Axon Enterprise (NASDAQ:AXON) Sets New 12-Month High Following Strong Earnings

Key Points

• Axon Enterprise reached a new 52-week high of $881.88 after reporting quarterly earnings of $2.12 EPS, surpassing expectations of $1.54 EPS.
• Analysts are optimistic, with Bank of America raising its price target to $895, and the average consensus target across analysts now at $806.67.
• Insiders have recently sold shares, with total sales amounting to $25.1 million in the last ninety days, indicating potential concerns among executives.

Axon Enterprise, Inc (NASDAQ:AXON - Get Free Report) hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $881.88 and last traded at $852.26, with a volume of 324238 shares changing hands. The stock had previously closed at $744.88.

The biotechnology company reported $2.12 earnings per share (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 analyst estimates of $641.77 million. Axon Enterprise had a net margin of 13.64% and a return on equity of 6.80%. The firm's revenue was up 32.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.20 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on AXON shares. The Goldman Sachs Group boosted their target price 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. JMP Securities upped their price objective on shares of Axon Enterprise from $725.00 to $825.00 and gave the stock a "market outperform" rating in a report on Tuesday, July 22nd. Morgan Stanley set a $885.00 price objective on shares of Axon Enterprise and gave the stock an "overweight" rating in a report on Friday, July 11th. UBS Group restated a "neutral" rating and set a $840.00 price objective (up previously from $820.00) on shares of Axon Enterprise in a report on Tuesday. Finally, Barclays upped their price objective on shares of Axon Enterprise from $726.00 to $735.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Axon Enterprise presently has an average rating of "Moderate Buy" and an average target price of $837.69.

Insider Buying and Selling

In other Axon Enterprise news, Director Michael Garnreiter sold 5,913 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $760.00, for a total value of $4,493,880.00. Following the completion of the transaction, the director directly owned 17,740 shares in the company, valued at $13,482,400. This represents a 25.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Cameron Brooks sold 3,000 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $740.76, for a total value of $2,222,280.00. Following the transaction, the executive owned 19,447 shares of the company's stock, valued at $14,405,559.72. This represents a 13.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,642 shares of company stock worth $25,090,528 in the last ninety days. Corporate insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. TCTC Holdings LLC increased its stake in shares of Axon Enterprise by 75.0% during the first quarter. TCTC Holdings LLC now owns 56 shares of the biotechnology company's stock valued at $29,000 after buying an additional 24 shares during the period. Fourth Dimension Wealth LLC purchased a new position in Axon Enterprise in the fourth quarter valued at about $30,000. Bartlett & CO. Wealth Management LLC grew its stake in Axon Enterprise by 132.0% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 58 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 33 shares during the last quarter. Banque Transatlantique SA acquired a new stake in Axon Enterprise in the first quarter worth about $31,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in Axon Enterprise in the first quarter worth about $32,000. 79.08% of the stock is currently owned by institutional investors.

Axon Enterprise Price Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 2.95 and a quick ratio of 2.62. The stock has a market cap of $66.14 billion, a price-to-earnings ratio of 208.02, a P/E/G ratio of 96.51 and a beta of 1.36. The stock has a fifty day moving average of $774.27 and a 200 day moving average of $664.69.

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.