Prudential PLC Trims Position in Axon Enterprise, Inc (NASDAQ:AXON)

Key Points

• Prudential PLC reduced its holdings in Axon Enterprise by 6.5% during the first quarter, now owning 25,340 shares, valued at approximately $13.3 million.
• Insider trading activity included the sale of 31,185 shares of the company's stock by insiders, totaling over $24 million in value.
• Research analysts maintain a Moderate Buy rating on Axon, with price targets ranging from $735 to $885, indicating potential for growth.

Prudential PLC trimmed its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 6.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,340 shares of the biotechnology company's stock after selling 1,774 shares during the quarter. Prudential PLC's holdings in Axon Enterprise were worth $13,328,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Axon Enterprise during the 1st quarter valued at $1,110,000. Quotient Wealth Partners LLC bought a new position in shares of Axon Enterprise during the 1st quarter valued at about $438,000. CX Institutional bought a new position in shares of Axon Enterprise in the 1st quarter valued at about $115,000. GAMMA Investing LLC lifted its holdings in shares of Axon Enterprise by 11.8% in the 1st quarter. GAMMA Investing LLC now owns 1,454 shares of the biotechnology company's stock valued at $765,000 after acquiring an additional 154 shares during the last quarter. Finally, DAVENPORT & Co LLC raised its position in Axon Enterprise by 5.1% in the 1st quarter. DAVENPORT & Co LLC now owns 940 shares of the biotechnology company's stock worth $494,000 after purchasing an additional 46 shares during the period. 79.08% of the stock is owned by institutional investors.

Insider Activity

In related news, CAO Jennifer H. Mak sold 75 shares of Axon Enterprise stock in a transaction on Friday, June 13th. The shares were sold at an average price of $771.81, for a total transaction of $57,885.75. Following the sale, the chief accounting officer directly owned 15,240 shares in the company, valued at $11,762,384.40. This trade represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Patrick W. Smith sold 10,000 shares of Axon Enterprise stock in a transaction on Monday, August 11th. The stock was sold at an average price of $831.29, for a total transaction of $8,312,900.00. Following the sale, the chief executive officer owned 3,053,982 shares in the company, valued at $2,538,744,696.78. This represents a 0.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,995 shares of company stock worth $41,925,130 over the last three months. Company insiders own 4.40% of the company's stock.

Axon Enterprise Stock Up 0.6%

Shares of Axon Enterprise stock traded up $4.41 during trading on Friday, hitting $754.24. 583,176 shares of the stock were exchanged, compared to its average volume of 711,710. The stock has a market cap of $59.21 billion, a price-to-earnings ratio of 186.23, a price-to-earnings-growth ratio of 28.10 and a beta of 1.36. The firm's 50-day moving average price is $774.61 and its 200 day moving average price is $669.28. Axon Enterprise, Inc has a 12-month low of $346.71 and a 12-month high of $885.91. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.95 and a quick ratio of 2.71.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The biotechnology company reported $2.12 EPS for the quarter, topping the consensus estimate of $1.54 by $0.58. Axon Enterprise had a net margin of 13.64% and a return on equity of 6.80%. The firm had revenue of $668.54 million for the quarter, compared to analyst estimates of $641.77 million. During the same period last year, the business earned $1.20 EPS. Axon Enterprise's revenue for the quarter was up 32.6% compared to the same quarter last year. As a group, analysts forecast that Axon Enterprise, Inc will post 5.8 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AXON. UBS Group reaffirmed a "neutral" rating and set a $840.00 target price (up from $820.00) on shares of Axon Enterprise in a research report on Tuesday, August 5th. Craig Hallum upgraded shares of Axon Enterprise from a "hold" rating to a "buy" rating and set a $900.00 target price for the company in a research note on Tuesday, August 5th. Barclays boosted their target price on shares of Axon Enterprise from $726.00 to $735.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. JMP Securities boosted their target price on shares of Axon Enterprise from $725.00 to $825.00 and gave the stock a "market outperform" rating in a research note on Tuesday, July 22nd. Finally, Northland Securities set a $800.00 target price on shares of Axon Enterprise in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $837.69.

About Axon Enterprise

Axon Enterprise, Inc develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand in the United States and internationally. It operates through two segments, Software and Sensors, and TASER. The company also offers hardware and cloud-based software solutions that enable law enforcement to capture, securely store, manage, share, and analyze video and other digital evidence.