Equitable Holdings Inc. Invests $2.08 Million in Axon Enterprise, Inc $AXON

Key Points

• Equitable Holdings purchased 3,712 Axon shares worth approximately $2.08 million during the second quarter. Institutional investors collectively own 79.08% of Axon’s outstanding stock.
• Analyst sentiment remains favorable, with 13 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $730.92. Barclays and Goldman Sachs recently maintained bullish views and raised or issued targets of $688 and $715, respectively.
• Axon reported quarterly revenue of $904.39 million, up 35.3% year over year, and adjusted EPS of $1.88, exceeding analyst expectations. However, shares opened at $600.73 and carry a high valuation, including a P/E ratio of 249.27.

Equitable Holdings Inc. purchased a new stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,712 shares of the biotechnology company's stock, valued at approximately $2,081,000.

Other institutional investors have also added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV acquired a new stake in Axon Enterprise in the fourth quarter valued at approximately $28,000. Keating Financial Advisory Services Inc. acquired a new position in shares of Axon Enterprise during the second quarter worth $31,000. AlphaCentric Advisors LLC acquired a new position in shares of Axon Enterprise during the fourth quarter worth $34,000. Darwin Wealth Management LLC bought a new position in shares of Axon Enterprise in the 2nd quarter valued at $37,000. Finally, Strive Financial Group LLC bought a new position in shares of Axon Enterprise in the 4th quarter valued at $41,000. 79.08% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Axon Enterprise news, insider Elizabeth Reid Coughlin sold 1,554 shares of the stock in a transaction that occurred on 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 owned 34,024 shares of the company's stock, valued at approximately $16,501,640. This represents a 4.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Joshua Isner sold 13,000 shares of the stock in a transaction that occurred on 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 sale, the president directly owned 169,125 shares of the company's stock, valued at $82,609,106.25. This represents a 7.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 76,594 shares of company stock valued at $41,236,386 over the last three months. Insiders own 4.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AXON. Royal Bank Of Canada restated an "outperform" rating on shares of Axon Enterprise in a research report on Tuesday, July 21st. The Goldman Sachs Group reiterated a "buy" rating and issued a $715.00 target price on shares of Axon Enterprise in a research report on Thursday, August 6th. Barclays lifted their price target on Axon Enterprise from $523.00 to $688.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Needham & Company LLC restated a "buy" rating on shares of Axon Enterprise in a report on Thursday, August 6th. Finally, Zacks Research downgraded Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Thirteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $730.92.

Axon Enterprise Stock Down 1.7%

Shares of NASDAQ:AXON opened at $600.73 on Friday. The firm has a market cap of $48.80 billion, a P/E ratio of 249.27, a P/E/G ratio of 9.92 and a beta of 1.39. Axon Enterprise, Inc has a 12-month low of $339.01 and a 12-month high of $792.16. The business has a fifty day simple moving average of $560.75 and a 200 day simple moving average of $482.99. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47.

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

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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