Axon Enterprise, Inc $AXON Holdings Boosted by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. grew its holdings in Axon Enterprise, Inc (NASDAQ:AXON) by 16,200.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 175,067 shares of the biotechnology company’s stock after purchasing an additional 173,993 shares during the period. Envestnet Portfolio Solutions Inc. owned approximately 0.22% of Axon Enterprise worth $98,144,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of AXON. State Street Corp boosted its position in 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 acquiring an additional 209,879,882 shares during the period. Envestnet Asset Management Inc. increased its holdings 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 purchasing an additional 13,127,348 shares during the period. BlackRock Inc. increased its holdings 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 purchasing an additional 345,365 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Axon Enterprise by 8,432.6% in the second quarter. The Manufacturers Life Insurance Company now owns 3,537,957 shares of the biotechnology company’s stock worth $1,983,414,000 after purchasing an additional 3,496,493 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Axon Enterprise by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 2,226,159 shares of the biotechnology company’s stock worth $1,265,657,000 after purchasing an additional 35,544 shares in the last quarter. 79.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Jeffrey Kunins sold 9,605 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $626.70, for a total transaction of $6,019,453.50. Following the transaction, the insider owned 97,761 shares of the company’s stock, valued at approximately $61,266,818.70. This represents a 8.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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 that occurred on Monday, August 31st. The shares were sold at an average price of $574.43, for a total value of $9,636,063.25. Following the completion of the transaction, the president directly owned 296,974 shares in the company, valued at $170,590,774.82. The trade was a 5.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 67,397 shares of company stock worth $38,160,884. Insiders own 4.20% of the company’s stock.

Key Headlines Impacting Axon Enterprise

Here are the key news stories impacting Axon Enterprise this week:

• Positive Sentiment: Chattanooga’s city council renewed its contract with Axon for five years, reinforcing the company’s recurring public-sector revenue base and customer retention. Chattanooga City Council renews five-year contract with Axon Enterprise
• Positive Sentiment: The Los Angeles Police Department approved a license-plate-reader pilot as a broader Axon technology agreement moves toward consideration by the city council. The pilot could create an opportunity for a larger contract, although approval is not yet certain. LAPD ALPR Pilot Approved as Axon Tech Deal Heads to City Council
• Neutral Sentiment: Reports that AXON gained in premarket trading and during the Nasdaq session describe market performance rather than identifying a new fundamental catalyst. Axon Enterprise stock gains 1.61 percent on Nasdaq
• Negative Sentiment: Axon and Flock executives did not attend a Senate hearing on surveillance technology after Chair Josh Hawley warned that subpoenas could be issued. The episode raises regulatory, political and reputational risks for Axon’s public-safety technology business. Flock, Axon dodge Senate hearing after invite from Chair Josh Hawley
• Negative Sentiment: Recent commentary points to margin and debt concerns, while another analysis questions whether Axon’s valuation and growth justify choosing it over ServiceNow. These concerns are especially significant given AXON’s elevated earnings multiple and recent weakness. Axon Enterprise stock slips as margins and debt pressure sentiment

Axon Enterprise Stock Down 1.9%

Shares of AXON traded down $8.71 during mid-day trading on Wednesday, hitting $450.61. 770,373 shares of the company’s stock were exchanged, compared to its average volume of 1,054,314. The stock has a market cap of $36.61 billion, a price-to-earnings ratio of 186.98, a P/E/G ratio of 8.51 and a beta of 1.40. The firm has a fifty day moving average of $543.84 and a two-hundred day moving average of $484.85. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47. Axon Enterprise, Inc has a twelve month low of $339.01 and a twelve month high of $789.29.

Axon Enterprise (NASDAQ:AXON) last released its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.04. The business had revenue of $904.39 million during the quarter, compared to analyst estimates of $876.42 million. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. Axon Enterprise’s quarterly revenue was up 35.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.12 EPS. On average, sell-side analysts forecast that Axon Enterprise, Inc will post 2.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on AXON shares. Zacks Research lowered shares of Axon Enterprise from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Royal Bank Of Canada restated an “outperform” rating on shares of Axon Enterprise in a report on Tuesday, July 21st. Citigroup reiterated a “market outperform” rating on shares of Axon Enterprise in a report on Thursday, September 17th. Needham & Company LLC restated a “buy” rating on shares of Axon Enterprise in a research note on Wednesday, September 2nd. Finally, TD Cowen reaffirmed a “buy” rating on shares of Axon Enterprise in a research report on Wednesday, July 22nd. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Axon Enterprise has a consensus rating of “Moderate Buy” and a consensus price target of $721.57.

Axon Enterprise Profile

Axon Enterprise, Inc develops technology and equipment for law enforcement, public safety and other government agencies. Its product portfolio includes TASER energy weapons, body-worn cameras, in-car cameras and related connected devices designed to support safer interactions, improve transparency and collect operational data.

The company also provides cloud-based software for managing digital evidence, conducting investigations, overseeing records and workflows, coordinating dispatch and supporting real-time public safety operations.