Axon Enterprise, Inc $AXON Stock: Cornerstone Advisors LLC Lowers Stake

Cornerstone Advisors LLC cut its holdings in Axon Enterprise, Inc (NASDAQ:AXON) by 26.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,685 shares of the biotechnology company’s stock after selling 7,975 shares during the quarter. Cornerstone Advisors LLC’s holdings in Axon Enterprise were worth $9,585,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp grew its position in shares of Axon Enterprise by 5,700.2% during the 2nd quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company’s stock worth $119,724,905,000 after buying an additional 209,879,882 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Axon Enterprise by 18,050.2% in 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 acquiring an additional 13,127,348 shares in the last quarter. BlackRock Inc. increased its stake in shares of Axon Enterprise by 4.3% in the 2nd quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company’s stock valued at $4,672,432,000 after acquiring an additional 345,365 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of Axon Enterprise by 391,214.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 6,988,884 shares of the biotechnology company’s stock valued at $2,952,943,000 after acquiring an additional 6,987,098 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position 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 acquiring an additional 3,496,493 shares during the period. 79.08% of the stock is currently owned by institutional investors.

Insider Transactions at Axon Enterprise

In related news, President Joshua Isner sold 16,775 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $574.43, for a total value of $9,636,063.25. Following the transaction, the president directly owned 296,974 shares in the company, valued at $170,590,774.82. This trade represents a 5.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeffrey Kunins sold 9,605 shares of Axon Enterprise 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 of the company’s stock, valued at approximately $61,266,818.70. The trade was a 8.95% 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. Insiders have sold 37,397 shares of company stock valued at $21,234,034 in the last 90 days. 4.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Citigroup reissued a “market outperform” rating on shares of Axon Enterprise in a research note on Monday, November 2nd. Royal Bank Of Canada reduced their price target on shares of Axon Enterprise from $735.00 to $615.00 and set an “outperform” rating for the company in a report on Friday, November 6th. TD Cowen decreased their price target on shares of Axon Enterprise from $825.00 to $800.00 and set a “buy” rating for the company in a research note on Monday, October 26th. UBS Group upped their price objective on shares of Axon Enterprise from $440.00 to $600.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Finally, Raymond James Financial set a $675.00 price objective on shares of Axon Enterprise in a report on Thursday, October 15th. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $612.18.

Axon Enterprise Stock Up 2.7%

Shares of NASDAQ:AXON opened at $315.43 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.60 and a current ratio of 3.00. Axon Enterprise, Inc has a 52-week low of $291.45 and a 52-week high of $665.07. The business’s 50 day simple moving average is $417.79 and its two-hundred day simple moving average is $467.68. The firm has a market cap of $25.69 billion, a P/E ratio of 101.10, a PEG ratio of 5.84 and a beta of 1.48.

Axon Enterprise (NASDAQ:AXON) last released its quarterly earnings data on Thursday, November 5th. The biotechnology company reported $1.72 EPS for the quarter, missing the consensus estimate of $1.89 by ($0.17). The firm had revenue of $908.55 million for the quarter, compared to the consensus estimate of $934.33 million. Axon Enterprise had a net margin of 7.56% and a return on equity of 3.87%. The company’s revenue was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.17 EPS. As a group, research analysts forecast that Axon Enterprise, Inc will post 2.10 EPS for the current fiscal year.

Axon Enterprise Company Profile

Axon Enterprise develops technology and services for public safety agencies. Its products include TASER conducted-energy weapons, body-worn and in-car cameras, and related hardware designed to support law enforcement and other safety professionals. The company also provides cloud-based software for managing digital evidence, records and operational workflows. Its Axon Evidence platform helps agencies store, organize and share video and other evidence, while its broader software offerings include tools for dispatch and records management.