State Street Corp Increases Position in Axon Enterprise, Inc $AXON

State Street Corp boosted its holdings in Axon Enterprise, Inc (NASDAQ:AXON) by 5,700.2% in the second quarter, Holdings Channel reports. The firm owned 213,561,844 shares of the biotechnology company’s stock after purchasing an additional 209,879,882 shares during the quarter. Axon Enterprise comprises about 2.4% of State Street Corp’s holdings, making the stock its 4th biggest position. State Street Corp owned approximately 2.63% of Axon Enterprise worth $119,724,905,000 at the end of the most recent quarter.

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

Axon Enterprise Stock Performance

NASDAQ:AXON traded up $6.93 during mid-day trading on Tuesday, hitting $458.99. 246,271 shares of the stock were exchanged, compared to its average volume of 1,053,399. The firm’s 50-day simple moving average is $545.60 and its 200 day simple moving average is $485.63. The stock has a market capitalization of $37.29 billion, a price-to-earnings ratio of 190.41, a price-to-earnings-growth ratio of 8.43 and a beta of 1.40. Axon Enterprise, Inc has a fifty-two week low of $339.01 and a fifty-two week high of $792.16. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15.

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

Insider Activity

In other Axon Enterprise news, President Joshua Isner sold 16,775 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $574.43, for a total value of $9,636,063.25. Following the sale, the president owned 296,974 shares of the company’s stock, valued at approximately $170,590,774.82. This trade represents a 5.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Isaiah Fields sold 1,017 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $480.45, for a total transaction of $488,617.65. Following the completion of the sale, the insider owned 56,264 shares in the company, valued at approximately $27,032,038.80. The trade was a 1.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 67,397 shares of company stock worth $38,160,884. Insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on AXON shares. Piper Sandler boosted their price target on Axon Enterprise from $724.00 to $732.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Barclays increased their price objective on Axon Enterprise from $523.00 to $688.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. TD Cowen restated a “buy” rating on shares of Axon Enterprise in a report on Wednesday, July 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $715.00 price target on shares of Axon Enterprise in a research report on Thursday, August 6th. Finally, Citigroup reiterated a “market outperform” rating on shares of Axon Enterprise in a research note on Thursday, September 17th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Axon Enterprise has an average rating of “Moderate Buy” and a consensus price target of $721.57.

About Axon Enterprise

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.