Janney Montgomery Scott LLC Acquires Shares of 78,941 Axon Enterprise Inc (NASDAQ:AAXN)

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Janney Montgomery Scott LLC acquired a new stake in shares of Axon Enterprise Inc (NASDAQ:AAXN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 78,941 shares of the industrial products company’s stock, valued at approximately $5,069,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Bridge City Capital LLC lifted its position in Axon Enterprise by 0.5% during the second quarter. Bridge City Capital LLC now owns 33,117 shares of the industrial products company’s stock valued at $2,126,000 after purchasing an additional 163 shares during the last quarter. Freestone Capital Holdings LLC bought a new stake in shares of Axon Enterprise in the 1st quarter worth about $5,446,000. LS Investment Advisors LLC lifted its holdings in shares of Axon Enterprise by 6.8% in the 1st quarter. LS Investment Advisors LLC now owns 4,088 shares of the industrial products company’s stock worth $222,000 after acquiring an additional 259 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Axon Enterprise by 1.4% in the 1st quarter. State of Alaska Department of Revenue now owns 19,825 shares of the industrial products company’s stock worth $1,078,000 after acquiring an additional 280 shares during the last quarter. Finally, Connors Investor Services Inc. lifted its holdings in shares of Axon Enterprise by 0.5% in the 1st quarter. Connors Investor Services Inc. now owns 58,769 shares of the industrial products company’s stock worth $3,198,000 after acquiring an additional 280 shares during the last quarter. Institutional investors and hedge funds own 77.56% of the company’s stock.

Axon Enterprise stock opened at $58.60 on Wednesday. The business has a 50-day moving average price of $65.42. The company has a market cap of $3.48 billion, a price-to-earnings ratio of 117.20, a PEG ratio of 4.12 and a beta of 0.76. Axon Enterprise Inc has a 12-month low of $39.43 and a 12-month high of $74.93.

Axon Enterprise (NASDAQ:AAXN) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.05). The company had revenue of $112.36 million during the quarter, compared to analysts’ expectations of $115.41 million. Axon Enterprise had a return on equity of 3.23% and a net margin of 3.34%. The company’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 EPS. Analysts anticipate that Axon Enterprise Inc will post 0.56 earnings per share for the current fiscal year.

In other news, Director Michael Garnreiter sold 1,000 shares of Axon Enterprise stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $66.65, for a total value of $66,650.00. Following the transaction, the director now owns 32,657 shares of the company’s stock, valued at approximately $2,176,589.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Patrick W. Smith sold 50,000 shares of Axon Enterprise stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $70.08, for a total transaction of $3,504,000.00. Following the completion of the transaction, the chief executive officer now directly owns 701,562 shares in the company, valued at approximately $49,165,464.96. The disclosure for this sale can be found here. Insiders sold a total of 66,383 shares of company stock worth $4,603,003 in the last ninety days. 2.30% of the stock is currently owned by insiders.

Several equities research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Axon Enterprise from $65.00 to $71.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. BidaskClub upgraded shares of Axon Enterprise from a “hold” rating to a “buy” rating in a report on Saturday, August 3rd. Needham & Company LLC lowered shares of Axon Enterprise from a “buy” rating to a “hold” rating in a report on Friday, August 9th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $81.00 target price (up previously from $73.00) on shares of Axon Enterprise in a report on Thursday, June 20th. Finally, TheStreet lowered shares of Axon Enterprise from a “b-” rating to a “c+” rating in a report on Wednesday, July 10th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $72.22.

About Axon Enterprise

Axon Enterprise, Inc develops, manufactures, and sells conducted energy weapons (CEWs) worldwide. The company operates through two segments, TASER and Software and Sensors. It offers TASER X26P, TASER X2, TASER 7, and TASER Pulse and Bolt CEWs; and related cartridges. The company also provides on-officer body cameras and Axon Fleet in-car video systems; and Axon Evidence connected software network; Axon Records cloud-based records management system; Axon Signal enabled devices; and computer-aided dispatch software, as well as Axon docks, cartridges, and batteries.

Further Reading: How are institutional investors different from individual investors?

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Institutional Ownership by Quarter for Axon Enterprise (NASDAQ:AAXN)

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