Pittenger & Anderson Inc. Increases Stock Position in Axon Enterprise, Inc $AXON

Key Points

• Pittenger & Anderson Inc. increased its Axon Enterprise stake by 226% in the first quarter, ending with 4,695 shares valued at about $1.99 million.
• Other institutional investors also boosted holdings, and overall hedge funds and institutions own 79.08% of Axon’s shares. Meanwhile, analysts remain broadly positive, with a Moderate Buy consensus and an average price target of $722.12.
• Axon shares fell 2.8% to $565.80, even after the company reported quarterly earnings and revenue that beat expectations. Insiders have also been selling stock recently, including the president and CEO, under a pre-arranged trading plan.

Pittenger & Anderson Inc. raised its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 226.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,695 shares of the biotechnology company's stock after purchasing an additional 3,255 shares during the period. Pittenger & Anderson Inc.'s holdings in Axon Enterprise were worth $1,994,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. 180 Wealth Advisors LLC boosted its stake in Axon Enterprise by 155.9% during the first quarter. 180 Wealth Advisors LLC now owns 10,181 shares of the biotechnology company's stock valued at $4,324,000 after buying an additional 6,203 shares during the last quarter. Fifth Third Bancorp increased its stake in Axon Enterprise by 396.1% in the 1st quarter. Fifth Third Bancorp now owns 16,154 shares of the biotechnology company's stock worth $6,861,000 after acquiring an additional 12,898 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Axon Enterprise by 6.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,380 shares of the biotechnology company's stock worth $1,860,000 after acquiring an additional 253 shares during the last quarter. Roman Butler Fullerton & Co. raised its holdings in shares of Axon Enterprise by 2.4% during the 1st quarter. Roman Butler Fullerton & Co. now owns 1,278 shares of the biotechnology company's stock worth $500,000 after acquiring an additional 30 shares in the last quarter. Finally, Kestra Advisory Services LLC raised its holdings in shares of Axon Enterprise by 11.3% during the 1st quarter. Kestra Advisory Services LLC now owns 3,674 shares of the biotechnology company's stock worth $1,560,000 after acquiring an additional 372 shares in the last quarter. Hedge funds and other institutional investors own 79.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. The Goldman Sachs Group set a $535.00 target price on Axon Enterprise in a research report on Thursday, May 7th. Citizens Jmp reaffirmed a "market outperform" rating and set a $700.00 price target on shares of Axon Enterprise in a research note on Thursday, June 25th. UBS Group lowered their price objective on shares of Axon Enterprise from $570.00 to $440.00 and set a "neutral" rating for the company in a research report on Thursday, May 7th. Piper Sandler reiterated an "overweight" rating and set a $674.00 price objective on shares of Axon Enterprise in a research report on Monday, June 15th. Finally, Barclays dropped their price objective on shares of Axon Enterprise from $682.00 to $523.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two 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 $722.12.

Insider Buying and Selling at Axon Enterprise

In other news, President Joshua Isner sold 13,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $488.45, for a total value of $6,349,850.00. Following the sale, the president owned 169,125 shares of the company's stock, valued at approximately $82,609,106.25. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Patrick W. Smith sold 20,000 shares of the firm's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $500.00, for a total transaction of $10,000,000.00. Following the completion of the sale, the chief executive officer owned 3,060,997 shares of the company's stock, valued at $1,530,498,500. This trade represents a 0.65% decrease in their position. 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 three months, insiders have sold 58,989 shares of company stock valued at $30,527,983. Insiders own 4.20% of the company's stock.

Axon Enterprise Trading Down 2.8%

Shares of NASDAQ:AXON traded down $16.20 during trading on Friday, hitting $565.80. The company had a trading volume of 762,731 shares, compared to its average volume of 1,119,821. The stock has a market cap of $45.60 billion, a price-to-earnings ratio of 227.23, a price-to-earnings-growth ratio of 11.54 and a beta of 1.38. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.27 and a quick ratio of 1.93. The company has a fifty day simple moving average of $457.90 and a two-hundred day simple moving average of $483.77. Axon Enterprise, Inc has a one year low of $339.01 and a one year high of $885.91.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.01. The firm had revenue of $807.35 million for the quarter, compared to the consensus estimate of $778.90 million. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The company's revenue for the quarter was up 33.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.47 EPS. As a group, equities analysts forecast that Axon Enterprise, Inc will post 1.63 earnings per share for the current year.

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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