Truist Financial Corp, a financial services company, recently reported a reduction in its position in Axonics, Inc. by 36.7% during the first quarter of this year. This information was disclosed in their Form 13F filing with the Securities and Exchange Commission. According to the filing, Truist Financial Corp sold 3,781 shares of Axonics stock during the mentioned period, resulting in a remaining ownership of 6,513 shares. Based on current market value, these holdings are valued at $355,000 as of the most recent reporting period.
In light of this news, it is worth mentioning that on August 15th, insider Alfred J. Ford Jr. executed a transaction where he sold 14,769 shares of Axonics stock. The average price per share was recorded at $62.34, bringing the total transaction amount to approximately $920,699.46. Following this sale, Ford’s direct ownership in Axonics now stands at 34,565 shares valued at $2,154,782.10.
It is important to note that all these transactions were duly reported to the SEC through proper documentation filings available for public review on their website.
Axonics is no stranger to insider selling activities either since another sale was made by Alfred J. Ford Jr., who sold an additional 1,500 shares of company stock on July 28th at an average price of $62.01 per share for a total transaction value of $93,015.
Taking into consideration all insider sales mentioned above and other similar activities within the company itself or involving its key stakeholders/investors—corporate insiders now possess around 1.85% ownership share in Axonics.
While these financial activities may raise questions and interest among market watchers and potential investors alike, it is crucial to undertake thorough analysis before making any investment decisions based solely on insider trading activities.
Updated on: 03/12/2023
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Institutional Investors Adjust Holdings of Axonics, Research Firms Provide Price Targets
August 27, 2023 – It appears that numerous institutional investors have made adjustments to their holdings of Axonics (NASDAQ: AXNX) recently. One such investor is JPMorgan Chase & Co., who raised its stake in the company by 6.3% during the first quarter. As a result, JPMorgan now owns approximately 98,932 shares of Axonics valued at $6,192,000, after acquiring an additional 5,867 shares in the last quarter.
Similarly, Raymond James Financial Services Advisors Inc. also raised its stake in Axonics by 6.7% during the first quarter. The firm now owns around 5,207 shares of the company’s stock valued at $326,000 after acquiring an additional 326 shares.
Bank of New York Mellon Corp also made a slight increase in its stake in Axonics by 1% during the same period. With this adjustment, Bank of New York Mellon Corp now holds approximately 209,484 shares of Axonics worth $13,114,000 after acquiring an additional 2,038 shares.
US Bancorp DE followed suit and raised its stake by 15.5% during the first quarter as well. US Bancorp DE currently possesses around 2,508 shares valued at $157,000 after buying an additional 337 shares last quarter.
Lastly, Group One Trading L.P. experienced a significant increase in its stake in Axonics during the first quarter with a staggering rise of 1,159.5%. Consequently, Group One Trading L.P. now owns about 5,038 shares valued at $315,000 after acquiring an additional 4,638 shares.
Institutional investors collectively hold approximately 99.41% of the outstanding shares of Axonics as per recent reports.
Several research firms have commented on AXNX and provided price objectives for the stock. For instance, KeyCorp raised their price objective from $70.00 to $71.00 and issued an “overweight” rating for the stock in a research report on July 28th. Similarly, CL King began coverage on Axonics with a “buy” rating and set a price objective of $75.00.
Additionally, Robert W. Baird also raised its price objective on Axonics from $69.00 to $70.00 and Needham & Company LLC boosted their target price from $73.00 to $76.00, giving the stock a “buy” rating in both cases.
Royal Bank of Canada, however, dropped its price objective on Axonics from $85.00 to $75.00 in one of their reports published on July 12th.
Overall, one investment analyst has given the stock a hold rating, while ten analysts have assigned it a buy rating. According to data from Bloomberg.com, the company has an average rating of “Moderate Buy” with a consensus target price of $76.36.
Axonics opened at $56.56 on Friday and currently commands a market cap of approximately $2.85 billion with a P/E ratio of -84.42 and a beta of 0.41.
The company’s 12-month low stands at $47.59, while its 12-month high is recorded at $79.92.
For its most recent quarterly earnings results announced on July 27th, Axonics reported earnings per share (EPS) amounting to ($0.15), falling short of the consensus estimate by ($0.03). The company’s return on equity was negative at 5.60%, whereas it revealed a negative net margin of 10%.
In terms of revenue performance during the quarter, Axonics recorded $92.90 million compared to the consensus estimate of $86.45 million. Furthermore, the company experienced a 34.6% increase in revenue compared to the same quarter last year.