Brown Lisle Cummings Inc. Grows Position in Axon Enterprise, Inc $AXON

Key Points

• Brown Lisle Cummings dramatically increased its Axon Enterprise stake by purchasing 34,031 additional shares in the second quarter, bringing its holdings to 34,066 shares worth approximately $19.1 million. Axon now represents about 4.1% of the fund’s portfolio.
• Axon reported quarterly revenue of $904.4 million, up 35.3% year over year, and earnings of $1.88 per share, exceeding analyst expectations. However, the stock trades at elevated valuation multiples, including a price-to-earnings ratio of roughly 214.
• Analyst sentiment remains positive, with 14 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and a $721.57 price target. Meanwhile, insiders sold 56,380 shares worth approximately $32.6 million over the past three months under pre-arranged trading plans.

Brown Lisle Cummings Inc. lifted its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 97,231.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,066 shares of the biotechnology company's stock after buying an additional 34,031 shares during the quarter. Axon Enterprise comprises approximately 4.1% of Brown Lisle Cummings Inc.'s holdings, making the stock its largest position. Brown Lisle Cummings Inc.'s holdings in Axon Enterprise were worth $19,098,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AXON. Darwin Wealth Management LLC acquired a new stake in shares of Axon Enterprise in the second quarter valued at about $37,000. Creative Financial Designs Inc. ADV bought a new position in shares of Axon Enterprise in the fourth quarter worth about $28,000. Keating Financial Advisory Services Inc. acquired a new position in shares of Axon Enterprise during the 2nd quarter worth about $31,000. AlphaCentric Advisors LLC acquired a new position in shares of Axon Enterprise during the 4th quarter worth about $34,000. Finally, Washington Trust Advisors Inc. boosted its stake in Axon Enterprise by 1,300.0% during the 2nd quarter. Washington Trust Advisors Inc. now owns 70 shares of the biotechnology company's stock valued at $39,000 after purchasing an additional 65 shares during the period. 79.08% of the stock is owned by institutional investors.

Insider Transactions at Axon Enterprise

In other news, insider Jeffrey Kunins sold 9,605 shares of Axon Enterprise stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $626.70, for a total transaction of $6,019,453.50. Following the sale, the insider directly owned 97,761 shares in the company, valued at approximately $61,266,818.70. The trade was a 8.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the sale, the president directly owned 296,974 shares in the company, valued at approximately $170,590,774.82. The trade was a 5.35% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 56,380 shares of company stock valued at $32,582,366. Company insiders own 4.20% of the company's stock.

Axon Enterprise Stock Performance

Shares of NASDAQ AXON opened at $515.67 on Tuesday. The business has a fifty day simple moving average of $569.57 and a 200 day simple moving average of $487.23. 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 firm has a market capitalization of $41.89 billion, a price-to-earnings ratio of 213.97, a PEG ratio of 10.06 and a beta of 1.40. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $792.16.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.84 by $0.04. The firm had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The business's revenue was up 35.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.12 earnings per share. Sell-side analysts expect that Axon Enterprise, Inc will post 2.04 EPS for the current year.

Wall Street Analyst Weigh In

AXON has been the topic of a number of research analyst reports. Argus raised their target price on Axon Enterprise from $460.00 to $600.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Citizens Jmp reissued a "market outperform" rating and issued a $700.00 price objective on shares of Axon Enterprise in a research report on Thursday, June 25th. TD Cowen reissued a "buy" rating on shares of Axon Enterprise in a research report on Wednesday, July 22nd. Zacks Research cut shares of Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Axon Enterprise in a report on Wednesday, August 5th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $721.57.

Axon Enterprise 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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