Axon Enterprise, Inc $AXON Holdings Lowered by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Axon Enterprise, Inc (NASDAQ:AXON) by 22.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 86,931 shares of the biotechnology company’s stock after selling 25,585 shares during the period. Principal Financial Group Inc.’s holdings in Axon Enterprise were worth $62,385,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AXON. Stone House Investment Management LLC bought a new position in Axon Enterprise during the 3rd quarter valued at $29,000. Hemington Wealth Management raised its stake in shares of Axon Enterprise by 70.8% in the 2nd quarter. Hemington Wealth Management now owns 41 shares of the biotechnology company’s stock worth $33,000 after buying an additional 17 shares in the last quarter. Whipplewood Advisors LLC boosted its stake in Axon Enterprise by 192.9% during the second quarter. Whipplewood Advisors LLC now owns 41 shares of the biotechnology company’s stock valued at $34,000 after buying an additional 27 shares in the last quarter. Root Financial Partners LLC bought a new position in Axon Enterprise during the third quarter valued at about $34,000. Finally, Darwin Wealth Management LLC acquired a new position in Axon Enterprise during the second quarter worth about $37,000. Institutional investors own 79.08% of the company’s stock.

Axon Enterprise Price Performance

AXON opened at $451.29 on Wednesday. The firm has a market capitalization of $35.61 billion, a P/E ratio of 142.81, a PEG ratio of 13.86 and a beta of 1.48. The stock has a fifty day moving average of $575.49 and a 200-day moving average of $664.42. The company has a quick ratio of 2.89, a current ratio of 3.12 and a debt-to-equity ratio of 0.57. Axon Enterprise, Inc has a 12-month low of $434.62 and a 12-month high of $885.91.

Axon Enterprise (NASDAQ:AXON) last posted its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.46). The business had revenue of $710.64 million for the quarter, compared to analyst estimates of $704.83 million. Axon Enterprise had a net margin of 10.05% and a return on equity of 4.29%. The firm’s quarterly revenue was up 30.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.45 earnings per share. Equities analysts forecast that Axon Enterprise, Inc will post 5.8 EPS for the current fiscal year.

Insider Activity at Axon Enterprise

In other news, CEO Patrick W. Smith sold 10,000 shares of the company’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $551.92, for a total value of $5,519,200.00. Following the transaction, the chief executive officer owned 3,110,997 shares in the company, valued at $1,717,021,464.24. This represents a 0.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jennifer H. Mak sold 1,134 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $600.00, for a total transaction of $680,400.00. Following the completion of the sale, the chief accounting officer directly owned 13,740 shares of the company’s stock, valued at $8,244,000. This trade represents a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 60,540 shares of company stock worth $34,684,738. Company insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

AXON has been the subject of several research reports. Wall Street Zen lowered shares of Axon Enterprise from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. TD Cowen reissued a “buy” rating on shares of Axon Enterprise in a research note on Wednesday, November 5th. Royal Bank Of Canada began coverage on shares of Axon Enterprise in a research report on Monday, November 17th. They issued an “outperform” rating and a $860.00 price target on the stock. Barclays dropped their price target on Axon Enterprise from $861.00 to $702.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Finally, William Blair reissued an “outperform” rating on shares of Axon Enterprise in a research note on Tuesday. Fifteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $805.71.

Axon Enterprise Company 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.