Axon Enterprise, Inc $AXON Stock: NorthCrest Asset Manangement LLC Raises Holdings

Key Points

• NorthCrest Asset Management increased its Axon Enterprise stake by 16,798.6% in the third quarter, reaching 501,720 shares worth approximately $212 million. Institutional investors collectively own 79.08% of AXON.
• Wall Street’s consensus view is “Moderate Buy”, with one Strong Buy, 14 Buy and two Hold ratings and an average price target of $721.57.
• AXON shares opened at $414.43, down 2.0%, while insiders sold $26.7 million worth of stock over the past 90 days. The company recently exceeded quarterly earnings and revenue estimates, reporting $1.88 EPS and $904.39 million in revenue.

NorthCrest Asset Manangement LLC increased its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 16,798.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 501,720 shares of the biotechnology company's stock after purchasing an additional 498,751 shares during the period. Axon Enterprise makes up about 4.9% of NorthCrest Asset Manangement LLC's portfolio, making the stock its 2nd biggest holding. NorthCrest Asset Manangement LLC owned approximately 0.62% of Axon Enterprise worth $211,987,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in AXON. State Street Corp lifted its holdings in shares of Axon Enterprise by 5,700.2% during the second quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company's stock worth $119,724,905,000 after buying an additional 209,879,882 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Axon Enterprise by 18,050.2% in the second quarter. Envestnet Asset Management Inc. now owns 13,200,075 shares of the biotechnology company's stock valued at $7,400,094,000 after acquiring an additional 13,127,348 shares in the last quarter. BlackRock Inc. increased its position in Axon Enterprise by 4.3% during the second quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock worth $4,672,432,000 after acquiring an additional 345,365 shares during the period. The Manufacturers Life Insurance Company raised its stake in Axon Enterprise by 8,432.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,537,957 shares of the biotechnology company's stock worth $1,983,414,000 after purchasing an additional 3,496,493 shares in the last quarter. Finally, Sands Capital Management LLC grew its position in shares of Axon Enterprise by 11.6% during the 4th quarter. Sands Capital Management LLC now owns 1,609,436 shares of the biotechnology company's stock worth $914,047,000 after purchasing an additional 167,095 shares in the last quarter. 79.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a "hold (c-)" rating on shares of Axon Enterprise in a research report on Wednesday, August 5th. Zacks Research raised Axon Enterprise from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. Barclays raised their price objective on Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. TD Cowen reaffirmed a "buy" rating on shares of Axon Enterprise in a report on Wednesday, July 22nd. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of Axon Enterprise in a research report on Tuesday, July 21st. One investment 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $721.57.

Insider Activity at Axon Enterprise

In other Axon Enterprise news, CEO Patrick Smith sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $508.99, for a total value of $5,089,900.00. Following the sale, the chief executive officer owned 3,118,012 shares in the company, valued at $1,587,036,927.88. This trade represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeffrey Kunins sold 9,605 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $626.70, for a total transaction of $6,019,453.50. Following the transaction, the insider owned 97,761 shares of the company's stock, valued at $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. Insiders sold 47,397 shares of company stock worth $26,722,984 in the last 90 days. 4.20% of the stock is currently owned by company insiders.

Axon Enterprise Trading Down 2.0%

Shares of AXON stock opened at $414.43 on Tuesday. Axon Enterprise, Inc has a fifty-two week low of $339.01 and a fifty-two week high of $764.02. The stock's fifty day moving average price is $515.21 and its two-hundred day moving average price is $475.74. 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 has a market cap of $33.67 billion, a PE ratio of 171.96, a P/E/G ratio of 7.96 and a beta of 1.44.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.04. The firm had revenue of $904.39 million for the quarter, compared to analysts' expectations of $876.42 million. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%. The business's revenue for the quarter was up 35.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.12 earnings per share. Equities analysts predict 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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