Axon Enterprise (NASDAQ:AXON) Price Target Raised to $750.00 at Needham & Company LLC

Key Points

• Needham & Company LLC raised its price target on Axon Enterprise to $750 from $600 and kept a buy rating, implying about 25.6% upside from the stock’s current price.
• Axon recently reported better-than-expected quarterly results, with EPS of $1.61 and revenue of $807.35 million, up 33.7% year over year.
• Recent activity showed mixed insider selling and continued strong institutional ownership, with insiders selling shares in June while hedge funds and other institutions still hold about 79.1% of the stock.

Axon Enterprise (NASDAQ:AXON - Get Free Report) had its target price increased by investment analysts at Needham & Company LLC from $600.00 to $750.00 in a research note issued to investors on Monday. The firm currently has a "buy" rating on the biotechnology company's stock. Needham & Company LLC's price objective would indicate a potential upside of 25.62% from the company's current price.

AXON has been the topic of a number of other reports. TD Cowen cut their price objective on Axon Enterprise from $950.00 to $825.00 and set a "buy" rating on the stock in a research note on Wednesday, April 8th. UBS Group dropped their price objective on Axon Enterprise from $570.00 to $440.00 and set a "neutral" rating on the stock in a research note on Thursday, May 7th. Zacks Research upgraded shares of Axon Enterprise from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 19th. JPMorgan Chase & Co. raised their price target on shares of Axon Enterprise from $750.00 to $755.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Finally, Barclays cut their price objective on shares of Axon Enterprise from $682.00 to $523.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Axon Enterprise has a consensus rating of "Moderate Buy" and a consensus target price of $722.12.

Axon Enterprise Stock Performance

NASDAQ:AXON opened at $597.04 on Monday. The company has a market cap of $48.12 billion, a price-to-earnings ratio of 239.78, a PEG ratio of 12.18 and a beta of 1.38. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.93 and a current ratio of 2.27. Axon Enterprise has a fifty-two week low of $339.01 and a fifty-two week high of $885.91. The stock has a fifty day moving average price of $437.68 and a 200-day moving average price of $481.91.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $0.01. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The business had revenue of $807.35 million for the quarter, compared to analyst estimates of $778.90 million. During the same quarter in the previous year, the company posted $1.47 EPS. Axon Enterprise's quarterly revenue was up 33.7% compared to the same quarter last year. As a group, equities analysts anticipate that Axon Enterprise will post 1.63 EPS for the current fiscal year.

Insider Buying and Selling at Axon Enterprise

In other Axon Enterprise news, insider Elizabeth Reid Coughlin sold 1,554 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $485.00, for a total transaction of $753,690.00. Following the completion of the sale, the insider directly owned 34,024 shares of the company's stock, valued at approximately $16,501,640. The trade was a 4.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Joshua Isner sold 13,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $488.45, for a total value of $6,349,850.00. Following the completion of the sale, the president directly owned 169,125 shares of the company's stock, valued at approximately $82,609,106.25. This trade represents a 7.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 48,989 shares of company stock worth $24,090,083. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Axon Enterprise by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 9,367,224 shares of the biotechnology company's stock worth $5,319,928,000 after buying an additional 53,060 shares during the last quarter. Geode Capital Management LLC grew its stake in 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 valued at $1,265,657,000 after purchasing an additional 35,544 shares during the period. Baillie Gifford & Co. increased its position in shares of Axon Enterprise by 1,198.7% during the 4th quarter. Baillie Gifford & Co. now owns 1,642,578 shares of the biotechnology company's stock valued at $932,869,000 after purchasing an additional 1,516,099 shares during the last quarter. Sands Capital Management LLC raised its stake in shares of Axon Enterprise by 11.6% during 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 during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Axon Enterprise by 326.9% in the 4th quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company's stock worth $874,463,000 after buying an additional 1,179,038 shares during the last quarter. 79.08% of the stock is currently 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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