Axon Enterprise, Inc $AXON Stock: Manchester Capital Management LLC Raises Holdings

Key Points

• Manchester Capital Management increased its Axon Enterprise stake by 40,610.5% in the third quarter, owning 7,735 shares valued at approximately $3.27 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 above analyst expectations, while adjusted earnings of $1.88 per share also beat estimates.
• Despite the stock trading at $420.37 with a high valuation, analysts maintain a consensus “Moderate Buy” rating and an average price target of $689.94; insiders, however, sold $26.7 million of shares over the past three months.

Manchester Capital Management LLC lifted its stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 40,610.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,735 shares of the biotechnology company's stock after purchasing an additional 7,716 shares during the quarter. Manchester Capital Management LLC's holdings in Axon Enterprise were worth $3,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Barrett & Company Inc. grew its holdings in shares of Axon Enterprise by 2,250.7% during the 3rd quarter. Barrett & Company Inc. now owns 6,582 shares of the biotechnology company's stock valued at $2,781,000 after acquiring an additional 6,302 shares in the last quarter. Farmers & Merchants Investments Inc. increased its stake in shares of Axon Enterprise by 627,002.2% in the third quarter. Farmers & Merchants Investments Inc. now owns 282,196 shares of the biotechnology company's stock worth $119,233,000 after acquiring an additional 282,151 shares during the last quarter. Wedbush Securities Inc. increased its stake in shares of Axon Enterprise by 4,001.7% in the third quarter. Wedbush Securities Inc. now owns 160,664 shares of the biotechnology company's stock worth $67,884,000 after acquiring an additional 156,747 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Axon Enterprise by 13,721.8% during the third quarter. Fifth Third Wealth Advisors LLC now owns 158,812 shares of the biotechnology company's stock worth $67,101,000 after acquiring an additional 157,663 shares in the last quarter. Finally, Sterling Capital Management LLC raised its holdings in shares of Axon Enterprise by 4,478.6% during the third quarter. Sterling Capital Management LLC now owns 315,603 shares of the biotechnology company's stock worth $133,349,000 after acquiring an additional 308,710 shares in the last quarter. 79.08% of the stock is currently owned by institutional investors and hedge funds.

Axon Enterprise Stock Performance

AXON stock opened at $420.37 on Friday. The firm has a 50 day moving average of $480.64 and a two-hundred day moving average of $473.90. Axon Enterprise, Inc has a 12 month low of $339.01 and a 12 month high of $764.02. The company has a market capitalization of $34.15 billion, a price-to-earnings ratio of 174.43, a P/E/G ratio of 7.88 and a beta of 1.44. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings results 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. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The business had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. During the same quarter last year, the firm earned $2.12 EPS. Axon Enterprise's revenue for the quarter was up 35.3% on a year-over-year basis. As a group, equities analysts anticipate that Axon Enterprise, Inc will post 2.10 EPS for the current fiscal year.

Insider Buying and Selling at Axon Enterprise

In other Axon Enterprise news, insider Isaiah Fields sold 1,017 shares of the stock in a transaction on Friday, September 11th. The shares were 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 of the company's stock, valued at $27,032,038.80. This represents a 1.78% decrease in their ownership of the stock. The transaction was disclosed in a 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 Kunins sold 9,605 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 97,761 shares in the company, valued at approximately $61,266,818.70. This trade represents a 8.95% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 47,397 shares of company stock valued at $26,722,984. Company insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

AXON has been the subject of a number of research reports. Zacks Research raised Axon Enterprise from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. The Goldman Sachs Group dropped their target price on Axon Enterprise from $715.00 to $675.00 and set a "buy" rating on the stock in a research report on Monday, September 21st. UBS Group upped their target price on Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. TD Cowen reaffirmed a "buy" rating on shares of Axon Enterprise in a research note on Tuesday, October 13th. Finally, Argus lifted their price target on Axon Enterprise from $460.00 to $600.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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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