Bank of America Corp DE Sells 10,670 Shares of Axon Enterprise, Inc $AXON

Key Points

• Bank of America reduced its Axon Enterprise stake by 1.6%, selling 10,670 shares and retaining 659,109 shares worth approximately $279.9 million. Institutional investors collectively own 79.08% of the company.
• Axon reported quarterly earnings of $1.61 per share, slightly exceeding estimates, while revenue rose 33.7% year over year to $807.35 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $725.25.
• Company insiders sold nearly 59,000 shares worth approximately $30.5 million over the past 90 days, including significant sales by President Joshua Isner and CRO Cameron Brooks.

Bank of America Corp DE lowered its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 1.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 659,109 shares of the biotechnology company's stock after selling 10,670 shares during the period. Bank of America Corp DE owned about 0.82% of Axon Enterprise worth $279,917,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Evergreen Capital Management LLC raised its stake in shares of Axon Enterprise by 3.8% during the second quarter. Evergreen Capital Management LLC now owns 413 shares of the biotechnology company's stock valued at $342,000 after acquiring an additional 15 shares during the last quarter. Synergy Financial Group LTD grew its stake in shares of Axon Enterprise by 1.4% in the third quarter. Synergy Financial Group LTD now owns 1,388 shares of the biotechnology company's stock worth $996,000 after purchasing an additional 19 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Axon Enterprise by 1.2% in the second quarter. Tower Research Capital LLC TRC now owns 1,631 shares of the biotechnology company's stock worth $1,350,000 after purchasing an additional 19 shares during the last quarter. Certuity LLC grew its stake in shares of Axon Enterprise by 5.1% in the fourth quarter. Certuity LLC now owns 474 shares of the biotechnology company's stock worth $269,000 after purchasing an additional 23 shares during the last quarter. Finally, Pure Financial Advisors LLC increased its holdings in Axon Enterprise by 6.7% during the 4th quarter. Pure Financial Advisors LLC now owns 364 shares of the biotechnology company's stock valued at $207,000 after purchasing an additional 23 shares during the period. Institutional investors own 79.08% of the company's stock.

Axon Enterprise Trading Up 9.1%

NASDAQ:AXON opened at $575.88 on Tuesday. The firm has a market capitalization of $46.42 billion, a P/E ratio of 231.28, a PEG ratio of 10.77 and a beta of 1.39. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.27 and a quick ratio of 1.93. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $885.91. The company's 50-day simple moving average is $500.89 and its 200 day simple moving average is $475.06.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share for the quarter, beating analysts' consensus estimates of $1.60 by $0.01. The business had revenue of $807.35 million during the quarter, compared to the consensus estimate of $778.90 million. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The business's revenue for the quarter was up 33.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.47 earnings per share. As a group, analysts forecast that Axon Enterprise, Inc will post 1.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on AXON. Barclays lowered their price target on Axon Enterprise from $682.00 to $523.00 and set an "overweight" rating for the company in a research report on Friday, May 8th. JPMorgan Chase & Co. upped their target price on Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. UBS Group dropped their price target on Axon Enterprise from $570.00 to $440.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. Zacks Research cut shares of Axon Enterprise from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Finally, Morgan Stanley set a $600.00 price objective on shares of Axon Enterprise in a research report on Thursday, May 7th. Fifteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $725.25.

Insiders Place Their Bets

In other news, CRO Cameron Brooks sold 1,242 shares of Axon Enterprise stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $500.00, for a total value of $621,000.00. Following the completion of the transaction, the executive owned 49,710 shares of the company's stock, valued at $24,855,000. The trade was a 2.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 13,000 shares of the company's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the completion of the transaction, the president owned 169,125 shares in the company, valued at approximately $82,609,106.25. The trade was a 7.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 58,989 shares of company stock valued at $30,527,983. Company insiders own 4.20% of the company's stock.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company's hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.

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