Axon Enterprise, Inc $AXON Stock: Adirondack Trust Co. Increases Stake

Key Points

• Adirondack Trust Co. increased its Axon stake by 8,341.7% in the third quarter, bringing its holdings to 21,864 shares valued at approximately $9.24 million. Institutional investors collectively own 79.08% of the company.
• Analyst sentiment remains positive, with Axon receiving a “Moderate Buy” consensus rating and an average price target of $721.57; Barclays and Piper Sandler recently raised their targets.
• Axon shares traded at $403.62, well below their 52-week high of $764.02, while the company’s latest quarterly results beat expectations with $1.88 in adjusted EPS and $904.39 million in revenue, up 35.3% year over year.

Adirondack Trust Co. lifted its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 8,341.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,864 shares of the biotechnology company's stock after purchasing an additional 21,605 shares during the period. Axon Enterprise comprises 3.2% of Adirondack Trust Co.'s portfolio, making the stock its 6th largest holding. Adirondack Trust Co.'s holdings in Axon Enterprise were worth $9,238,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Krilogy Financial LLC boosted its holdings in Axon Enterprise by 1,337.9% in the 3rd quarter. Krilogy Financial LLC now owns 18,980 shares of the biotechnology company's stock worth $8,019,000 after buying an additional 17,660 shares during the period. First Financial Corp IN bought a new stake in Axon Enterprise during the third quarter valued at about $2,982,000. NorthCrest Asset Manangement LLC raised its holdings in Axon Enterprise by 16,798.6% during the third quarter. NorthCrest Asset Manangement LLC now owns 501,720 shares of the biotechnology company's stock valued at $211,987,000 after acquiring an additional 498,751 shares during the period. Avior Wealth Management LLC lifted its position in shares of Axon Enterprise by 1,837.4% in the third quarter. Avior Wealth Management LLC now owns 34,873 shares of the biotechnology company's stock valued at $14,735,000 after acquiring an additional 33,073 shares in the last quarter. Finally, Armstrong Advisory Group Inc. lifted its position in shares of Axon Enterprise by 4,439.6% in the third quarter. Armstrong Advisory Group Inc. now owns 34,819 shares of the biotechnology company's stock valued at $14,712,000 after acquiring an additional 34,052 shares in the last quarter. 79.08% of the stock is currently owned by institutional investors.

Insider Transactions at Axon Enterprise

In other Axon Enterprise news, President Joshua Isner sold 16,775 shares of Axon Enterprise 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 sale, the president owned 296,974 shares of the company's stock, valued at $170,590,774.82. The trade was a 5.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 in the company, valued at $61,266,818.70. This trade represents a 8.95% 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. Corporate insiders own 4.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AXON. Barclays increased their target price on Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Zacks Research raised Axon Enterprise from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Weiss Ratings restated a "hold (c-)" rating on shares of Axon Enterprise in a research note on Wednesday, August 5th. TD Cowen reaffirmed a "buy" rating on shares of Axon Enterprise in a report on Tuesday. Finally, Piper Sandler lifted their price objective on shares of Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating 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 assigned a Hold rating to the stock. According to MarketBeat, Axon Enterprise has an average rating of "Moderate Buy" and an average target price of $721.57.

Axon Enterprise Price Performance

Shares of AXON traded down $9.73 during midday trading on Wednesday, hitting $403.62. 357,305 shares of the company traded hands, compared to its average volume of 1,046,822. The firm has a 50 day moving average of $511.34 and a 200-day moving average of $475.41. Axon Enterprise, Inc has a 52 week low of $339.01 and a 52 week high of $764.02. The stock has a market cap of $32.79 billion, a price-to-earnings ratio of 167.20, a PEG ratio of 7.80 and a beta of 1.44. 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 (NASDAQ:AXON - Get Free Report) last issued 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 analyst estimates of $876.42 million. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%. The business's quarterly revenue was up 35.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.12 earnings per share. On average, analysts forecast that Axon Enterprise, Inc will post 2.12 EPS for the current fiscal year.

Axon Enterprise Company Profile

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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