Envestnet Portfolio Solutions Inc. Cuts Stock Position in Axon Enterprise, Inc $AXON

Envestnet Portfolio Solutions Inc. trimmed its position in shares of Axon Enterprise, Inc (NASDAQ:AXON) by 31.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,115 shares of the biotechnology company’s stock after selling 958 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Axon Enterprise were worth $1,518,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Stone House Investment Management LLC acquired a new position in shares of Axon Enterprise in the third quarter valued at approximately $29,000. Hemington Wealth Management grew its stake in shares of Axon Enterprise by 70.8% in the second quarter. Hemington Wealth Management now owns 41 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 17 shares in the last quarter. Whipplewood Advisors LLC increased its position in shares of Axon Enterprise by 192.9% during the second quarter. Whipplewood Advisors LLC now owns 41 shares of the biotechnology company’s stock worth $34,000 after acquiring an additional 27 shares during the period. Darwin Wealth Management LLC acquired a new stake in shares of Axon Enterprise in the second quarter valued at $37,000. Finally, Root Financial Partners LLC purchased a new position in Axon Enterprise in the third quarter valued at $34,000. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Brittany Bagley sold 2,500 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $610.00, for a total transaction of $1,525,000.00. Following the completion of the sale, the chief financial officer owned 91,092 shares in the company, valued at $55,566,120. This represents a 2.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Joshua Isner sold 20,000 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $552.60, for a total transaction of $11,052,000.00. Following the transaction, the president directly owned 249,502 shares in the company, valued at $137,874,805.20. The trade was a 7.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 60,540 shares of company stock worth $34,684,738. Corporate insiders own 5.70% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on AXON shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Axon Enterprise in a research report on Monday, December 29th. Barclays reduced their target price on shares of Axon Enterprise from $861.00 to $702.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. TD Cowen reiterated a “buy” rating on shares of Axon Enterprise in a report on Wednesday, November 5th. Northcoast Research raised Axon Enterprise from a “neutral” rating to a “buy” rating and set a $742.00 price objective for the company in a research report on Tuesday, January 6th. Finally, Piper Sandler decreased their target price on Axon Enterprise from $893.00 to $753.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $805.71.

Axon Enterprise Stock Up 0.9%

Axon Enterprise stock opened at $610.22 on Wednesday. The company has a market capitalization of $48.15 billion, a P/E ratio of 193.11, a PEG ratio of 19.05 and a beta of 1.41. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.89 and a current ratio of 3.12. Axon Enterprise, Inc has a fifty-two week low of $469.24 and a fifty-two week high of $885.91. The stock has a 50-day simple moving average of $578.93 and a 200-day simple moving average of $673.48.

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

About Axon Enterprise

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.