Axon Enterprise (NASDAQ:AXON) Insider Jeffrey Kunins Sells 9,605 Shares of Stock

Key Points

• Insider sale: Axon insider Jeffrey Kunins sold 9,605 shares at an average price of $626.70, generating approximately $6.02 million. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his ownership by 8.95%.
• Strong quarterly results: Axon reported quarterly earnings of $1.88 per share, above estimates of $1.84, while revenue reached $904.39 million, surpassing forecasts and rising 35.3% year over year.
• Analyst sentiment remains positive: Thirteen analysts rate the stock a Buy and three rate it a Hold, giving Axon a consensus “Moderate Buy” rating and an average price target of $730.92. Shares traded at $597.59, despite a notably high P/E ratio of 247.96.

Axon Enterprise, Inc (NASDAQ:AXON - Get Free Report) insider Jeffrey Kunins sold 9,605 shares of the company's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $626.70, for a total transaction of $6,019,453.50. Following the completion of the sale, the insider directly owned 97,761 shares in the company, valued at $61,266,818.70. This represents a 8.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Axon Enterprise Stock Performance

NASDAQ:AXON traded down $30.16 during trading hours on Monday, reaching $597.59. 658,349 shares of the stock were exchanged, compared to its average volume of 1,062,970. The stock has a market capitalization of $48.55 billion, a P/E ratio of 247.96, a P/E/G ratio of 10.19 and a beta of 1.39. The firm has a 50 day simple moving average of $543.11 and a 200-day simple moving average of $476.99. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47. Axon Enterprise, Inc has a 52 week low of $339.01 and a 52 week high of $794.29.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted 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 company had revenue of $904.39 million during the quarter, compared to analyst estimates of $876.42 million. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%.The business's revenue was up 35.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.12 earnings per share. As a group, sell-side analysts forecast that Axon Enterprise, Inc will post 2.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Axon Enterprise

Several hedge funds have recently modified their holdings of the company. Carlson Financial Inc. raised its stake in shares of Axon Enterprise by 2.7% in the 2nd quarter. Carlson Financial Inc. now owns 16,039 shares of the biotechnology company's stock worth $8,992,000 after buying an additional 415 shares in the last quarter. California State Teachers Retirement System boosted its stake in Axon Enterprise by 55,955.7% during the second quarter. California State Teachers Retirement System now owns 64,781,849 shares of the biotechnology company's stock valued at $36,317,352,000 after buying an additional 64,666,282 shares in the last quarter. Washington Trust Advisors Inc. grew its holdings in Axon Enterprise by 1,300.0% during the second quarter. Washington Trust Advisors Inc. now owns 70 shares of the biotechnology company's stock worth $39,000 after acquiring an additional 65 shares during the period. Ameritas Advisory Services LLC acquired a new position in Axon Enterprise during the second quarter worth about $236,000. Finally, Nvest Financial LLC raised its position in Axon Enterprise by 10.4% in the second quarter. Nvest Financial LLC now owns 777 shares of the biotechnology company's stock worth $436,000 after acquiring an additional 73 shares in the last quarter. 79.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AXON shares. The Goldman Sachs Group reissued a "buy" rating and issued a $715.00 price objective on shares of Axon Enterprise in a report on Thursday, August 6th. Barclays boosted their price target on Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. increased their price target on Axon Enterprise from $750.00 to $755.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Citizens Jmp reissued a "market outperform" rating and set a $700.00 price target on shares of Axon Enterprise in a report on Thursday, June 25th. Finally, Needham & Company LLC restated a "buy" rating on shares of Axon Enterprise in a research note on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Axon Enterprise presently has a consensus rating of "Moderate Buy" and a consensus target price of $730.92.

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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