Congress Asset Management Co. Decreases Stock Position in Axon Enterprise, Inc $AXON

Congress Asset Management Co. lowered its stake in shares of Axon Enterprise, Inc (NASDAQ:AXON) by 2.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 134,878 shares of the biotechnology company’s stock after selling 3,944 shares during the quarter. Congress Asset Management Co.’s holdings in Axon Enterprise were worth $56,989,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp increased its stake in Axon Enterprise by 5,700.2% in the second quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company’s stock valued at $119,724,905,000 after acquiring an additional 209,879,882 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Axon Enterprise by 18,050.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,200,075 shares of the biotechnology company’s stock valued at $7,400,094,000 after purchasing an additional 13,127,348 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Axon Enterprise by 4.3% during the 2nd 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 in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Axon Enterprise by 8,432.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,537,957 shares of the biotechnology company’s stock valued at $1,983,414,000 after buying an additional 3,496,493 shares in the last quarter. Finally, Sands Capital Management LLC grew its position in Axon Enterprise by 11.6% during the fourth quarter. Sands Capital Management LLC now owns 1,609,436 shares of the biotechnology company’s stock valued at $914,047,000 after acquiring an additional 167,095 shares during the last quarter. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

Axon Enterprise Trading Up 1.7%

Axon Enterprise stock traded up $6.81 during trading hours on Tuesday, reaching $418.62. The stock had a trading volume of 1,477,202 shares, compared to its average volume of 1,054,419. The stock has a market cap of $34.01 billion, a PE ratio of 173.70, a PEG ratio of 7.78 and a beta of 1.44. Axon Enterprise, Inc has a 52 week low of $339.01 and a 52 week high of $764.02. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.15 and a quick ratio of 1.80. The company has a fifty day simple moving average of $527.78 and a 200-day simple moving average of $478.49.

Axon Enterprise (NASDAQ:AXON) last issued its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.84 by $0.04. The firm had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The company’s quarterly revenue was up 35.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.12 earnings per share. Analysts forecast that Axon Enterprise, Inc will post 2.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Axon Enterprise news, insider Jeffrey Kunins sold 9,605 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $626.70, for a total value of $6,019,453.50. Following the completion of the sale, the insider owned 97,761 shares in the company, valued at approximately $61,266,818.70. This trade represents a 8.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Isaiah Fields sold 1,017 shares of Axon Enterprise stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $480.45, for a total value of $488,617.65. Following the completion of the sale, the insider owned 56,264 shares in the company, valued at approximately $27,032,038.80. This represents a 1.78% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 47,397 shares of company stock worth $26,722,984. 4.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AXON. Weiss Ratings restated a “hold (c-)” rating on shares of Axon Enterprise in a report on Wednesday, August 5th. The Goldman Sachs Group reiterated a “buy” rating and issued a $715.00 target price on shares of Axon Enterprise in a research report on Thursday, August 6th. Piper Sandler upped their price target on shares of Axon Enterprise from $724.00 to $732.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Morgan Stanley raised their price objective on Axon Enterprise from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, Zacks Research downgraded Axon Enterprise from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $721.57.

About Axon Enterprise

Axon Enterprise, Inc develops technology and connected systems for public safety and law enforcement agencies. Its product portfolio includes TASER conducted energy weapons, body-worn cameras, in-car cameras and other recording devices designed to support safer interactions, improve accountability and document incidents.

The company also provides cloud-based software for managing digital evidence, reports, records and agency operations. Its Axon platform connects hardware with services such as evidence management, real-time operations, computer-aided dispatch and other workflow tools, enabling agencies to store, organize and share information across their organizations.

Founded in 1993 as AIR TASER by Rick Smith and Tom Smith, the company later operated as TASER International before adopting the name Axon Enterprise in 2017.