billion, a P/E ratio of 161.95, a PEG ratio of 7.34 and a beta of 1.44.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, beating 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 company had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. During the same period in the previous year, the business earned $2.12 EPS. The firm's revenue was up 35.3% compared to the same quarter last year. As a group, analysts anticipate that Axon Enterprise, Inc will post 2.12 EPS for the current year.

Insiders Place Their Bets

In other Axon Enterprise news, President Joshua Isner sold 16,775 shares of the business's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $574.43, for a total value of $9,636,063.25. Following the transaction, the president directly owned 296,974 shares of the company's stock, valued at approximately $170,590,774.82. The trade was a 5.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick Smith sold 10,000 shares of the stock in a transaction that occurred 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 owned 3,118,012 shares in the company, valued at $1,587,036,927.88. The trade was a 0.32% 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. Insiders sold a total of 47,397 shares of company stock valued at $26,722,984 in the last ninety days. 4.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Raymond James Financial set a $675.00 target price on shares of Axon Enterprise in a research report on Thursday. Piper Sandler boosted their price target on shares of Axon Enterprise from $724.00 to $732.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Argus boosted their price target on shares of Axon Enterprise from $460.00 to $600.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Citigroup reaffirmed a "market outperform" rating on shares of Axon Enterprise in a research note on Thursday, September 17th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $715.00 price objective on shares of Axon Enterprise in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $718.47.

About Axon Enterprise

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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