Public Employees Retirement System of Ohio Sells 6,691 Shares of Axon Enterprise, Inc $AXON

Key Points

• Ohio’s public employees’ retirement system reduced its Axon Enterprise stake by 23.3% in the first quarter, selling 6,691 shares and retaining 22,044 shares valued at approximately $9.36 million.
• Analysts remain broadly positive, with 15 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $725.25. JPMorgan and Piper Sandler recently raised their targets.
• Axon reported quarterly revenue of $807.35 million, up 33.7% year over year, and EPS of $1.61, slightly above estimates. However, insiders sold nearly 59,000 shares worth $30.5 million during the last quarter.

Public Employees Retirement System of Ohio lessened its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 23.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,044 shares of the biotechnology company's stock after selling 6,691 shares during the period. Public Employees Retirement System of Ohio's holdings in Axon Enterprise were worth $9,362,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Darwin Wealth Management LLC acquired a new position in Axon Enterprise in the 2nd quarter valued at $37,000. Creative Financial Designs Inc. ADV bought a new position in Axon Enterprise in the 4th quarter worth $28,000. Sound Income Strategies LLC lifted its position in Axon Enterprise by 550.0% during the 4th quarter. Sound Income Strategies LLC now owns 52 shares of the biotechnology company's stock worth $30,000 after acquiring an additional 44 shares during the last quarter. Camelot Portfolios LLC acquired a new position in Axon Enterprise during the 4th quarter worth $30,000. Finally, AlphaCentric Advisors LLC bought a new stake in Axon Enterprise during the fourth quarter valued at about $34,000. Institutional investors own 79.08% of the company's stock.

Analyst Upgrades and Downgrades

AXON has been the topic of several research analyst reports. Weiss Ratings raised Axon Enterprise from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. JPMorgan Chase & Co. boosted their price objective on Axon Enterprise from $750.00 to $755.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Zacks Research downgraded Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $700.00 target price on shares of Axon Enterprise in a report on Thursday, June 25th. Finally, Piper Sandler lifted their price target on Axon Enterprise from $674.00 to $724.00 and gave the stock an "overweight" rating in a research report on Monday, July 13th. Fifteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $725.25.

Insider Buying and Selling at Axon Enterprise

In other Axon Enterprise news, insider Elizabeth Reid Coughlin sold 1,554 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $485.00, for a total value of $753,690.00. Following the completion of the sale, the insider owned 34,024 shares in the company, valued at approximately $16,501,640. This trade represents a 4.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Patrick W. Smith sold 10,000 shares of Axon Enterprise stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $643.79, for a total value of $6,437,900.00. Following the sale, the chief executive officer directly 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. 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. Insiders sold 58,989 shares of company stock valued at $30,527,983 over the last quarter. Company insiders own 4.20% of the company's stock.

Axon Enterprise Price Performance

Shares of Axon Enterprise stock opened at $525.48 on Tuesday. 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 market cap of $42.35 billion, a PE ratio of 211.04, a price-to-earnings-growth ratio of 10.25 and a beta of 1.38. The firm has a fifty day moving average price of $485.78 and a two-hundred day moving average price of $478.09. Axon Enterprise, Inc has a fifty-two week low of $339.01 and a fifty-two week high of $885.91.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $807.35 million for the quarter, compared to the consensus estimate of $778.90 million. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The business's revenue was up 33.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.47 EPS. Analysts expect that Axon Enterprise, Inc will post 1.63 EPS for the current year.

Axon Enterprise Company 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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