Axon Enterprise (NASDAQ:AXON) Shares Gap Down Following Insider Selling

Axon Enterprise, Inc (NASDAQ:AXON)’s share price gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $490.18, but opened at $467.68. Axon Enterprise shares last traded at $442.4870, with a volume of 317,154 shares.

Specifically, insider Isaiah Fields sold 1,017 shares of the firm’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $480.45, for a total transaction of $488,617.65. Following the sale, the insider owned 56,264 shares in the company, valued at $27,032,038.80. This trade represents a 1.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick Smith sold 10,000 shares of Axon Enterprise stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $508.99, for a total value of $5,089,900.00. Following the sale, the chief executive officer directly owned 3,118,012 shares of the company’s stock, valued at approximately $1,587,036,927.88. This trade represents a 0.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AXON shares. The Goldman Sachs Group reissued a “buy” rating and set a $715.00 price objective on shares of Axon Enterprise in a report on Thursday, August 6th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Axon Enterprise in a research note on Tuesday, July 21st. Barclays increased their price target on shares of Axon Enterprise from $523.00 to $688.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. TD Cowen restated a “buy” rating on shares of Axon Enterprise in a report on Wednesday, July 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of Axon Enterprise in a research note on Wednesday, September 2nd. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $721.57.

Axon Enterprise Trading Down 10.0%

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 firm’s 50 day moving average is $559.03 and its 200 day moving average is $489.15. The company has a market capitalization of $35.83 billion, a PE ratio of 181.91, a P/E/G ratio of 9.02 and a beta of 1.40.

Axon Enterprise (NASDAQ:AXON) last posted its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.84 by $0.04. The company 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%. The firm’s revenue was up 35.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.12 EPS. As a group, equities analysts predict that Axon Enterprise, Inc will post 2.12 EPS for the current year.

Hedge Funds Weigh In On Axon Enterprise

Hedge funds and other institutional investors have recently modified their holdings of the company. Bouchey Financial Group Ltd. bought a new position in Axon Enterprise during the 2nd quarter valued at approximately $215,000. The Manufacturers Life Insurance Company grew its position in shares of Axon Enterprise by 8,432.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,537,957 shares of the biotechnology company’s stock worth $1,983,414,000 after buying an additional 3,496,493 shares during the last quarter. Barbara Oil Co. increased its stake in shares of Axon Enterprise by 100.0% during the second quarter. Barbara Oil Co. now owns 3,390 shares of the biotechnology company’s stock valued at $2,046,000 after buying an additional 1,695 shares during the period. Sequoia Financial Advisors LLC raised its holdings in shares of Axon Enterprise by 1.4% during the second quarter. Sequoia Financial Advisors LLC now owns 4,443 shares of the biotechnology company’s stock valued at $2,491,000 after acquiring an additional 63 shares in the last quarter. Finally, National Pension Service raised its holdings in Axon Enterprise by 18.4% in the 2nd quarter. National Pension Service now owns 118,234 shares of the biotechnology company’s stock worth $66,283,000 after purchasing an additional 18,398 shares in the last quarter. 79.08% of the stock is owned by institutional investors.

Axon Enterprise Company 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.