Exchange Traded Concepts LLC trimmed its position in Axon Enterprise, Inc (NASDAQ:AXON – Free Report) by 24.4% during the second quarter, Holdings Channel.com reports. The firm owned 3,777 shares of the biotechnology company’s stock after selling 1,216 shares during the period. Exchange Traded Concepts LLC’s holdings in Axon Enterprise were worth $2,117,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Rockefeller Capital Management L.P. lifted its stake in Axon Enterprise by 53.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 11,518 shares of the biotechnology company’s stock worth $6,542,000 after purchasing an additional 4,002 shares during the last quarter. Legal & General Group Plc increased its stake in Axon Enterprise by 1.3% in the fourth quarter. Legal & General Group Plc now owns 426,533 shares of the biotechnology company’s stock valued at $242,241,000 after purchasing an additional 5,419 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in Axon Enterprise during the fourth quarter worth approximately $13,116,000. Arrowstreet Capital Limited Partnership acquired a new stake in Axon Enterprise during the first quarter worth approximately $15,067,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Axon Enterprise by 40.7% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,083 shares of the biotechnology company’s stock worth $6,406,000 after buying an additional 4,360 shares during the last quarter. 79.08% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In related news, insider Elizabeth Reid Coughlin sold 1,554 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $485.00, for a total value of $753,690.00. Following the transaction, the insider owned 34,024 shares in the company, valued at $16,501,640. The trade was a 4.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Joshua Isner sold 13,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $488.45, for a total value of $6,349,850.00. Following the sale, the president directly owned 169,125 shares of the company’s stock, valued at approximately $82,609,106.25. This represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 68,989 shares of company stock valued at $36,016,932. Insiders own 4.20% of the company’s stock.
Axon Enterprise Stock Up 2.6%
Axon Enterprise (NASDAQ:AXON – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $1.88 EPS for the quarter, beating 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 company had revenue of $904.39 million for the quarter, compared to analyst estimates of $876.42 million. During the same period in the previous year, the business posted $2.12 earnings per share. Axon Enterprise’s quarterly revenue was up 35.3% on a year-over-year basis. Sell-side analysts predict that Axon Enterprise, Inc will post 1.63 EPS for the current year.
Key Stories Impacting Axon Enterprise
Here are the key news stories impacting Axon Enterprise this week:
- Positive Sentiment: Strong Q2 results and raised outlook: Axon exceeded expectations with adjusted earnings of $1.88 per share versus $1.84 expected and revenue of $904.4 million versus $876.4 million expected. Revenue grew 35.3% year over year, and management’s improved outlook supports the long-term growth story. Should You Buy, Hold or Sell AXON Stock Post Q2 Earnings Release?
- Positive Sentiment: Connected Devices momentum: TASER devices, body cameras and counter-drone products are driving strong hardware demand. Continued adoption of these products, combined with Axon’s cloud-based evidence and records software, reinforces the company’s integrated platform strategy. Will Strength in Connected Devices Unit Continue to Drive AXON’s Growth?
- Positive Sentiment: Bullish strategic commentary: Analysts highlighted Axon as a strong contender in law-enforcement technology, while coverage pointed to new artificial-intelligence capabilities as an additional growth catalyst for public-safety customers. Axon: A Strong Contender in Law Enforcement Tech
- Neutral Sentiment: Technical consolidation: AXON remains in a strong broader uptrend but has recently consolidated, leaving investors watching whether momentum resumes or the rally pauses. Stock of the Day: Is the Axon Rally Over?
- Negative Sentiment: Valuation and profitability risks: Despite strong revenue growth, analysts cautioned that Axon’s high earnings multiple, elevated costs, debt and relatively modest margins reduce its near-term appeal. Memory costs and counter-drone investments could also pressure profitability if spending rises faster than sales.
- Negative Sentiment: CEO share sale: CEO Patrick Smith sold 9,930 shares worth approximately $5.45 million. The transaction occurred under a pre-arranged Rule 10b5-1 plan and represented only 0.33% of his holdings, making it a limited signal but a potential source of investor caution.
Analyst Upgrades and Downgrades
AXON has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their target price on shares of Axon Enterprise from $750.00 to $755.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating on shares of Axon Enterprise in a research report on Tuesday, July 21st. Needham & Company LLC restated a “buy” rating on shares of Axon Enterprise in a research note on Thursday, August 6th. TD Cowen reaffirmed a “buy” rating on shares of Axon Enterprise in a report on Wednesday, July 22nd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Axon Enterprise in a research report on Wednesday, August 5th. Thirteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $730.92.
Read Our Latest Analysis on Axon Enterprise
About Axon Enterprise
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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