Parkside Financial Bank & Trust Acquires 19,192 Shares of Axon Enterprise, Inc $AXON

Key Points

• Parkside Financial Bank & Trust significantly increased its Axon Enterprise stake, purchasing 19,192 additional shares in the second quarter for a total of 19,412 shares valued at approximately $10.9 million.
• Axon reported quarterly revenue of $904.4 million, up 35.3% year over year, and adjusted earnings of $1.88 per share, slightly exceeding analyst expectations.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $721.57; however, company insiders have sold roughly $32.6 million of stock over the past 90 days.

Parkside Financial Bank & Trust grew its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 8,723.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,412 shares of the biotechnology company's stock after buying an additional 19,192 shares during the quarter. Axon Enterprise accounts for approximately 0.7% of Parkside Financial Bank & Trust's holdings, making the stock its 23rd biggest holding. Parkside Financial Bank & Trust's holdings in Axon Enterprise were worth $10,883,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV purchased a new stake in Axon Enterprise during the fourth quarter valued at approximately $28,000. Keating Financial Advisory Services Inc. purchased a new position in shares of Axon Enterprise in the 2nd quarter worth approximately $31,000. AlphaCentric Advisors LLC purchased a new position in shares of Axon Enterprise in the 4th quarter worth approximately $34,000. Darwin Wealth Management LLC bought a new position in shares of Axon Enterprise during the 2nd quarter valued at approximately $37,000. Finally, Washington Trust Advisors Inc. increased its position in shares of Axon Enterprise by 1,300.0% during the 2nd quarter. Washington Trust Advisors Inc. now owns 70 shares of the biotechnology company's stock valued at $39,000 after purchasing an additional 65 shares during the last quarter. Institutional investors own 79.08% of the company's stock.

Insiders Place Their Bets

In other Axon Enterprise news, President Joshua Isner sold 16,775 shares of the company's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $574.43, for a total value of $9,636,063.25. Following the completion of the sale, the president directly owned 296,974 shares in the company, valued at approximately $170,590,774.82. This represents a 5.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick Smith sold 9,930 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $548.77, for a total value of $5,449,286.10. Following the transaction, the chief executive officer directly owned 3,031,067 shares in the company, valued at $1,663,358,637.59. The trade was a 0.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 56,380 shares of company stock worth $32,582,366. 4.20% of the stock is currently owned by company insiders.

Axon Enterprise Price Performance

Shares of AXON stock opened at $515.67 on Tuesday. The company has a market capitalization of $41.89 billion, a P/E ratio of 213.97, a P/E/G ratio of 10.06 and a beta of 1.40. The company's 50-day simple moving average is $569.57 and its two-hundred day simple moving average is $487.23. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $792.16. 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 announced its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share (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 during the quarter, compared to analyst estimates of $876.42 million. During the same quarter in the previous year, the business earned $2.12 earnings per share. Axon Enterprise's quarterly revenue was up 35.3% on a year-over-year basis. As a group, equities analysts anticipate that Axon Enterprise, Inc will post 2.04 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on AXON shares. Weiss Ratings restated a "hold (c-)" rating on shares of Axon Enterprise in a report on Wednesday, August 5th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $715.00 price objective on shares of Axon Enterprise in a research note on Thursday, August 6th. Citizens Jmp reiterated a "market outperform" rating and set a $700.00 price objective on shares of Axon Enterprise in a research report on Thursday, June 25th. TD Cowen reissued a "buy" rating on shares of Axon Enterprise in a research note on Wednesday, July 22nd. Finally, Argus raised their target price on shares of Axon Enterprise from $460.00 to $600.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $721.57.

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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