Axon Enterprise, Inc $AXON Stock: TD Waterhouse Canada Inc. Increases Stake

Key Points

• TD Waterhouse Canada increased its Axon Enterprise stake by 11,217.5% in the third quarter, reaching 895,780 shares valued at approximately $378.5 million. Institutional investors collectively own 79.08% of the company.
• Axon shares fell 6.4% to $390.29, well below their 50-day and 200-day moving averages. Despite the decline, the company reported quarterly revenue growth of 35.3% year over year and earnings that exceeded analyst expectations.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $718.47. Insiders, including the CEO, sold shares through pre-arranged trading plans during the latest quarter.

TD Waterhouse Canada Inc. increased its holdings in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 11,217.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 895,780 shares of the biotechnology company's stock after acquiring an additional 887,865 shares during the quarter. Axon Enterprise comprises approximately 1.0% of TD Waterhouse Canada Inc.'s portfolio, making the stock its 25th biggest position. TD Waterhouse Canada Inc. owned 1.10% of Axon Enterprise worth $378,485,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. State Street Corp increased 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 valued at $119,724,905,000 after purchasing an additional 209,879,882 shares during the period. Envestnet Asset Management Inc. raised its holdings in Axon Enterprise by 18,050.2% in 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 purchasing an additional 13,127,348 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Axon Enterprise by 5,022.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,266,589 shares of the biotechnology company's stock worth $1,802,719,000 after purchasing an additional 4,183,302 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of 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 during the period. Finally, Nykredit A S purchased a new stake in shares of Axon Enterprise in the 2nd quarter worth about $698,937,000. Institutional investors own 79.08% of the company's stock.

Axon Enterprise Stock Down 6.4%

AXON traded down $26.90 during trading on Friday, reaching $390.29. The stock had a trading volume of 1,420,893 shares, compared to its average volume of 983,036. The stock's 50 day moving average is $501.59 and its two-hundred day moving average is $474.43. The company has a current ratio of 2.15, a quick ratio of 1.80 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $31.71 billion, a price-to-earnings ratio of 161.95, a P/E/G ratio of 7.85 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 announced its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $1.88 EPS for the quarter, beating 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 business had revenue of $904.39 million during the quarter, compared to analyst estimates of $876.42 million. During the same quarter last year, the firm posted $2.12 earnings per share. The company's revenue for the quarter was up 35.3% on a year-over-year basis. As a group, analysts expect that Axon Enterprise, Inc will post 2.12 earnings per share for the current year.

Insider Buying and Selling at Axon Enterprise

In related news, insider Isaiah Fields sold 1,017 shares of Axon Enterprise stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $480.45, for a total transaction of $488,617.65. Following the completion of the transaction, the insider directly owned 56,264 shares of the company's stock, valued at $27,032,038.80. This trade represents a 1.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick 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 sale, the chief executive officer directly owned 3,118,012 shares in the company, valued at $1,587,036,927.88. The trade was a 0.32% decrease in their position. 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 have sold 47,397 shares of company stock valued at $26,722,984 in the last quarter. 4.20% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Citigroup reaffirmed a "market outperform" rating on shares of Axon Enterprise in a research note on Thursday, September 17th. Barclays increased their price target on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Piper Sandler increased their price target on shares of Axon Enterprise from $724.00 to $732.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Raymond James Financial set a $675.00 price objective on shares of Axon Enterprise in a report on Thursday. Finally, UBS Group lifted their price objective on Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $718.47.

Axon Enterprise 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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