Axon Enterprise (NASDAQ:AXON) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Axon Enterprise (NASDAQ:AXON) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday,Zacks reports.

A number of other research analysts have also weighed in on the company. Northcoast Research upped their price objective on Axon Enterprise from $650.00 to $680.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Citigroup reiterated a “market outperform” rating on shares of Axon Enterprise in a research report on Monday. Morgan Stanley raised their target price on Axon Enterprise from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Barclays boosted their target price on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Finally, TD Cowen decreased their target price on shares of Axon Enterprise from $825.00 to $800.00 and set a “buy” rating on the stock in a research report on Monday, October 26th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Axon Enterprise presently has an average rating of “Moderate Buy” and an average target price of $688.38.

Axon Enterprise Stock Performance

Shares of AXON stock opened at $424.18 on Tuesday. The company has a market cap of $34.46 billion, a price-to-earnings ratio of 176.01, a price-to-earnings-growth ratio of 7.92 and a beta of 1.48. The stock has a 50 day simple moving average of $451.99 and a 200-day simple moving average of $478.00. Axon Enterprise has a 12-month low of $339.01 and a 12-month high of $665.07. The company has a current ratio of 2.15, a quick ratio of 1.80 and a debt-to-equity ratio of 0.47.

Axon Enterprise (NASDAQ:AXON) last posted its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.84 by $0.04. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%. The business had revenue of $904.39 million during the quarter, compared to analysts’ expectations of $876.42 million. During the same period last year, the firm earned $2.12 EPS. The company’s quarterly revenue was up 35.3% compared to the same quarter last year. On average, equities analysts forecast that Axon Enterprise will post 2.10 EPS for the current year.

Insider Activity at Axon Enterprise

In other news, President Joshua Isner sold 16,775 shares of Axon Enterprise stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $574.43, for a total transaction of $9,636,063.25. Following the completion of the sale, the president directly owned 296,974 shares in the company, valued at approximately $170,590,774.82. This trade represents a 5.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick Smith sold 10,000 shares of Axon Enterprise stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $508.99, for a total transaction of $5,089,900.00. Following the sale, the chief executive officer owned 3,118,012 shares of the company’s stock, valued at approximately $1,587,036,927.88. The trade was a 0.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 47,397 shares of company stock valued at $26,722,984. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Axon Enterprise

Several hedge funds have recently bought and sold shares of the company. Keel Point LLC lifted its stake in Axon Enterprise by 4.4% in the 1st quarter. Keel Point LLC now owns 599 shares of the biotechnology company’s stock valued at $254,000 after buying an additional 25 shares in the last quarter. Bridgewater Advisors Inc. grew its holdings in Axon Enterprise by 4.4% during the 2nd quarter. Bridgewater Advisors Inc. now owns 616 shares of the biotechnology company’s stock valued at $352,000 after buying an additional 26 shares during the last quarter. Pinnacle Wealth Planning Services Inc. grew its holdings in Axon Enterprise by 7.8% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 361 shares of the biotechnology company’s stock valued at $153,000 after buying an additional 26 shares during the last quarter. Roman Butler Fullerton & Co. grew its holdings in Axon Enterprise by 2.4% during the 1st quarter. Roman Butler Fullerton & Co. now owns 1,278 shares of the biotechnology company’s stock valued at $500,000 after buying an additional 30 shares during the last quarter. Finally, 44 Wealth Management LLC increased its position in Axon Enterprise by 6.0% during the first quarter. 44 Wealth Management LLC now owns 530 shares of the biotechnology company’s stock worth $225,000 after buying an additional 30 shares in the last quarter. 79.08% of the stock is owned by hedge funds and other institutional investors.

About Axon Enterprise

Axon Enterprise, Inc develops technology and connected products for public safety organizations. The company’s portfolio includes TASER conducted-energy weapons, body-worn cameras, in-car cameras, and related hardware designed to support law enforcement, corrections, security, and other emergency-response professionals.

Axon also provides cloud-based software for managing digital evidence, records, workflows, real-time operations, investigations, and communications. Its platform is intended to connect hardware, software, and services across the public-safety ecosystem, helping agencies collect, store, analyze, and share operational information.

The company was founded in 1993 as TASER International by Rick Smith and Tom Smith and adopted the name Axon Enterprise in 2017 as it expanded beyond conducted-energy weapons into a broader technology platform.