Investment analysts have recently adjusted their ratings and price targets for shares of Axon Enterprise (NASDAQ: AXON), a prominent player in law enforcement technology. These changes come alongside significant insider trading activity, raising questions about the company’s market outlook.
On September 8, 2023, Patrick W. Smith, the Chief Executive Officer of Axon, sold 10,000 shares of the company’s stock at an average price of $743.64. This transaction amounted to a total of $7,436,400. After this sale, Smith retained ownership of 3,043,982 shares, which are now valued at approximately $2.26 billion. The transaction represents a 0.33% decrease in his holdings. Details of the sale were disclosed in a filing with the Securities and Exchange Commission (SEC).
In a separate transaction on September 15, 2023, Jennifer H. Mak, the Chief Accounting Officer, sold 77 shares at an average price of $760.00, resulting in a total value of $58,520. Following this sale, Mak directly owns 15,003 shares valued at approximately $11.4 million, reflecting a 0.51% decrease in her position. This transaction was also disclosed in an SEC filing.
Over the past quarter, insiders at Axon have sold a total of 38,547 shares worth $26.39 million. Currently, company insiders hold about 4.40% of the total shares.
Axon Enterprise designs, manufactures, and sells conducted energy devices (CEDs) under the TASER brand, serving both the United States and international markets. The company operates through two main segments: Software and Sensors, and TASER. In addition to its hardware, Axon provides cloud-based software solutions that assist law enforcement agencies in capturing, storing, managing, sharing, and analyzing digital evidence, including video footage.
As these developments unfold, investors are keenly observing how the changes in insider ownership and analyst ratings will influence the company’s stock performance and strategic direction.
