Axon Enterprise, Inc $AXON Stock: Allworth Financial LP Grows Position

Key Points

• Allworth Financial sharply increased its Axon stake by 8,015.9% in the third quarter, ending the period with 504,079 shares valued at about $213 million.
• Axon’s latest quarterly results fell short of estimates: EPS was $1.72 versus $1.89 expected, and revenue was $908.6 million versus $934.3 million expected. Revenue still grew 27.8% year over year.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $612.18; 13 rate the stock Buy and four Hold. Insiders sold 37,397 shares worth about $21.2 million over the past 90 days.

Allworth Financial LP raised its stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 8,015.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 504,079 shares of the biotechnology company's stock after purchasing an additional 497,868 shares during the quarter. Axon Enterprise comprises approximately 0.7% of Allworth Financial LP's holdings, making the stock its 21st biggest holding. Allworth Financial LP owned approximately 0.62% of Axon Enterprise worth $212,983,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AXON. State Street Corp lifted its position in Axon Enterprise by 5,700.2% during the 2nd quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company's stock worth $119,724,905,000 after acquiring an additional 209,879,882 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Axon Enterprise by 18,050.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,200,075 shares of the biotechnology company's stock worth $7,400,094,000 after acquiring an additional 13,127,348 shares in the last quarter. BlackRock Inc. grew its stake in Axon Enterprise by 4.3% in the second quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock worth $4,672,432,000 after purchasing an additional 345,365 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Axon Enterprise by 391,214.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 6,988,884 shares of the biotechnology company's stock valued at $2,952,943,000 after acquiring an additional 6,987,098 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Axon Enterprise by 5,022.8% during the third quarter. Assenagon Asset Management S.A. now owns 4,266,589 shares of the biotechnology company's stock valued at $1,802,719,000 after purchasing an additional 4,183,302 shares during the last quarter. Institutional investors and hedge funds own 79.08% of the company's stock.

Insiders Place Their Bets

In other Axon Enterprise news, insider Jeffrey C. 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick W. Smith sold 10,000 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 3,118,012 shares in the company, valued at approximately $1,587,036,927.88. The trade was 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. In the last 90 days, insiders sold 37,397 shares of company stock valued at $21,234,034. Corporate insiders own 4.20% of the company's stock.

Axon Enterprise Stock Down 2.6%

Axon Enterprise stock opened at $307.11 on Friday. Axon Enterprise, Inc has a 1-year low of $291.45 and a 1-year high of $665.07. The firm's fifty day simple moving average is $422.24 and its 200-day simple moving average is $469.16. The company has a market capitalization of $25.01 billion, a P/E ratio of 98.43, a P/E/G ratio of 5.99 and a beta of 1.48. The company has a current ratio of 3.00, a quick ratio of 2.60 and a debt-to-equity ratio of 0.76.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The biotechnology company reported $1.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.89 by ($0.17). The company had revenue of $908.55 million for the quarter, compared to the consensus estimate of $934.33 million. Axon Enterprise had a return on equity of 3.87% and a net margin of 7.56%. The business's revenue was up 27.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.17 EPS. Sell-side analysts forecast that Axon Enterprise, Inc will post 2.10 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on AXON shares. Zacks Research lowered Axon Enterprise from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 3rd. Morgan Stanley raised their target price on shares of Axon Enterprise from $600.00 to $640.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Argus boosted their price objective on Axon Enterprise from $460.00 to $600.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Citigroup reiterated a "market outperform" rating on shares of Axon Enterprise in a report on Monday, November 2nd. Finally, TD Cowen reduced their target price on Axon Enterprise from $825.00 to $800.00 and set a "buy" rating for the company in a report on Monday, October 26th. Thirteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $612.18.

Key Stories Impacting Axon Enterprise

Investors following AXON have been watching these stories:

• Positive Sentiment: Maryland’s Howard County Police Department adopted Axon’s drone-as-first-responder solutions, including Skydio X10 drones, counter-drone technology and AI tools. The deployment supports Axon’s public-safety technology demand, though no contract value was disclosed. Article: Axon Air Drone as First Responder Program Soars into Howard County, Maryland
• Negative Sentiment: Axon’s third-quarter adjusted EPS was reported below consensus, and revenue of $908.55 million also trailed estimates of $934.33 million. Revenue nevertheless grew 27.8% year over year. The earnings shortfall is a key reason for the shares’ recent weakness; Barclays has also lowered its expectations for the stock. Article: Levi & Korsinsky Investigation Notice Article: Barclays Lowers Expectations for Axon
• Negative Sentiment: Two law firms publicized investigations into potential securities-law claims related to Axon’s earnings report. These are allegations under investigation, not findings of wrongdoing, but add legal uncertainty and could keep investor attention on the earnings miss. Article: SBS Law Fraud Investigation Notice

About Axon Enterprise

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.

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