Axon Enterprise (NASDAQ:AXON) Reaches New 52-Week High - Here's Why

Axon Enterprise, Inc. (NASDAQ:AXON - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $765.00 and last traded at $758.57, with a volume of 520984 shares. The stock had previously closed at $750.36.

Analysts Set New Price Targets

Several equities research analysts have commented on AXON shares. Needham & Company LLC boosted their target price on Axon Enterprise from $600.00 to $750.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Bank of America increased their target price on shares of Axon Enterprise from $750.00 to $895.00 and gave the stock a "buy" rating in a report on Wednesday. Barclays boosted their price target on shares of Axon Enterprise from $726.00 to $735.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. The Goldman Sachs Group raised their target price on shares of Axon Enterprise from $730.00 to $830.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Northcoast Research downgraded Axon Enterprise from a "buy" rating to a "neutral" rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Axon Enterprise currently has a consensus rating of "Moderate Buy" and an average target price of $699.55.

Axon Enterprise Stock Performance

The company has a current ratio of 2.96, a quick ratio of 2.63 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $61.37 billion, a PE ratio of 203.71, a PEG ratio of 5.17 and a beta of 1.24. The firm's 50-day simple moving average is $633.63 and its 200-day simple moving average is $613.89.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.34 by $0.07. The business had revenue of $603.63 million during the quarter, compared to analyst estimates of $585.67 million. Axon Enterprise had a net margin of 15.37% and a return on equity of 7.50%. The company's quarterly revenue was up 31.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.15 EPS. On average, research analysts predict that Axon Enterprise, Inc. will post 5.8 earnings per share for the current year.

Insider Activity at Axon Enterprise

In related news, Director Michael Garnreiter sold 5,913 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were 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 now directly owns 17,740 shares in the company, valued at $13,482,400. The trade was a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Cameron Brooks sold 3,000 shares of Axon Enterprise stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $740.76, for a total transaction of $2,222,280.00. Following the transaction, the executive now directly owns 19,447 shares of the company's stock, valued at approximately $14,405,559.72. This trade represents a 13.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,969 shares of company stock valued at $29,909,594 over the last 90 days. Insiders own 4.40% of the company's stock.

Institutional Trading of Axon Enterprise

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Axon Enterprise by 2.2% during the first quarter. Vanguard Group Inc. now owns 8,632,008 shares of the biotechnology company's stock worth $4,540,005,000 after purchasing an additional 185,571 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Axon Enterprise by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 1,847,925 shares of the biotechnology company's stock valued at $1,095,542,000 after buying an additional 65,097 shares during the period. Capital World Investors lifted its position in shares of Axon Enterprise by 86.4% during the fourth quarter. Capital World Investors now owns 1,815,765 shares of the biotechnology company's stock worth $1,079,145,000 after purchasing an additional 841,772 shares in the last quarter. Alliancebernstein L.P. boosted its position in Axon Enterprise by 15.9% in the 1st quarter. Alliancebernstein L.P. now owns 1,284,935 shares of the biotechnology company's stock valued at $675,812,000 after buying an additional 175,890 shares during the period. Finally, Westfield Capital Management Co. LP boosted its holdings in Axon Enterprise by 29.8% in the first quarter. Westfield Capital Management Co. LP now owns 927,801 shares of the biotechnology company's stock valued at $487,977,000 after purchasing an additional 212,931 shares during the period. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

About Axon Enterprise

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.