Covenant Asset Management LLC Makes New Investment in Axon Enterprise, Inc $AXON

Covenant Asset Management LLC bought a new stake in Axon Enterprise, Inc (NASDAQ:AXON) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 13,108 shares of the biotechnology company’s stock, valued at approximately $5,538,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp grew its stake in shares of 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 valued at $119,724,905,000 after purchasing an additional 209,879,882 shares during the period. Envestnet Asset Management Inc. lifted its stake 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 worth $7,400,094,000 after purchasing an additional 13,127,348 shares during the period. BlackRock Inc. lifted its stake 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 worth $4,672,432,000 after purchasing an additional 345,365 shares during the period. The Manufacturers Life Insurance Company lifted its stake 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 purchasing an additional 3,496,493 shares during the period. Finally, Nykredit A S purchased a new position in shares of Axon Enterprise in the second quarter worth approximately $698,937,000. 79.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. TD Cowen restated a “buy” rating on shares of Axon Enterprise in a research report on Tuesday. The Goldman Sachs Group reaffirmed a “buy” rating and set a $715.00 target price on shares of Axon Enterprise in a report on Thursday, August 6th. Piper Sandler increased their price target on shares of Axon Enterprise from $724.00 to $732.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Citigroup reiterated a “market outperform” rating on shares of Axon Enterprise in a research report on Thursday, September 17th. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Axon Enterprise in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Axon Enterprise currently has an average rating of “Moderate Buy” and an average price target of $721.57.

Insider Activity

In related news, President Joshua Isner sold 16,775 shares of the 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 sale, the president directly owned 296,974 shares of the company’s stock, valued at approximately $170,590,774.82. This represents a 5.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeffrey Kunins sold 9,605 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider owned 97,761 shares in the company, valued at approximately $61,266,818.70. The trade was a 8.95% 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. Over the last 90 days, insiders sold 47,397 shares of company stock valued at $26,722,984. 4.20% of the stock is owned by insiders.

Axon Enterprise Stock Performance

Shares of AXON opened at $408.42 on Thursday. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47. The business has a 50-day simple moving average of $507.31 and a two-hundred day simple moving average of $475.11. The stock has a market cap of $33.18 billion, a price-to-earnings ratio of 169.47, a PEG ratio of 7.78 and a beta of 1.44. Axon Enterprise, Inc has a 52 week low of $339.01 and a 52 week high of $764.02.

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

About Axon Enterprise

Axon Enterprise, Inc develops technology and connected systems for public safety and law enforcement agencies. Its product portfolio includes TASER conducted energy weapons, body-worn cameras, in-car cameras and other recording devices designed to support safer interactions, improve accountability and document incidents.

The company also provides cloud-based software for managing digital evidence, reports, records and agency operations. Its Axon platform connects hardware with services such as evidence management, real-time operations, computer-aided dispatch and other workflow tools, enabling agencies to store, organize and share information across their organizations.

Founded in 1993 as AIR TASER by Rick Smith and Tom Smith, the company later operated as TASER International before adopting the name Axon Enterprise in 2017.