Bank of New York Mellon Corp Buys 12,315 Shares of Axon Enterprise, Inc $AXON

Key Points

• Bank of New York Mellon increased its Axon Enterprise stake by 1.8% in the fourth quarter, buying 12,315 additional shares and bringing its total holding to 715,622 shares worth about $406.4 million.
• Axon shares were up 6.6% and opened at $513.20, while the company reported strong quarterly results with EPS of $1.61 and revenue of $807.35 million, both ahead of expectations.
• Analysts remain broadly positive on Axon, with a consensus Moderate Buy rating and an average price target of $712.75, even as some insiders have recently sold shares.

Bank of New York Mellon Corp raised its stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 1.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 715,622 shares of the biotechnology company's stock after purchasing an additional 12,315 shares during the quarter. Bank of New York Mellon Corp owned 0.91% of Axon Enterprise worth $406,423,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. NEOS Investment Management LLC raised its holdings in shares of Axon Enterprise by 82.7% during the third quarter. NEOS Investment Management LLC now owns 25,369 shares of the biotechnology company's stock valued at $18,206,000 after acquiring an additional 11,482 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Axon Enterprise by 1.3% during the fourth quarter. Legal & General Group Plc now owns 426,533 shares of the biotechnology company's stock valued at $242,241,000 after acquiring an additional 5,419 shares in the last quarter. Vanguard Group Inc. grew its stake in Axon Enterprise by 4.2% in the third quarter. Vanguard Group Inc. now owns 9,314,164 shares of the biotechnology company's stock worth $6,684,217,000 after purchasing an additional 376,904 shares during the period. Eurizon Capital SGR S.p.A. purchased a new stake in Axon Enterprise in the fourth quarter worth $13,116,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Axon Enterprise by 93.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,365 shares of the biotechnology company's stock worth $13,270,000 after purchasing an additional 11,262 shares during the period. Institutional investors own 79.08% of the company's stock.

Axon Enterprise Trading Up 6.6%

NASDAQ AXON opened at $513.20 on Friday. Axon Enterprise, Inc has a 12 month low of $339.01 and a 12 month high of $885.91. The stock has a market cap of $41.36 billion, a P/E ratio of 206.10, a P/E/G ratio of 8.75 and a beta of 1.45. The stock's fifty day moving average price is $407.52 and its 200-day moving average price is $491.96. The company has a current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.49.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 EPS for the quarter, topping analysts' consensus estimates of $1.60 by $0.01. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The firm had revenue of $807.35 million for the quarter, compared to analysts' expectations of $778.91 million. During the same period in the prior year, the firm posted $1.47 earnings per share. The company's quarterly revenue was up 33.7% on a year-over-year basis. As a group, equities analysts forecast that Axon Enterprise, Inc will post 1.82 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Erika Nardini sold 198 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $506.58, for a total transaction of $100,302.84. Following the sale, the director directly owned 1,946 shares of the company's stock, valued at $985,804.68. This trade represents a 9.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeri Williams sold 629 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $469.64, for a total value of $295,403.56. Following the sale, the director directly owned 1,141 shares in the company, valued at $535,859.24. This trade represents a 35.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 3,548 shares of company stock valued at $1,542,775. 4.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AXON has been the topic of several recent research reports. Craig Hallum reaffirmed a "buy" rating and issued a $820.00 price target on shares of Axon Enterprise in a research note on Wednesday, February 25th. Weiss Ratings raised Axon Enterprise from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, May 8th. Zacks Research raised Axon Enterprise from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 19th. Citizens Jmp reduced their price target on Axon Enterprise from $825.00 to $700.00 and set a "market outperform" rating on the stock in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada reduced their price target on Axon Enterprise from $860.00 to $735.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Axon Enterprise presently has a consensus rating of "Moderate Buy" and a consensus price target of $712.75.

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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