Axon Enterprise, Inc $AXON Stake Lessened by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Axon Enterprise, Inc (NASDAQ:AXON) by 2.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 175,565 shares of the biotechnology company’s stock after selling 3,937 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Axon Enterprise were worth $74,180,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AXON. M & L Capital Management Ltd purchased a new stake in Axon Enterprise during the 3rd quarter worth $30,000. Keating Financial Advisory Services Inc. acquired a new position in Axon Enterprise in the second quarter worth $31,000. Wealth Enhancement Trust Services Inc. acquired a new position in Axon Enterprise in the third quarter worth $33,000. Washington Trust Advisors Inc. increased its stake 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 valued at $39,000 after purchasing an additional 65 shares during the last quarter. Finally, Balance Wealth Partners LLC bought a new stake in Axon Enterprise during the third quarter valued at $44,000. Hedge funds and other institutional investors own 79.08% of the company’s stock.

Axon Enterprise Stock Performance

AXON opened at $416.57 on Wednesday. Axon Enterprise, Inc has a 1-year low of $339.01 and a 1-year high of $719.92. 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 business has a 50 day moving average price of $455.77 and a two-hundred day moving average price of $479.07. The company has a market capitalization of $33.84 billion, a price-to-earnings ratio of 172.85, a price-to-earnings-growth ratio of 8.09 and a beta of 1.48.

Axon Enterprise (NASDAQ:AXON) last announced its earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The company had revenue of $904.39 million during the quarter, compared to analysts’ expectations of $876.42 million. During the same period last year, the company posted $2.12 earnings per share. The business’s revenue for the quarter was up 35.3% on a year-over-year basis. Research analysts predict that Axon Enterprise, Inc will post 2.10 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AXON shares. Royal Bank Of Canada restated an “outperform” rating on shares of Axon Enterprise in a research report on Tuesday, July 21st. UBS Group boosted their price objective on shares of Axon Enterprise from $440.00 to $600.00 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Barclays increased their price objective on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Zacks Research raised shares of Axon Enterprise from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Finally, Citigroup reissued a “market outperform” rating on shares of Axon Enterprise in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $688.38.

Insider Activity at Axon Enterprise

In related news, insider Isaiah Fields sold 1,017 shares of the business’s 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 of the company’s stock, valued at approximately $27,032,038.80. The trade was a 1.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 16,775 shares of the firm’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $574.43, for a total transaction of $9,636,063.25. Following the transaction, the president owned 296,974 shares in the company, valued at $170,590,774.82. This represents a 5.35% 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. Over the last 90 days, insiders sold 47,397 shares of company stock worth $26,722,984. Corporate insiders own 4.20% of the company’s stock.

Axon Enterprise Profile

Axon Enterprise, Inc develops technology and connected products for public safety organizations. The company’s portfolio includes TASER conducted-energy weapons, body-worn cameras, in-car cameras, and related hardware designed to support law enforcement, corrections, security, and other emergency-response professionals.

Axon also provides cloud-based software for managing digital evidence, records, workflows, real-time operations, investigations, and communications. Its platform is intended to connect hardware, software, and services across the public-safety ecosystem, helping agencies collect, store, analyze, and share operational information.

The company was founded in 1993 as TASER International by Rick Smith and Tom Smith and adopted the name Axon Enterprise in 2017 as it expanded beyond conducted-energy weapons into a broader technology platform.