Axon Enterprise, Inc $AXON Shares Bought by Fifth Third Wealth Advisors LLC

Key Points

• Fifth Third Wealth Advisors significantly increased its Axon Enterprise position by 13,721.8% in the third quarter, acquiring 157,663 additional shares. The firm now owns 158,812 shares valued at approximately $67.1 million, while institutional investors collectively hold 79.08% of AXON.
• Axon’s latest quarterly results exceeded expectations, with earnings of $1.88 per share versus the $1.84 consensus and revenue of $904.39 million, up 35.3% year over year. Despite the growth, the stock trades at a high valuation, with a P/E ratio of 174.43.
• Analysts maintain a favorable outlook, giving AXON a consensus rating of “Moderate Buy” and an average price target of $689.94. Meanwhile, insiders sold 47,397 shares worth approximately $26.7 million over the past three months.

Fifth Third Wealth Advisors LLC raised its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 13,721.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 158,812 shares of the biotechnology company's stock after acquiring an additional 157,663 shares during the quarter. Axon Enterprise makes up 1.7% of Fifth Third Wealth Advisors LLC's portfolio, making the stock its 10th biggest holding. Fifth Third Wealth Advisors LLC owned 0.20% of Axon Enterprise worth $67,101,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AXON. Keating Financial Advisory Services Inc. bought a new position in shares of Axon Enterprise in the 2nd quarter valued at about $31,000. Washington Trust Advisors Inc. grew its position in Axon Enterprise by 1,300.0% in the second quarter. Washington Trust Advisors Inc. now owns 70 shares of the biotechnology company's stock worth $39,000 after acquiring an additional 65 shares in the last quarter. Wealth Enhancement Trust Services Inc. bought a new stake in Axon Enterprise during the third quarter worth approximately $33,000. Delos Wealth Advisors LLC bought a new stake in Axon Enterprise during the second quarter worth approximately $45,000. Finally, Owl Creek Wealth Partners LLC raised its position in Axon Enterprise by 84.8% during the second quarter. Owl Creek Wealth Partners LLC now owns 85 shares of the biotechnology company's stock valued at $48,000 after purchasing an additional 39 shares during the period. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

Axon Enterprise Stock Up 1.4%

NASDAQ AXON opened at $420.37 on Friday. The business's fifty day simple moving average is $480.64 and its 200-day simple moving average is $473.90. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47. The firm has a market cap of $34.15 billion, a PE ratio of 174.43, a P/E/G ratio of 7.88 and a beta of 1.44. 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 announced its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.84 by $0.04. The firm had revenue of $904.39 million during the quarter, compared to analysts' expectations of $876.42 million. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The business's quarterly revenue was up 35.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.12 earnings per share. As a group, equities analysts anticipate that Axon Enterprise, Inc will post 2.10 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on AXON. Zacks Research raised shares of Axon Enterprise from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. Northcoast Research boosted their price objective on shares of Axon Enterprise from $650.00 to $680.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Raymond James Financial set a $675.00 target price on shares of Axon Enterprise in a research note on Thursday, October 15th. Argus boosted their price target on Axon Enterprise from $460.00 to $600.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Finally, The Goldman Sachs Group dropped their price objective on Axon Enterprise from $715.00 to $675.00 and set a "buy" rating on the stock in a research note on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $689.94.

Insider Buying and Selling

In related news, CEO Patrick W. Smith sold 10,000 shares of the business's stock in a transaction that occurred on 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 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 is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeffrey C. Kunins sold 9,605 shares of the company's stock in a transaction that occurred 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 directly owned 97,761 shares of the company's stock, valued at $61,266,818.70. The trade was a 8.95% 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. Over the last three months, insiders sold 47,397 shares of company stock valued at $26,722,984. 4.20% of the stock is owned by company insiders.

Axon Enterprise Profile

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.

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