NewEdge Wealth LLC Grows Stock Position in Axon Enterprise, Inc $AXON

Key Points

• NewEdge Wealth LLC increased its Axon Enterprise stake by 466% in the fourth quarter, buying 6,370 additional shares and bringing its holdings to 7,737 shares worth about $4.39 million.
• Axon reported better-than-expected Q1 earnings, with EPS of $1.61 versus $1.60 expected and revenue of $807.35 million, up 33.7% from a year earlier.
• Despite the strong results, insiders sold shares over the last 90 days and the stock was down 2.3%; analysts remain mostly positive with a Moderate Buy consensus and an average price target of $712.75.

NewEdge Wealth LLC raised its position in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 466.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,737 shares of the biotechnology company's stock after buying an additional 6,370 shares during the quarter. NewEdge Wealth LLC's holdings in Axon Enterprise were worth $4,394,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Vicus Capital lifted its position in shares of Axon Enterprise by 3.7% during the 3rd quarter. Vicus Capital now owns 396 shares of the biotechnology company's stock valued at $284,000 after buying an additional 14 shares during the last quarter. Evergreen Capital Management LLC lifted its position in shares of Axon Enterprise by 3.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 413 shares of the biotechnology company's stock valued at $342,000 after buying an additional 15 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its position in shares of Axon Enterprise by 5.4% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 313 shares of the biotechnology company's stock valued at $223,000 after buying an additional 16 shares during the last quarter. WPG Advisers LLC lifted its position in shares of Axon Enterprise by 9.8% during the 3rd quarter. WPG Advisers LLC now owns 190 shares of the biotechnology company's stock valued at $136,000 after buying an additional 17 shares during the last quarter. Finally, Monte Financial Group LLC lifted its position in shares of Axon Enterprise by 5.5% during the 3rd quarter. Monte Financial Group LLC now owns 325 shares of the biotechnology company's stock valued at $233,000 after buying an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 79.08% of the company's stock.

Insiders Place Their Bets

In other Axon Enterprise news, insider Isaiah Fields sold 2,000 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $535.01, for a total value of $1,070,020.00. Following the sale, the insider directly owned 55,588 shares in the company, valued at $29,740,135.88. This represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jeri Williams sold 157 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $490.00, for a total transaction of $76,930.00. Following the completion of the sale, the director owned 1,159 shares in the company, valued at $567,910. This represents a 11.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 13,855 shares of company stock worth $7,109,828. Company insiders own 5.70% of the company's stock.

Axon Enterprise Stock Down 2.3%

AXON opened at $394.36 on Tuesday. The company has a 50 day moving average of $446.48 and a 200 day moving average of $523.35. The company has a market cap of $31.79 billion, a PE ratio of 158.38, a price-to-earnings-growth ratio of 9.49 and a beta of 1.44. Axon Enterprise, Inc has a 12 month low of $339.01 and a 12 month high of $885.91. The company has a current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.49.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.01. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The business had revenue of $807.35 million for the quarter, compared to analysts' expectations of $778.91 million. During the same period in the prior year, the company posted $1.47 EPS. The business's revenue for the quarter was up 33.7% compared to the same quarter last year. On average, sell-side analysts expect that Axon Enterprise, Inc will post 1.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AXON shares. Weiss Ratings raised Axon Enterprise from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday. Piper Sandler cut their price objective on shares of Axon Enterprise from $690.00 to $674.00 and set an "overweight" rating for the company in a report on Thursday, May 7th. Robert W. Baird set a $800.00 price objective on shares of Axon Enterprise in a report on Wednesday, February 25th. Citizens Jmp cut their price objective on shares of Axon Enterprise from $825.00 to $700.00 and set a "market outperform" rating for the company in a report on Thursday, May 7th. Finally, Citigroup reaffirmed a "buy" rating on shares of Axon Enterprise in a report on Wednesday, February 25th. Sixteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $712.75.

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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