First Trust Advisors LP Sells 9,197 Shares of Axon Enterprise, Inc $AXON

Key Points

• First Trust Advisors LP reduced its stake in Axon Enterprise by 7.9%, selling 9,197 shares and holding 106,696 shares valued at about $76.57 million after the transaction.
• Axon beat expectations last quarter with $2.15 EPS (vs. $1.60 expected) and revenue of $796.72 million, up 38.5% year-over-year; the stock trades with a market cap of about $44.95 billion and a P/E of 367.8.
• Wall Street’s consensus is a Moderate Buy with an average price target of $762.93, while insiders have sold roughly 26,634 shares (about $14.96 million) over the past 90 days.

First Trust Advisors LP decreased its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 7.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 106,696 shares of the biotechnology company's stock after selling 9,197 shares during the period. First Trust Advisors LP owned 0.14% of Axon Enterprise worth $76,569,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Stone House Investment Management LLC purchased a new stake in shares of Axon Enterprise in the third quarter worth about $29,000. New Millennium Group LLC bought a new position in shares of Axon Enterprise in the third quarter valued at approximately $29,000. Darwin Wealth Management LLC purchased a new position in Axon Enterprise during the second quarter valued at approximately $37,000. Root Financial Partners LLC purchased a new position in Axon Enterprise during the third quarter valued at approximately $34,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Axon Enterprise during the 2nd quarter worth approximately $56,000. Institutional investors own 79.08% of the company's stock.

Wall Street Analysts Forecast Growth

AXON has been the topic of several recent analyst reports. Craig Hallum reiterated a "buy" rating and issued a $820.00 target price on shares of Axon Enterprise in a research note on Wednesday, February 25th. Morgan Stanley reduced their price target on shares of Axon Enterprise from $713.00 to $675.00 and set an "overweight" rating for the company in a research report on Wednesday, February 25th. Citigroup reiterated a "buy" rating on shares of Axon Enterprise in a research report on Wednesday, February 25th. UBS Group dropped their price objective on Axon Enterprise from $610.00 to $570.00 and set a "neutral" rating for the company in a research note on Wednesday, February 25th. Finally, Barclays reduced their target price on Axon Enterprise from $702.00 to $682.00 and set an "overweight" rating for the company in a research report on Wednesday, February 25th. Sixteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $762.93.

Axon Enterprise Trading Down 2.6%

Shares of AXON stock opened at $559.06 on Tuesday. The stock has a market capitalization of $44.95 billion, a PE ratio of 367.81, a P/E/G ratio of 12.25 and a beta of 1.46. Axon Enterprise, Inc has a 1-year low of $396.41 and a 1-year high of $885.91. The business has a 50-day moving average of $535.65 and a 200 day moving average of $615.42. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.53 and a quick ratio of 2.29.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings results on Tuesday, February 24th. The biotechnology company reported $2.15 EPS for the quarter, topping analysts' consensus estimates of $1.60 by $0.55. Axon Enterprise had a return on equity of 2.82% and a net margin of 4.48%.The business had revenue of $796.72 million for the quarter, compared to analysts' expectations of $755.29 million. During the same period in the previous year, the firm earned $2.08 EPS. The business's quarterly revenue was up 38.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

Insider Activity

In other Axon Enterprise news, CAO Jennifer H. Mak sold 1,500 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $573.45, for a total transaction of $860,175.00. Following the completion of the sale, the chief accounting officer owned 12,240 shares of the company's stock, valued at $7,019,028. This represents a 10.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Isaiah Fields sold 2,000 shares of the firm's stock in a transaction on Friday, February 27th. The stock was sold at an average price of $535.01, for a total transaction of $1,070,020.00. Following the completion of the sale, the insider directly owned 55,588 shares in the company, valued at approximately $29,740,135.88. This trade represents a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,634 shares of company stock worth $14,963,095 over the last ninety days. Company insiders own 5.70% 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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