Axon Enterprise, Inc $AXON Shares Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company dramatically increased its Axon stake by 8,432.6% in the second quarter, owning 3.54 million shares worth approximately $1.98 billion. Institutional investors and hedge funds collectively own 79.08% of the company.
• Analysts remain broadly positive, with 14 Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $721.57. Axon also exceeded quarterly earnings and revenue expectations, with revenue rising 35.3% year over year.
• Insider selling and valuation remain concerns: executives sold shares under pre-arranged Rule 10b5-1 plans, including CEO Patrick Smith’s approximately $5.1 million sale, while the stock traded at a high P/E ratio near 199.

The Manufacturers Life Insurance Company boosted its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 8,432.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,537,957 shares of the biotechnology company's stock after acquiring an additional 3,496,493 shares during the period. Axon Enterprise comprises approximately 1.0% of The Manufacturers Life Insurance Company's holdings, making the stock its 13th biggest holding. The Manufacturers Life Insurance Company owned 4.35% of Axon Enterprise worth $1,983,414,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV acquired a new stake in shares of Axon Enterprise during the fourth quarter worth $28,000. Keating Financial Advisory Services Inc. purchased a new stake in Axon Enterprise in the 2nd quarter valued at about $31,000. AlphaCentric Advisors LLC purchased a new stake in Axon Enterprise in the 4th quarter valued at about $34,000. Darwin Wealth Management LLC acquired a new position in shares of Axon Enterprise during the 2nd quarter valued at about $37,000. Finally, Washington Trust Advisors Inc. lifted its holdings in shares of Axon Enterprise by 1,300.0% during the 2nd quarter. Washington Trust Advisors Inc. now owns 70 shares of the biotechnology company's stock worth $39,000 after acquiring an additional 65 shares during the period. 79.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AXON. Royal Bank Of Canada reissued an "outperform" rating on shares of Axon Enterprise in a research report on Tuesday, July 21st. The Goldman Sachs Group reaffirmed a "buy" rating and set a $715.00 price target on shares of Axon Enterprise in a research note on Thursday, August 6th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Axon Enterprise in a report on Wednesday, August 5th. Barclays boosted their price objective on shares of Axon Enterprise from $523.00 to $688.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Finally, Citizens Jmp restated a "market outperform" rating and set a $700.00 price objective on shares of Axon Enterprise in a report on Thursday, June 25th. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $721.57.

Insider Activity

In related news, insider Jeffrey Kunins sold 9,605 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $626.70, for a total transaction of $6,019,453.50. Following the completion of the sale, the insider directly owned 97,761 shares of the company's stock, valued at approximately $61,266,818.70. This trade represents a 8.95% decrease in their position. The transaction 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, CEO Patrick Smith sold 10,000 shares of Axon Enterprise stock in a transaction on Tuesday, September 8th. The stock was 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 in the company, valued at $1,587,036,927.88. This trade 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. Over the last three months, insiders sold 66,380 shares of company stock worth $37,672,266. 4.20% of the stock is currently owned by company insiders.

Axon Enterprise Stock Performance

Shares of NASDAQ:AXON opened at $478.85 on Friday. The company has a market cap of $38.90 billion, a P/E ratio of 198.69, a PEG ratio of 9.56 and a beta of 1.40. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $792.16. The business's 50-day simple moving average is $564.03 and its 200 day simple moving average is $488.42.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share 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 firm had revenue of $904.39 million during the quarter, compared to analysts' expectations of $876.42 million. During the same quarter in the prior year, the business earned $2.12 EPS. Axon Enterprise's quarterly revenue was up 35.3% compared to the same quarter last year. On average, sell-side analysts forecast that Axon Enterprise, Inc will post 2.04 earnings per share for the current fiscal year.

Trending Headlines about Axon Enterprise

Here are the key news stories impacting Axon Enterprise this week:

• Positive Sentiment: Analyst remains bullish: TD Cowen reaffirmed Axon as a top pick with a Buy rating and an $825 price target, citing an expected shift by cities toward Axon’s automated license-plate-recognition contracts. TD Cowen Axon analyst rating
• Positive Sentiment: Large Baltimore contract: Baltimore Police is adding 200 Axon license-plate cameras as part of a broader $153 million deal, supporting the company’s public-safety technology backlog and recurring-revenue opportunity. Baltimore Police Axon contract
• Neutral Sentiment: Technical and market factors: Analysts attributed the weakness primarily to profit-taking and broader risk-off trading in premium-valued growth stocks, rather than a new operational setback. A technical analysis identified the roughly $505 area as an important support level. Analysis of Axon share decline
• Negative Sentiment: Valuation concerns: A research report argued that rising sales and strong net revenue retention may not be sufficient to justify Axon’s elevated share price. The stock’s high earnings multiple leaves it vulnerable to additional multiple compression if growth expectations moderate. Axon earnings and valuation report
• Negative Sentiment: Insider selling adds pressure: CEO Patrick Smith sold 10,000 shares worth approximately $5.1 million under a pre-arranged Rule 10b5-1 plan. The planned nature of the transaction reduces its significance, but repeated insider sales and no reported insider purchases can weigh on sentiment. Axon CEO SEC filing

Axon Enterprise Profile

Axon Enterprise, Inc develops technology and equipment for law enforcement, public safety and other government agencies. Its product portfolio includes TASER energy weapons, body-worn cameras, in-car cameras and related connected devices designed to support safer interactions, improve transparency and collect operational data.

The company also provides cloud-based software for managing digital evidence, conducting investigations, overseeing records and workflows, coordinating dispatch and supporting real-time public safety operations.

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