Patrick Smith Sells 9,930 Shares of Axon Enterprise (NASDAQ:AXON) Stock

Key Points

• CEO Patrick Smith sold 9,930 Axon shares for approximately $5.45 million at an average price of $548.77 under a pre-arranged Rule 10b5-1 trading plan. He continues to own about 3.03 million shares.
• Axon shares rose 6.7% to $636.31, while the company reported quarterly revenue of $904.39 million, up 35.3% year over year, and adjusted earnings of $1.88 per share, beating analyst expectations.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $730.92; institutional investors own approximately 79.08% of the stock.

Axon Enterprise, Inc (NASDAQ:AXON - Get Free Report) CEO Patrick Smith sold 9,930 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $548.77, for a total transaction of $5,449,286.10. Following the completion of the transaction, the chief executive officer owned 3,031,067 shares in the company, valued at approximately $1,663,358,637.59. This represents a 0.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Axon Enterprise Stock Up 6.7%

Shares of NASDAQ:AXON traded up $39.98 during trading on Tuesday, reaching $636.31. 1,490,332 shares of the company traded hands, compared to its average volume of 1,083,049. The firm has a fifty day simple moving average of $516.19 and a 200 day simple moving average of $473.28. The firm has a market cap of $51.69 billion, a P/E ratio of 264.03, a price-to-earnings-growth ratio of 11.65 and a beta of 1.39. Axon Enterprise, Inc has a 1-year low of $339.01 and a 1-year high of $824.66. 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 (NASDAQ:AXON - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share for the quarter, topping analysts' consensus estimates of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The business had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. During the same period in the prior year, the business posted $2.12 earnings per share. Axon Enterprise's revenue for the quarter was up 35.3% compared to the same quarter last year. Analysts anticipate that Axon Enterprise, Inc will post 1.63 earnings per share for the current fiscal year.

Institutional Trading of Axon Enterprise

Several hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its holdings in Axon Enterprise by 1,198.7% in the 4th quarter. Baillie Gifford & Co. now owns 1,642,578 shares of the biotechnology company's stock valued at $932,869,000 after purchasing an additional 1,516,099 shares during the period. Edgewood Management LLC bought a new position in shares of Axon Enterprise during the 4th quarter worth about $846,516,000. Wellington Management Group LLP raised its position in shares of Axon Enterprise by 326.9% during the fourth quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company's stock valued at $874,463,000 after buying an additional 1,179,038 shares during the last quarter. Norges Bank acquired a new position in shares of Axon Enterprise during the fourth quarter valued at about $515,764,000. Finally, BlackRock Inc. lifted its stake in shares of Axon Enterprise by 4.3% in the second quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock valued at $4,672,432,000 after buying an additional 345,365 shares during the period. Institutional investors own 79.08% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on AXON. The Goldman Sachs Group reiterated a "buy" rating and set a $715.00 price target on shares of Axon Enterprise in a report on Thursday, August 6th. Piper Sandler increased their price objective on Axon Enterprise from $724.00 to $732.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Morgan Stanley raised their price objective on shares of Axon Enterprise from $600.00 to $640.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Axon Enterprise in a research note on Tuesday, July 21st. Finally, Zacks Research downgraded shares of Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Thirteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average 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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