Commerce Bank Purchases New Holdings in Axon Enterprise, Inc $AXON

Key Points

• Commerce Bank acquired 4,596 Axon Enterprise shares worth approximately $2.6 million in the second quarter, while institutional investors collectively own 79.08% of the company.
• Axon reported quarterly revenue of $904.39 million, up 35.3% year over year, and earnings of $1.88 per share, narrowly exceeding analyst expectations.
• Analysts maintain a favorable outlook, with 13 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $730.92; however, insiders have sold more than $41.2 million in stock over the past 90 days.

Commerce Bank acquired a new position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 4,596 shares of the biotechnology company's stock, valued at approximately $2,577,000.

Other large investors also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Axon Enterprise in the second quarter worth approximately $1,875,000. Evolve Private Wealth LLC purchased a new stake in shares of Axon Enterprise during the second quarter worth approximately $674,000. George Kaiser Family Foundation acquired a new position in Axon Enterprise in the 2nd quarter valued at $423,000. Landscape Capital Management L.L.C. acquired a new position in Axon Enterprise in the 2nd quarter valued at $1,257,000. Finally, Korea Investment CORP purchased a new position in Axon Enterprise in the 2nd quarter valued at $21,562,000. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Axon Enterprise

In related news, insider Elizabeth Reid Coughlin sold 1,554 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $485.00, for a total transaction of $753,690.00. Following the completion of the sale, the insider directly owned 34,024 shares in the company, valued at approximately $16,501,640. This trade represents a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Cameron Brooks sold 1,242 shares of the firm's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $500.00, for a total transaction of $621,000.00. Following the sale, the executive owned 49,710 shares of the company's stock, valued at approximately $24,855,000. The trade was a 2.44% 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 90 days, insiders have sold 76,594 shares of company stock worth $41,236,386. Corporate insiders own 4.20% of the company's stock.

Axon Enterprise Stock Performance

Shares of Axon Enterprise stock opened at $597.59 on Tuesday. The business's 50 day moving average price is $546.20 and its 200 day moving average price is $478.02. The company has a market cap of $48.55 billion, a price-to-earnings ratio of 247.96, a PEG ratio of 10.19 and a beta of 1.39. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $794.29.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $876.42 million. During the same period in the prior year, the business earned $2.12 EPS. The firm's quarterly revenue was up 35.3% on a year-over-year basis. On average, research analysts predict that Axon Enterprise, Inc will post 2.04 EPS for the current year.

Analyst Upgrades and Downgrades

AXON has been the topic of several recent research reports. Citizens Jmp reaffirmed a "market outperform" rating and set a $700.00 target price on shares of Axon Enterprise in a research note on Thursday, June 25th. Morgan Stanley increased their target price on shares of Axon Enterprise from $600.00 to $640.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. The Goldman Sachs Group reissued a "buy" rating and issued a $715.00 price target on shares of Axon Enterprise in a research note on Thursday, August 6th. Barclays boosted their price target on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Piper Sandler upped their price objective on shares of Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Axon Enterprise currently has an average rating of "Moderate Buy" and a consensus price target of $730.92.

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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