Bank of America Boosts Axon Enterprise (NASDAQ:AXON) Price Target to $1,000.00

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 target increased by analysts at Bank of America from $895.00 to $1,000.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. Bank of America's price objective would indicate a potential upside of 18.69% from the company's previous close.

Several other research firms have also recently weighed in on AXON. Northland Securities set a $800.00 price objective on Axon Enterprise in a research report on Tuesday, August 5th. Wolfe Research assumed coverage on shares of Axon Enterprise in a research report on Monday, July 7th. They set an "outperform" rating on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Axon Enterprise from $730.00 to $850.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Needham & Company LLC set a $870.00 target price on shares of Axon Enterprise and gave the stock a "buy" rating in a report on Tuesday, August 5th. Finally, The Goldman Sachs Group lifted their price target on shares of Axon Enterprise from $730.00 to $830.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Axon Enterprise presently has a consensus rating of "Moderate Buy" and a consensus price target of $837.69.

Axon Enterprise Stock Performance

Shares of AXON stock traded down $28.47 during midday trading on Wednesday, hitting $842.50. 667,201 shares of the company were exchanged, compared to its average volume of 731,927. Axon Enterprise has a 52 week low of $346.71 and a 52 week high of $885.91. The firm has a market capitalization of $66.14 billion, a P/E ratio of 208.02, a PEG ratio of 93.35 and a beta of 1.36. The firm's 50 day moving average price is $774.27 and its two-hundred day moving average price is $665.08. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.62 and a current ratio of 2.95.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its earnings results on Monday, August 4th. The biotechnology company reported $2.12 EPS for the quarter, beating the consensus estimate 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 return on equity of 6.80% and a net margin of 13.64%. The firm's revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 earnings per share. As a group, equities research analysts anticipate that Axon Enterprise will post 5.8 earnings per share for the current year.

Insider Activity at Axon Enterprise

In other Axon Enterprise news, Director Michael Garnreiter sold 5,913 shares of the business'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 of the company's stock, valued at approximately $13,482,400. The trade was a 25.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Joshua Isner sold 9,905 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $738.03, for a total transaction of $7,310,187.15. Following the sale, the president directly owned 298,809 shares in the company, valued at $220,530,006.27. The trade was a 3.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,642 shares of company stock worth $25,090,528 in the last three months. Insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. raised its stake in shares of Axon Enterprise by 4.8% during the second quarter. Westside Investment Management Inc. now owns 283 shares of the biotechnology company's stock worth $225,000 after acquiring an additional 13 shares in the last quarter. CVA Family Office LLC lifted its stake in Axon Enterprise by 26.9% in the second quarter. CVA Family Office LLC now owns 66 shares of the biotechnology company's stock worth $55,000 after purchasing an additional 14 shares during the last quarter. LaSalle St. Investment Advisors LLC grew its stake in shares of Axon Enterprise by 2.1% during the first quarter. LaSalle St. Investment Advisors LLC now owns 777 shares of the biotechnology company's stock valued at $408,000 after buying an additional 16 shares during the last quarter. STF Management LP increased its holdings in shares of Axon Enterprise by 1.4% in the second quarter. STF Management LP now owns 1,164 shares of the biotechnology company's stock worth $964,000 after buying an additional 16 shares during the period. Finally, Hemington Wealth Management lifted its stake in shares of Axon Enterprise by 70.8% in the 2nd quarter. Hemington Wealth Management now owns 41 shares of the biotechnology company's stock valued at $33,000 after acquiring an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 79.08% of the company's stock.

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.