Integrated Wealth Concepts LLC Purchases 407,050 Shares of Axon Enterprise, Inc $AXON

Key Points

• Integrated Wealth Concepts LLC increased its Axon Enterprise stake by 2,216.4% in the second quarter, purchasing 407,050 shares and bringing its holdings to 425,415 shares valued at approximately $238.5 million.
• Axon reported quarterly revenue of $904.39 million, up 35.3% year over year, and earnings of $1.88 per share, exceeding analyst expectations.
• Shares opened at $505.43, while analysts maintained a generally positive outlook: 14 analysts rated the stock Buy and three rated it Hold, with a consensus price target of $721.57.

Integrated Wealth Concepts LLC grew its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 2,216.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 425,415 shares of the biotechnology company's stock after buying an additional 407,050 shares during the quarter. Axon Enterprise makes up about 1.4% of Integrated Wealth Concepts LLC's investment portfolio, making the stock its 7th biggest position. Integrated Wealth Concepts LLC owned 0.52% of Axon Enterprise worth $238,492,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Darwin Wealth Management LLC acquired a new stake in shares of Axon Enterprise in the second quarter valued at approximately $37,000. Creative Financial Designs Inc. ADV bought a new position in Axon Enterprise in the 4th quarter valued at $28,000. Keating Financial Advisory Services Inc. bought a new position in Axon Enterprise in the 2nd quarter valued at $31,000. AlphaCentric Advisors LLC acquired a new stake in shares of Axon Enterprise in the 4th quarter valued at $34,000. Finally, Washington Trust Advisors Inc. increased its stake in shares of Axon Enterprise by 1,300.0% in the 2nd quarter. Washington Trust Advisors Inc. now owns 70 shares of the biotechnology company's stock valued at $39,000 after buying an additional 65 shares during the period. Institutional investors and hedge funds own 79.08% of the company's stock.

Axon Enterprise Stock Down 2.0%

Axon Enterprise stock opened at $505.43 on Wednesday. The firm has a market capitalization of $41.06 billion, a price-to-earnings ratio of 209.72, a PEG ratio of 10.06 and a beta of 1.40. The company's 50 day simple moving average is $568.47 and its 200 day simple moving average is $487.76. 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, Inc has a fifty-two week low of $339.01 and a fifty-two week high of $792.16.

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

Insider Buying and Selling at Axon Enterprise

In other news, CEO Patrick W. Smith sold 10,000 shares of Axon Enterprise stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $643.79, for a total transaction of $6,437,900.00. Following the transaction, the chief executive officer owned 3,040,997 shares in the company, valued at $1,957,763,458.63. The trade was a 0.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 16,775 shares of the business's stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $574.43, for a total value of $9,636,063.25. Following the completion of the transaction, the president owned 296,974 shares of the company's stock, valued at $170,590,774.82. This represents a 5.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 56,380 shares of company stock valued at $32,582,366. Company insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on AXON. Piper Sandler upped their target price on shares of Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Morgan Stanley boosted their price target on shares of Axon Enterprise from $600.00 to $640.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Barclays raised 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. UBS Group upped their target price on shares of Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a research report on Thursday, August 6th. Finally, Argus raised their price target on Axon Enterprise from $460.00 to $600.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $721.57.

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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