Axon Enterprise (NASDAQ:AXON) Stock Price Target Lowered at Barclays

Key Points

• Barclays cut its Axon price target from $688 to $507 but maintained an “overweight” rating; the new target implied 61.27% upside from the prior close.
• Analyst sentiment remained positive overall: MarketBeat reported a “Moderate Buy” consensus and an average target of $612.18, with 13 Buy and four Hold ratings.
• Axon’s latest quarter fell short of estimates, reporting EPS of $1.72 versus $1.89 expected and revenue of $908.55 million versus $934.33 million expected, though revenue grew 27.8% year over year.

Axon Enterprise (NASDAQ:AXON - Get Free Report) had its target price lowered by research analysts at Barclays from $688.00 to $507.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the biotechnology company's stock. Barclays's price target points to a potential upside of 61.27% from the stock's previous close.

A number of other equities research analysts have also issued reports on AXON. Piper Sandler reaffirmed an "overweight" rating and set a $540.00 target price (down from $561.00) on shares of Axon Enterprise in a research report on Friday. TD Cowen decreased their price target on Axon Enterprise from $825.00 to $800.00 and set a "buy" rating for the company in a research report on Monday, October 26th. Northland Securities set a $540.00 price target on Axon Enterprise in a research note on Friday. Morgan Stanley lifted their price target on Axon Enterprise from $600.00 to $640.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Axon Enterprise in a report on Tuesday, November 3rd. Thirteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Axon Enterprise has a consensus rating of "Moderate Buy" and a consensus target price of $612.18.

Axon Enterprise Price Performance

Axon Enterprise stock traded up $1.37 during mid-day trading on Monday, hitting $314.37. The company's stock had a trading volume of 493,219 shares, compared to its average volume of 1,070,063. The stock has a market capitalization of $25.54 billion, a P/E ratio of 100.80, a P/E/G ratio of 5.95 and a beta of 1.48. Axon Enterprise has a twelve month low of $303.91 and a twelve month high of $665.07. The stock's fifty day moving average price is $441.53 and its two-hundred day moving average price is $475.20. The company has a quick ratio of 2.60, a current ratio of 3.00 and a debt-to-equity ratio of 0.76.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The biotechnology company reported $1.72 EPS for the quarter, missing analysts' consensus estimates of $1.89 by ($0.17). The company had revenue of $908.55 million for the quarter, compared to analyst estimates of $934.33 million. Axon Enterprise had a net margin of 7.56% and a return on equity of 3.87%. Axon Enterprise's revenue was up 27.8% on a year-over-year basis. During the same quarter last year, the company posted $1.17 EPS. Research analysts forecast that Axon Enterprise will post 2.10 earnings per share for the current year.

Insider Activity

In other news, CEO Patrick W. Smith sold 10,000 shares of the firm's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $508.99, for a total value of $5,089,900.00. Following the completion of the sale, the chief executive officer owned 3,118,012 shares of the company's stock, valued at $1,587,036,927.88. This trade represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 16,775 shares of the firm's stock in a transaction on Monday, August 31st. The stock was sold at an average price of $574.43, for a total value of $9,636,063.25. Following the completion of the sale, the president directly owned 296,974 shares of the company's stock, valued at approximately $170,590,774.82. This trade represents a 5.35% 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. Insiders sold 37,397 shares of company stock valued at $21,234,034 in the last 90 days. Company insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Axon Enterprise

Several hedge funds have recently bought and sold shares of AXON. State Street Corp increased its stake in shares of Axon Enterprise by 5,700.2% during the second quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company's stock worth $119,724,905,000 after purchasing an additional 209,879,882 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Axon Enterprise by 18,050.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,200,075 shares of the biotechnology company's stock worth $7,400,094,000 after purchasing an additional 13,127,348 shares during the last quarter. BlackRock Inc. lifted its holdings in Axon Enterprise by 4.3% during the 2nd quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock worth $4,672,432,000 after purchasing an additional 345,365 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Axon Enterprise by 391,214.9% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 6,988,884 shares of the biotechnology company's stock valued at $2,952,943,000 after purchasing an additional 6,987,098 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in Axon Enterprise by 8,432.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,537,957 shares of the biotechnology company's stock valued at $1,983,414,000 after purchasing an additional 3,496,493 shares during the period. 79.08% of the stock is owned by hedge funds and other institutional investors.

About Axon Enterprise

Axon Enterprise develops technology and services for public safety agencies. Its products include TASER conducted-energy weapons, body-worn and in-car cameras, and related hardware designed to support law enforcement and other safety professionals.

The company also provides cloud-based software for managing digital evidence, records and operational workflows. Its Axon Evidence platform helps agencies store, organize and share video and other evidence, while its broader software offerings include tools for dispatch and records management.

Founded in 1993 as TASER International, the company adopted the name Axon Enterprise in 2017 as it expanded beyond conducted-energy weapons into connected devices and software.

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