Axon Enterprise, Inc (NASDAQ:AXON) Stock Has Consensus Price Target of $721.57

Key Points

• Analysts maintain a positive outlook: Axon Enterprise has a “Moderate Buy” consensus from 17 research firms, with an average 12-month price target of $721.57.
• Latest results exceeded expectations: Axon reported quarterly EPS of $1.88 versus the $1.84 consensus estimate and revenue of $904.39 million, up 35.3% year over year. However, the stock carries a high P/E ratio of 175.47 and recently traded at $422.89.
• Insiders have been selling shares: Company insiders sold 47,397 shares worth approximately $26.7 million over the past quarter, while institutional investors and hedge funds own 79.08% of the stock.

Axon Enterprise, Inc (NASDAQ:AXON - Get Free Report) has been assigned an average rating of "Moderate Buy" from the seventeen research firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, fourteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $721.57.

A number of research analysts have recently weighed in on the company. UBS Group increased their price objective on Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a report on Thursday, August 6th. TD Cowen reaffirmed a "buy" rating on shares of Axon Enterprise in a report on Wednesday, July 22nd. Needham & Company LLC reiterated a "buy" rating on shares of Axon Enterprise in a research report on Wednesday, September 2nd. Morgan Stanley increased their price target on shares of Axon Enterprise from $600.00 to $640.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $715.00 price target on shares of Axon Enterprise in a report on Thursday, August 6th.

Insider Buying and Selling at Axon Enterprise

In related news, insider Jeffrey C. Kunins sold 9,605 shares of the firm's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $626.70, for a total transaction of $6,019,453.50. Following the completion of the transaction, the insider owned 97,761 shares of the company's stock, valued at $61,266,818.70. This trade represents a 8.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 16,775 shares of the business's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $574.43, for a total transaction of $9,636,063.25. Following the transaction, the president owned 296,974 shares of the company's stock, valued at $170,590,774.82. This represents a 5.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 47,397 shares of company stock valued at $26,722,984 over the last quarter. Insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Axon Enterprise

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in Axon Enterprise by 5,700.2% in the second quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company's stock worth $119,724,905,000 after acquiring an additional 209,879,882 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Axon Enterprise by 18,050.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 13,200,075 shares of the biotechnology company's stock worth $7,400,094,000 after acquiring an additional 13,127,348 shares in the last quarter. BlackRock Inc. increased its position in shares of Axon Enterprise by 4.3% in the 2nd quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock valued at $4,672,432,000 after purchasing an additional 345,365 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Axon Enterprise by 8,432.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,537,957 shares of the biotechnology company's stock valued at $1,983,414,000 after purchasing an additional 3,496,493 shares during the last quarter. Finally, Sands Capital Management LLC increased its position in shares of Axon Enterprise by 11.6% in the 4th quarter. Sands Capital Management LLC now owns 1,609,436 shares of the biotechnology company's stock valued at $914,047,000 after purchasing an additional 167,095 shares during the last quarter. 79.08% of the stock is owned by institutional investors and hedge funds.

Axon Enterprise Stock Performance

NASDAQ:AXON opened at $422.89 on Monday. The company has a market capitalization of $34.35 billion, a P/E ratio of 175.47, a PEG ratio of 7.96 and a beta of 1.44. The company has a current ratio of 2.15, a quick ratio of 1.80 and a debt-to-equity ratio of 0.47. Axon Enterprise has a 12 month low of $339.01 and a 12 month high of $764.02. The firm has a fifty day simple moving average of $518.44 and a 200-day simple moving average of $476.03.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.04. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%. The firm had revenue of $904.39 million for the quarter, compared to the consensus estimate of $876.42 million. During the same period in the prior year, the firm earned $2.12 EPS. The firm's revenue was up 35.3% on a year-over-year basis. On average, equities research analysts anticipate that Axon Enterprise will post 2.12 earnings per share for the current year.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops technology and connected systems for public safety and law enforcement agencies. Its product portfolio includes TASER conducted energy weapons, body-worn cameras, in-car cameras and other recording devices designed to support safer interactions, improve accountability and document incidents.

The company also provides cloud-based software for managing digital evidence, reports, records and agency operations. Its Axon platform connects hardware with services such as evidence management, real-time operations, computer-aided dispatch and other workflow tools, enabling agencies to store, organize and share information across their organizations.

Founded in 1993 as AIR TASER by Rick Smith and Tom Smith, the company later operated as TASER International before adopting the name Axon Enterprise in 2017.

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