Axon Enterprise, Inc $AXON Stock: Triumph Capital Management Increases Position

Key Points

• Triumph Capital Management increased its Axon position by 4,592% in the third quarter, acquiring 15,567 additional shares. The stake totaled 15,906 shares worth approximately $6.7 million, while institutional investors and hedge funds collectively owned 79.08% of AXON.
• Axon reported quarterly earnings of $1.88 per share, beating estimates of $1.84, while revenue rose 35.3% year over year to $904.39 million. Despite the growth, the stock traded at $408.42 with a high price-to-earnings ratio of 169.47.
• Analysts maintained a broadly positive outlook, giving Axon a “Moderate Buy” consensus rating and an average price target of $721.57. However, insiders sold 47,397 shares worth $26.7 million over the past 90 days.

Triumph Capital Management grew its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 4,592.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,906 shares of the biotechnology company's stock after acquiring an additional 15,567 shares during the period. Axon Enterprise comprises 1.2% of Triumph Capital Management's portfolio, making the stock its 12th largest holding. Triumph Capital Management's holdings in Axon Enterprise were worth $6,721,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AXON. Pure Financial Advisors LLC raised its holdings in Axon Enterprise by 6.7% during the fourth quarter. Pure Financial Advisors LLC now owns 364 shares of the biotechnology company's stock worth $207,000 after purchasing an additional 23 shares in the last quarter. Keel Point LLC increased its position in Axon Enterprise by 4.4% during the 1st quarter. Keel Point LLC now owns 599 shares of the biotechnology company's stock worth $254,000 after purchasing an additional 25 shares during the period. Bridgewater Advisors Inc. increased its position in Axon Enterprise by 4.4% during the 2nd quarter. Bridgewater Advisors Inc. now owns 616 shares of the biotechnology company's stock worth $352,000 after purchasing an additional 26 shares during the period. Roman Butler Fullerton & Co. raised its stake in shares of Axon Enterprise by 2.4% during the 1st quarter. Roman Butler Fullerton & Co. now owns 1,278 shares of the biotechnology company's stock worth $500,000 after buying an additional 30 shares in the last quarter. Finally, 44 Wealth Management LLC lifted its holdings in shares of Axon Enterprise by 6.0% in the 1st quarter. 44 Wealth Management LLC now owns 530 shares of the biotechnology company's stock valued at $225,000 after buying an additional 30 shares during the period. 79.08% of the stock is currently owned by institutional investors and hedge funds.

Axon Enterprise Price Performance

Axon Enterprise stock traded down $4.93 during trading hours on Wednesday, hitting $408.42. The stock had a trading volume of 1,038,261 shares, compared to its average volume of 1,050,676. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.15 and a quick ratio of 1.80. The stock's fifty day moving average is $511.34 and its two-hundred day moving average is $475.41. Axon Enterprise, Inc has a 1-year low of $339.01 and a 1-year high of $764.02. The stock has a market capitalization of $33.18 billion, a price-to-earnings ratio of 169.47, a PEG ratio of 7.80 and a beta of 1.44.

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, topping 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 company had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. During the same quarter last year, the business posted $2.12 earnings per share. Axon Enterprise's revenue was up 35.3% compared to the same quarter last year. As a group, analysts predict that Axon Enterprise, Inc will post 2.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Isaiah Fields sold 1,017 shares of the firm's stock in a transaction that occurred 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 sale, the insider owned 56,264 shares in the company, valued at approximately $27,032,038.80. This trade represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 16,775 shares of the company's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $574.43, for a total transaction of $9,636,063.25. Following the transaction, the president directly owned 296,974 shares of the company's stock, valued at approximately $170,590,774.82. This represents a 5.35% decrease in their position. 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. In the last 90 days, insiders have sold 47,397 shares of company stock worth $26,722,984. 4.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Piper Sandler lifted their price target on Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Citigroup reiterated a "market outperform" rating on shares of Axon Enterprise in a research report on Thursday, September 17th. The Goldman Sachs Group reissued a "buy" rating and issued a $715.00 target price on shares of Axon Enterprise in a report on Thursday, August 6th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Axon Enterprise in a research note on Wednesday, August 5th. Finally, Citizens Jmp reaffirmed a "market outperform" rating and set a $700.00 price target on shares of Axon Enterprise in a research note on Thursday, June 25th. 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 data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $721.57.

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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