Ritholtz Wealth Management Increases Position in Axon Enterprise, Inc $AXON

Ritholtz Wealth Management boosted its position in Axon Enterprise, Inc (NASDAQ:AXON) by 206.6% during the first quarter, Holdings Channel reports. The fund owned 2,324 shares of the biotechnology company’s stock after acquiring an additional 1,566 shares during the period. Ritholtz Wealth Management’s holdings in Axon Enterprise were worth $987,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV bought a new position in shares of Axon Enterprise during the 4th quarter valued at about $28,000. Sound Income Strategies LLC lifted its position in Axon Enterprise by 550.0% in the 4th quarter. Sound Income Strategies LLC now owns 52 shares of the biotechnology company’s stock worth $30,000 after buying an additional 44 shares during the last quarter. Camelot Portfolios LLC bought a new stake in Axon Enterprise in the 4th quarter worth approximately $30,000. AlphaCentric Advisors LLC purchased a new stake in Axon Enterprise in the fourth quarter worth approximately $34,000. Finally, Lodestone Wealth Management LLC bought a new position in Axon Enterprise during the fourth quarter valued at approximately $35,000. Institutional investors own 79.08% of the company’s stock.

Insider Activity at Axon Enterprise

In related news, CEO Patrick W. Smith sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $500.00, for a total transaction of $10,000,000.00. Following the transaction, the chief executive officer owned 3,060,997 shares in the company, valued at $1,530,498,500. The trade was a 0.65% 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, 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 transaction, the president directly owned 169,125 shares of the company’s stock, valued at $82,609,106.25. The trade was a 7.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 38,989 shares of company stock worth $19,090,083 over the last 90 days. 4.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on AXON. Weiss Ratings raised shares of Axon Enterprise from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. The Goldman Sachs Group set a $535.00 target price on shares of Axon Enterprise in a report on Thursday, May 7th. Piper Sandler reiterated an “overweight” rating and issued a $674.00 target price on shares of Axon Enterprise in a research report on Monday, June 15th. Morgan Stanley set a $600.00 price target on shares of Axon Enterprise in a research note on Thursday, May 7th. Finally, Citizens Jmp restated a “market outperform” rating and set a $700.00 price target on shares of Axon Enterprise in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $712.75.

Axon Enterprise Price Performance

Shares of Axon Enterprise stock opened at $465.12 on Monday. The firm has a market cap of $37.49 billion, a PE ratio of 186.79, a price-to-earnings-growth ratio of 9.48 and a beta of 1.45. Axon Enterprise, Inc has a 12-month low of $339.01 and a 12-month high of $885.91. The company has a quick ratio of 1.93, a current ratio of 2.27 and a debt-to-equity ratio of 0.49. The company’s fifty day simple moving average is $420.65 and its two-hundred day simple moving average is $481.58.

Axon Enterprise (NASDAQ:AXON) last issued its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.60 by $0.01. The firm had revenue of $807.35 million during the quarter, compared to the consensus estimate of $778.90 million. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The company’s quarterly revenue was up 33.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.47 earnings per share. As a group, equities analysts expect that Axon Enterprise, Inc will post 1.63 EPS for the current year.

Axon Enterprise 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.