Axon Enterprise (NASDAQ:AXON) Given New $1,000.00 Price Target at Bank of America

Key Points

• Bank of America raised its price target for Axon Enterprise from $895.00 to $1,000.00, indicating a potential upside of 15.32% from the previous close.
• Axon Enterprise's shares recently increased by 16.4%, with the stock opening at $867.12, and it has a market cap of $67.51 billion.
• Analysts have generally issued a strong positive outlook on Axon Enterprise, with thirteen analysts rating it as a buy and a moderate consensus target price of $837.69.

Axon Enterprise (NASDAQ:AXON - Get Free Report) had its price objective hoisted by analysts at Bank of America from $895.00 to $1,000.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. Bank of America's target price points to a potential upside of 18.69% from the company's previous close.

A number of other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Axon Enterprise from $730.00 to $850.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. JMP Securities upped their price target on shares of Axon Enterprise from $725.00 to $825.00 and gave the company a "market outperform" rating in a research note on Tuesday, July 22nd. Barclays upped their price target on shares of Axon Enterprise from $726.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Morgan Stanley set a $885.00 price target on shares of Axon Enterprise and gave the company an "overweight" rating in a research note on Friday, July 11th. Finally, Craig Hallum raised shares of Axon Enterprise from a "hold" rating to a "buy" rating and set a $900.00 price target on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $837.69.

Axon Enterprise Price Performance

Shares of NASDAQ:AXON traded down $28.47 during midday trading on Wednesday, reaching $842.50. 667,201 shares of the company were exchanged, compared to its average volume of 731,927. The company has a current ratio of 2.95, a quick ratio of 2.62 and a debt-to-equity ratio of 0.63. The business's fifty day moving average is $774.27 and its two-hundred day moving average is $664.69. Axon Enterprise has a one year low of $346.71 and a one year high of $885.91. The stock has a market cap of $66.14 billion, a PE ratio of 208.02, a price-to-earnings-growth ratio of 96.51 and a beta of 1.36.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The biotechnology company reported $2.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.58. The company had revenue of $668.54 million for the quarter, compared to the consensus estimate of $641.77 million. Axon Enterprise had a net margin of 13.64% and a return on equity of 6.80%. Axon Enterprise's revenue was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 earnings per share. As a group, analysts predict that Axon Enterprise will post 5.8 earnings per share for the current year.

Insider Transactions at Axon Enterprise

In other news, CFO Brittany Bagley sold 3,400 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $700.00, for a total value of $2,380,000.00. Following the transaction, the chief financial officer directly owned 131,833 shares in the company, valued at approximately $92,283,100. This represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael Garnreiter sold 5,913 shares of the company's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $760.00, for a total transaction of $4,493,880.00. Following the completion of the transaction, the director owned 17,740 shares in the company, valued at approximately $13,482,400. The trade was a 25.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,642 shares of company stock valued at $25,090,528. Company insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Hemington Wealth Management grew its holdings in Axon Enterprise by 70.8% during the 2nd quarter. Hemington Wealth Management now owns 41 shares of the biotechnology company's stock worth $33,000 after acquiring an additional 17 shares in the last quarter. Whipplewood Advisors LLC grew its holdings in Axon Enterprise by 192.9% during the 2nd quarter. Whipplewood Advisors LLC now owns 41 shares of the biotechnology company's stock worth $34,000 after acquiring an additional 27 shares in the last quarter. Fourth Dimension Wealth LLC bought a new position in Axon Enterprise during the 4th quarter worth about $30,000. NewSquare Capital LLC grew its holdings in Axon Enterprise by 96.2% during the 2nd quarter. NewSquare Capital LLC now owns 51 shares of the biotechnology company's stock worth $42,000 after acquiring an additional 25 shares in the last quarter. Finally, Washington Trust Advisors Inc. grew its holdings in Axon Enterprise by 44.7% during the 2nd quarter. Washington Trust Advisors Inc. now owns 55 shares of the biotechnology company's stock worth $46,000 after acquiring an additional 17 shares in the last quarter. 79.08% of the stock is currently owned by institutional investors.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand in the United States and internationally. It operates through two segments, Software and Sensors, and TASER. The company also offers hardware and cloud-based software solutions that enable law enforcement to capture, securely store, manage, share, and analyze video and other digital evidence.