Dala Group LLC Acquires New Stake in Axon Enterprise, Inc $AXON

Key Points

• Dala Group LLC acquired 3,424 Axon Enterprise shares worth approximately $1.92 million in the second quarter, making AXON its 13th-largest holding. Institutional investors collectively own 79.08% of the company.
• Analysts remain broadly bullish, with 13 Buy ratings and three Holds, resulting in a “Moderate Buy” consensus and an average price target of $730.92.
• Axon exceeded quarterly expectations, reporting $1.88 in adjusted earnings per share and $904.39 million in revenue, up 35.3% year over year, though insiders sold nearly $36.0 million of stock over the past quarter.

Dala Group LLC acquired a new stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,424 shares of the biotechnology company's stock, valued at approximately $1,920,000. Axon Enterprise accounts for approximately 1.6% of Dala Group LLC's investment portfolio, making the stock its 13th largest holding.

A number of other large investors have also bought and sold shares of AXON. Chancellor Financial Group WB LP purchased a new position in shares of Axon Enterprise during the 2nd quarter valued at $311,000. Danske Bank A S purchased a new stake in Axon Enterprise in the 2nd quarter worth about $32,353,000. Diversify Advisory Services LLC purchased a new stake in Axon Enterprise in the 2nd quarter worth about $370,000. Deepwater Asset Management LLC raised its stake in Axon Enterprise by 98.1% in the 2nd quarter. Deepwater Asset Management LLC now owns 17,933 shares of the biotechnology company's stock valued at $10,053,000 after acquiring an additional 8,882 shares during the period. Finally, Pension & Wealth Management Advisors Inc. raised its stake in Axon Enterprise by 574.6% in the 2nd quarter. Pension & Wealth Management Advisors Inc. now owns 796 shares of the biotechnology company's stock valued at $446,000 after acquiring an additional 678 shares during the period. 79.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AXON has been the topic of several recent research reports. Needham & Company LLC reaffirmed a "buy" rating on shares of Axon Enterprise in a report on Thursday, August 6th. Royal Bank Of Canada reissued an "outperform" rating on shares of Axon Enterprise in a research report on Tuesday, July 21st. Morgan Stanley boosted their price target 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. JPMorgan Chase & Co. upped their price target on shares of Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Finally, Barclays lifted their price objective on shares of Axon Enterprise from $523.00 to $688.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $730.92.

Axon Enterprise Price Performance

AXON stock opened at $619.85 on Wednesday. The firm has a 50 day simple moving average of $532.07 and a two-hundred day simple moving average of $473.93. The stock has a market cap of $50.36 billion, a PE ratio of 257.20, a P/E/G ratio of 9.95 and a beta of 1.39. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $794.29. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.15 and a quick ratio of 1.80.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share for the quarter, beating 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 company posted $2.12 EPS. The business's quarterly revenue was up 35.3% on a year-over-year basis. On average, analysts predict that Axon Enterprise, Inc will post 2.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Axon Enterprise news, President Joshua Isner sold 13,000 shares of the firm'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 sale, the president owned 169,125 shares in the company, valued at $82,609,106.25. This trade represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Patrick W. Smith sold 20,000 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 $10,000,000.00. Following the sale, the chief executive officer directly owned 3,060,997 shares of the company's stock, valued at approximately $1,530,498,500. This trade represents a 0.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 68,989 shares of company stock valued at $36,016,932 over the last quarter. Insiders own 4.20% of the company's stock.

About Axon Enterprise

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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