Argus Boosts Axon Enterprise (NASDAQ:AXON) Price Target to $600.00

Key Points

• Argus raised Axon Enterprise’s price target to $600 from $460 and maintained a “buy” rating, implying 18.35% upside from the stock’s previous close.
• Analyst sentiment remains positive, with 14 buy ratings and three holds; the consensus rating is “Moderate Buy” with a $721.57 price target.
• Axon exceeded quarterly expectations, reporting $1.88 in adjusted EPS and $904.39 million in revenue, with sales up 35.3% year over year. However, insiders have sold $38.9 million of shares over the past 90 days.

Axon Enterprise (NASDAQ:AXON - Get Free Report) had its price target raised by equities research analysts at Argus from $460.00 to $600.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. Argus' target price points to a potential upside of 18.35% from the stock's previous close.

Several other research firms also recently commented on AXON. Piper Sandler upped their price target on shares of Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Zacks Research lowered Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Morgan Stanley boosted their price objective on shares of Axon Enterprise from $600.00 to $640.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. TD Cowen restated a "buy" rating on shares of Axon Enterprise in a research note on Wednesday, July 22nd. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $715.00 price target on shares of Axon Enterprise in a report on Thursday, August 6th. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $721.57.

Axon Enterprise Price Performance

NASDAQ AXON opened at $506.98 on Thursday. The firm's 50 day moving average price is $566.59 and its 200-day moving average price is $485.27. The company has a market cap of $41.19 billion, a PE ratio of 210.37, a P/E/G ratio of 8.41 and a beta of 1.40. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. Axon Enterprise has a 52-week low of $339.01 and a 52-week high of $792.16.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.04. The company had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%.The firm's revenue for the quarter was up 35.3% compared to the same quarter last year. During the same period last year, the firm earned $2.12 EPS. Sell-side analysts forecast that Axon Enterprise will post 2.04 EPS for the current fiscal year.

Insider Buying and Selling at Axon Enterprise

In other news, President Joshua Isner sold 16,775 shares of the company's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $574.43, for a total transaction of $9,636,063.25. Following the completion of the transaction, the president directly owned 296,974 shares of the company's stock, valued at $170,590,774.82. This represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick W. Smith sold 10,000 shares of Axon Enterprise stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $643.79, for a total value of $6,437,900.00. Following the transaction, the chief executive officer owned 3,040,997 shares of the company's stock, valued at $1,957,763,458.63. The trade was a 0.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 69,380 shares of company stock valued at $38,932,216. Company insiders own 4.20% of the company's stock.

Institutional Trading of Axon Enterprise

Several institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System lifted its position in shares of Axon Enterprise by 55,955.7% during the 2nd quarter. California State Teachers Retirement System now owns 64,781,849 shares of the biotechnology company's stock valued at $36,317,352,000 after buying an additional 64,666,282 shares during the last quarter. BlackRock Inc. increased its position in Axon Enterprise by 4.3% during the 2nd quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock valued at $4,672,432,000 after purchasing an additional 345,365 shares during the period. Geode Capital Management LLC grew its position in shares of Axon Enterprise by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 2,226,159 shares of the biotechnology company's stock worth $1,265,657,000 after buying an additional 35,544 shares during the period. Sands Capital Management LLC boosted its stake in Axon Enterprise by 11.6% in the 4th quarter. Sands Capital Management LLC now owns 1,609,436 shares of the biotechnology company's stock worth $914,047,000 after purchasing an additional 167,095 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Axon Enterprise by 326.9% during the fourth quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company's stock valued at $874,463,000 after buying an additional 1,179,038 shares during 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 weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company's hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.

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