Axon Enterprise (NASDAQ:AXON) Issues Quarterly Earnings Results

Key Points

• Axon exceeded quarterly expectations: The company reported adjusted EPS of $1.88 versus the $1.84 consensus estimate, while revenue reached $904.39 million, above expectations of $876.42 million.
• Analyst sentiment remains positive but varied: Fourteen analysts rate the stock a Buy and three rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $710.64.
• Shares and ownership: AXON traded at $609.49, with a $49.12 billion market capitalization; institutional investors own 79.08% of the stock, while insiders have sold nearly $30.5 million worth of shares over the past 90 days.

Axon Enterprise (NASDAQ:AXON - Get Free Report) announced its quarterly earnings results on Wednesday. The biotechnology company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.84 by $0.04, FiscalAI reports. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The company had revenue of $904.39 million for the quarter, compared to analysts' expectations of $876.42 million.

Axon Enterprise Price Performance

Shares of AXON stock traded up $2.29 during trading hours on Wednesday, hitting $609.49. 1,046,563 shares of the company's stock were exchanged, compared to its average volume of 1,067,486. The company has a market capitalization of $49.12 billion, a PE ratio of 244.78, a PEG ratio of 11.75 and a beta of 1.39. The company has a current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.49. Axon Enterprise has a 12-month low of $339.01 and a 12-month high of $885.00. The business's 50 day simple moving average is $505.32 and its 200-day simple moving average is $474.90.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AXON. Weiss Ratings upgraded shares of Axon Enterprise from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. UBS Group decreased their price target on shares of Axon Enterprise from $570.00 to $440.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. The Goldman Sachs Group set a $535.00 price objective on shares of Axon Enterprise in a report on Thursday, May 7th. Piper Sandler upped their target price on shares of Axon Enterprise from $674.00 to $724.00 and gave the stock an "overweight" rating in a research report on Monday, July 13th. Finally, JPMorgan Chase & Co. increased their target price on Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $710.64.

Insider Buying and Selling

In related news, CEO Patrick W. Smith sold 10,000 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $643.79, for a total transaction of $6,437,900.00. Following the transaction, the chief executive officer owned 3,040,997 shares of the company's stock, valued at approximately $1,957,763,458.63. This trade represents a 0.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Cameron Brooks sold 1,242 shares of Axon Enterprise stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $500.00, for a total transaction of $621,000.00. Following the completion of the transaction, the executive owned 49,710 shares in the company, valued at approximately $24,855,000. The trade was a 2.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 58,989 shares of company stock worth $30,527,983 in the last ninety days. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Axon Enterprise

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Edgewood Management LLC bought a new position in Axon Enterprise during the 4th quarter worth approximately $846,516,000. Wellington Management Group LLP boosted its stake 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 purchasing an additional 1,179,038 shares during the period. Coatue Management LLC bought a new stake in Axon Enterprise during the 4th quarter valued at $88,249,000. Corient Private Wealth LLC grew its holdings in Axon Enterprise by 579.2% in the 4th quarter. Corient Private Wealth LLC now owns 65,447 shares of the biotechnology company's stock worth $37,169,000 after acquiring an additional 55,811 shares during the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Axon Enterprise by 96.3% during the third quarter. Tidal Investments LLC now owns 101,105 shares of the biotechnology company's stock valued at $72,557,000 after acquiring an additional 49,606 shares during the last quarter. Institutional investors own 79.08% of the company's stock.

Axon Enterprise Company Profile

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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