Axon Enterprise, Inc $AXON Shares Purchased by Retirement Systems of Alabama

Key Points

• Retirement Systems of Alabama sharply increased its Axon stake by 2,087,626 shares in the third quarter, bringing its holdings to 2,104,560 shares valued at about $889.2 million.
• Analysts’ consensus rating is “Moderate Buy,” with a $612.18 average price target; 13 analysts rate the stock Buy and four rate it Hold.
• Axon’s latest quarterly results missed estimates, reporting $1.72 per share versus $1.89 expected and $908.55 million in revenue versus $934.33 million expected, though revenue grew 27.8% year over year.

Retirement Systems of Alabama increased its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 12,328.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,104,560 shares of the biotechnology company's stock after acquiring an additional 2,087,626 shares during the period. Axon Enterprise comprises 2.6% of Retirement Systems of Alabama's portfolio, making the stock its 5th biggest position. Retirement Systems of Alabama owned about 2.59% of Axon Enterprise worth $889,219,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. M & L Capital Management Ltd purchased a new stake in Axon Enterprise in the third quarter worth $30,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of Axon Enterprise during the second quarter valued at $31,000. Wealth Enhancement Trust Services Inc. purchased a new stake in shares of Axon Enterprise during the third quarter valued at $33,000. Putney Financial Group LLC purchased a new stake in shares of Axon Enterprise during the third quarter valued at $36,000. Finally, Washington Trust Advisors Inc. grew its holdings in shares of 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 purchasing an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 79.08% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on AXON shares. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Axon Enterprise in a research note on Tuesday, November 3rd. Craig Hallum cut shares of Axon Enterprise from a "buy" rating to a "hold" rating and set a $390.00 price objective for the company. in a research report on Friday. Barclays lowered their price objective on shares of Axon Enterprise from $688.00 to $507.00 and set an "overweight" rating for the company in a research report on Monday. UBS Group upped their target price on shares of Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a research note on Thursday, August 6th. Finally, Argus raised their target price 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. Thirteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $612.18.

Insider Buying and Selling at Axon Enterprise

In other news, CEO Patrick W. Smith sold 10,000 shares of the company'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 value of $5,089,900.00. Following the completion of the sale, the chief executive officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Isaiah Fields sold 1,017 shares of the company's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $480.45, for a total transaction 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. The trade was a 1.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 37,397 shares of company stock valued at $21,234,034 in the last 90 days. Insiders own 4.20% of the company's stock.

Axon Enterprise Price Performance

AXON opened at $303.18 on Tuesday. Axon Enterprise, Inc has a 12-month low of $296.78 and a 12-month high of $665.07. 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 business's fifty day simple moving average is $435.58 and its 200-day simple moving average is $473.66. The company has a market capitalization of $24.63 billion, a price-to-earnings ratio of 97.17, a PEG ratio of 8.06 and a beta of 1.48.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The biotechnology company reported $1.72 EPS for the quarter, missing the consensus estimate of $1.89 by ($0.17). The firm had revenue of $908.55 million for the quarter, compared to analysts' expectations of $934.33 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 27.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.17 EPS. On average, equities research analysts anticipate that Axon Enterprise, Inc will post 2.10 earnings per share for the current fiscal year.

Axon Enterprise Company Profile

Axon Enterprise develops technology and services for public safety agencies. Its products include TASER conducted-energy weapons, body-worn and in-car cameras, and related hardware designed to support law enforcement and other safety professionals.

The company also provides cloud-based software for managing digital evidence, records and operational workflows. Its Axon Evidence platform helps agencies store, organize and share video and other evidence, while its broader software offerings include tools for dispatch and records management.

Founded in 1993 as TASER International, the company adopted the name Axon Enterprise in 2017 as it expanded beyond conducted-energy weapons into connected devices and software.

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