Axon Enterprise, Inc $AXON Stock Acquired by WASHINGTON TRUST Co

Key Points

• WASHINGTON TRUST Co dramatically increased its Axon Enterprise stake by 40,106% in the third quarter, ending with 199,423 shares valued at approximately $84.3 million. Institutional investors and hedge funds collectively own 79.08% of AXON.
• Axon reported quarterly revenue of $904.39 million, up 35.3% year over year, and EPS of $1.88, beating analyst expectations. The stock traded up 1.4% to $420.37, though its valuation remained elevated at a price-to-earnings ratio of 174.43.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $689.94; however, insiders sold 47,397 shares worth about $26.7 million over the past three months.

WASHINGTON TRUST Co boosted its holdings in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 40,106.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 199,423 shares of the biotechnology company's stock after purchasing an additional 198,927 shares during the quarter. Axon Enterprise comprises 2.5% of WASHINGTON TRUST Co's holdings, making the stock its 9th largest holding. WASHINGTON TRUST Co owned 0.25% of Axon Enterprise worth $84,260,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Yousif Capital Management LLC boosted its stake in Axon Enterprise by 6,248.3% during the third quarter. Yousif Capital Management LLC now owns 505,323 shares of the biotechnology company's stock worth $213,509,000 after acquiring an additional 497,363 shares in the last quarter. Brookstone Capital Management grew its holdings in Axon Enterprise by 34,185.0% in the third quarter. Brookstone Capital Management now owns 359,992 shares of the biotechnology company's stock worth $152,104,000 after purchasing an additional 358,942 shares during the period. SeaCrest Wealth Management LLC grew its holdings in Axon Enterprise by 3,507.0% in the third quarter. SeaCrest Wealth Management LLC now owns 27,666 shares of the biotechnology company's stock worth $11,689,000 after purchasing an additional 26,899 shares during the period. Albion Financial Group UT acquired a new stake in Axon Enterprise in the third quarter worth $2,389,000. Finally, Sowell Financial Services LLC increased its stake in Axon Enterprise by 1,652.0% in the third quarter. Sowell Financial Services LLC now owns 142,492 shares of the biotechnology company's stock valued at $60,206,000 after purchasing an additional 134,359 shares in the last quarter. 79.08% of the stock is owned by institutional investors and hedge funds.

Axon Enterprise Stock Up 1.4%

AXON traded up $5.77 during midday trading on Friday, reaching $420.37. 844,988 shares of the company were exchanged, compared to its average volume of 1,031,962. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. The company's fifty day moving average price is $480.64 and its 200 day moving average price is $473.90. The company has a market cap of $34.15 billion, a price-to-earnings ratio of 174.43, a price-to-earnings-growth ratio of 7.88 and a beta of 1.44. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $764.02.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $1.88 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $876.42 million. During the same period in the prior year, the business posted $2.12 earnings per share. The company's quarterly revenue was up 35.3% compared to the same quarter last year. As a group, analysts expect that Axon Enterprise, Inc will post 2.10 EPS for the current year.

Insider Buying and Selling

In other Axon Enterprise news, insider Isaiah Fields sold 1,017 shares of the firm's stock in a transaction 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 transaction, the insider directly owned 56,264 shares in the company, valued at approximately $27,032,038.80. This trade represents a 1.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 16,775 shares of Axon Enterprise stock in a transaction on Monday, August 31st. The stock was sold at an average price of $574.43, for a total transaction of $9,636,063.25. Following the transaction, the president directly owned 296,974 shares in the company, valued at $170,590,774.82. This represents a 5.35% decrease in their ownership of the stock. 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 have sold 47,397 shares of company stock worth $26,722,984. 4.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

AXON has been the topic of several research reports. UBS Group upped their price objective on shares of Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a report on Thursday, August 6th. Weiss Ratings reissued a "hold (c-)" rating on shares of Axon Enterprise in a research report on Wednesday, August 5th. Royal Bank Of Canada restated an "outperform" rating on shares of Axon Enterprise in a research note on Tuesday, July 21st. Argus boosted their target price on Axon Enterprise from $460.00 to $600.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. Finally, TD Cowen reaffirmed a "buy" rating on shares of Axon Enterprise in a research report on Tuesday, October 13th. 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $689.94.

Axon Enterprise Company 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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