Steward Partners Reduces Stake in Axon Enterprise by 7.4%
Steward Partners Investment Advisory LLC has reduced its holdings in Axon Enterprise, Inc. by 7.4% during the second quarter of 2023. According to the firm’s recent disclosure with the Securities and Exchange Commission, it now owns 16,241 shares after selling 1,292 shares during this period. This reduction values Steward Partners’ stake at approximately $13.4 million.
Several other institutional investors also adjusted their positions in Axon Enterprise, which trades on the NASDAQ under the ticker symbol AXON. For instance, Westside Investment Management Inc. increased its holdings by 4.8%, owning 283 shares worth $225,000 following the acquisition of an additional 13 shares. Similarly, CVA Family Office LLC raised its stake by 26.9% to 66 shares, valued at $55,000 after purchasing 14 shares.
Other firms, such as LaSalle St. Investment Advisors LLC and STF Management LP, also reported incremental increases in their positions. LaSalle St. now holds 777 shares valued at $408,000, while STF Management has grown its position to 1,164 shares, worth approximately $964,000. Notably, Hemington Wealth Management saw a significant increase of 70.8%, bringing its total to 41 shares valued at $33,000. Collectively, institutional investors and hedge funds own 79.08% of Axon Enterprise.
Insider Trading Activity
In related news, insider trading activity has also been notable. On September 15, Jennifer H. Mak, Chief Accounting Officer, sold 77 shares at an average price of $760.00, totaling $58,520.00. Following this transaction, she holds 15,003 shares valued at approximately $11.4 million, reflecting a 0.51% decrease in her position.
Additionally, Patrick W. Smith, the company’s Chief Executive Officer, sold 10,000 shares on November 7 for an average price of $591.04, amounting to $5.9 million. After this sale, Smith retains 3,023,982 shares valued at around $1.79 billion, marking a 0.33% decline in ownership. Over the past three months, insiders have sold a total of 38,622 shares, valued at $26.4 million. Currently, corporate insiders own 4.40% of Axon Enterprise.
Recent Financial Performance and Analyst Ratings
Axon Enterprise reported its earnings results on November 5, 2023, revealing earnings per share of $1.17 for the quarter, which fell short of the consensus estimate of $1.63 by $0.46. The company experienced revenue of $710.64 million, slightly surpassing analyst expectations of $704.83 million. This represents a year-on-year revenue increase of 30.6%, contrasting with the previous year’s earnings per share of $1.45. Analysts expect that Axon Enterprise will post earnings per share of $5.80 for the current fiscal year.
Equities research analysts have shared mixed perspectives on Axon Enterprise’s stock. Royal Bank of Canada recently initiated coverage with an “outperform” rating and a target price of $860.00. Meanwhile, Raymond James Financial upheld an “outperform” rating and raised its price target to $855.00. Bank of America increased its target from $895.00 to $1,000.00, issuing a “buy” rating. Conversely, Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating. Overall, 15 analysts have rated Axon with a “buy” rating, while four maintain a “hold” rating, resulting in a consensus rating of “Moderate Buy” and an average target price of $814.00.
Axon Enterprise, Inc., known for developing and manufacturing conducted energy devices under the TASER brand, operates in both the Software and Sensors and TASER segments. The company provides cloud-based solutions for law enforcement to manage video and digital evidence.
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