Cornerstone Advisors LLC Buys 11,978 Shares of Axon Enterprise, Inc $AXON

Key Points

• Cornerstone Advisors increased its Axon Enterprise stake by 64.1% in the second quarter, purchasing 11,978 additional shares and bringing its holdings to 30,660 shares valued at $17.2 million. Institutional investors collectively own 79.08% of the company.
• Axon reported quarterly revenue of $904.4 million, up 35.3% year over year, and earnings of $1.88 per share, exceeding analysts’ $1.84 estimate. The stock opened at $604.32, while its valuation remained elevated at a P/E ratio of 250.76.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and a $730.92 price target. Meanwhile, insiders sold 68,989 shares worth approximately $36.0 million over the past 90 days.

Cornerstone Advisors LLC boosted its stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 64.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,660 shares of the biotechnology company's stock after acquiring an additional 11,978 shares during the period. Cornerstone Advisors LLC's holdings in Axon Enterprise were worth $17,188,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Rockefeller Capital Management L.P. grew its holdings in Axon Enterprise by 53.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 11,518 shares of the biotechnology company's stock worth $6,542,000 after purchasing an additional 4,002 shares during the period. Legal & General Group Plc boosted its stake in Axon Enterprise by 1.3% during the 4th quarter. Legal & General Group Plc now owns 426,533 shares of the biotechnology company's stock valued at $242,241,000 after purchasing an additional 5,419 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in Axon Enterprise during the fourth quarter worth $13,116,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Axon Enterprise in the 1st quarter worth $15,067,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in Axon Enterprise by 40.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,083 shares of the biotechnology company's stock worth $6,406,000 after purchasing an additional 4,360 shares in the last quarter. Institutional investors own 79.08% of the company's stock.

Insiders Place Their Bets

In other Axon Enterprise news, CEO Patrick W. Smith sold 9,930 shares of the business's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $548.77, for a total value of $5,449,286.10. Following the transaction, the chief executive officer owned 3,031,067 shares in the company, valued at approximately $1,663,358,637.59. The trade was a 0.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the transaction, the president directly owned 169,125 shares of the company's stock, valued at approximately $82,609,106.25. This trade represents a 7.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 68,989 shares of company stock worth $36,016,932. 4.20% of the stock is currently owned by insiders.

Axon Enterprise Stock Down 1.4%

AXON opened at $604.32 on Tuesday. The company has a market cap of $49.09 billion, a P/E ratio of 250.76, a P/E/G ratio of 9.95 and a beta of 1.39. Axon Enterprise, Inc has a 12 month low of $339.01 and a 12 month high of $794.29. 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 business's 50-day moving average price is $528.72 and its 200-day moving average price is $473.44.

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, topping the consensus estimate of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The firm had revenue of $904.39 million for the quarter, compared to analysts' expectations of $876.42 million. During the same quarter last year, the business earned $2.12 earnings per share. The business's revenue was up 35.3% on a year-over-year basis. On average, equities analysts expect that Axon Enterprise, Inc will post 2.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Piper Sandler upped their price objective on Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. The Goldman Sachs Group reiterated a "buy" rating and issued a $715.00 price objective on shares of Axon Enterprise in a research note on Thursday, August 6th. Barclays lifted their target price on Axon Enterprise from $523.00 to $688.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Needham & Company LLC reaffirmed a "buy" rating on shares of Axon Enterprise in a report on Thursday, August 6th. Finally, Citizens Jmp restated a "market outperform" rating and issued a $700.00 price objective on shares of Axon Enterprise in a research report on Thursday, June 25th. Thirteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $730.92.

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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