Axon Enterprise, Inc $AXON Shares Bought by Allstate Corp

Key Points

• Allstate Corp increased its stake in Axon Enterprise, Inc by 27.8%, acquiring an additional 586 shares, bringing its total holdings to 2,694 shares valued at approximately $1.4 million.
• Multiple investment firms have raised their price targets for Axon Enterprise, with Bank of America setting a new target of $1,000 and several others maintaining "buy" ratings.
• Axon recently reported strong earnings with $2.12 earnings per share, exceeding estimates, alongside a year-over-year revenue increase of 32.6%.

Allstate Corp increased its position in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 27.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,694 shares of the biotechnology company's stock after buying an additional 586 shares during the period. Allstate Corp's holdings in Axon Enterprise were worth $1,417,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AXON. GAMMA Investing LLC increased its stake in Axon Enterprise by 58,725.5% during the 1st quarter. GAMMA Investing LLC now owns 764,731 shares of the biotechnology company's stock worth $402,210,000 after buying an additional 763,431 shares during the period. Jennison Associates LLC increased its stake in Axon Enterprise by 23,203.7% during the 1st quarter. Jennison Associates LLC now owns 614,053 shares of the biotechnology company's stock worth $322,961,000 after buying an additional 611,418 shares during the period. Nuveen LLC purchased a new stake in Axon Enterprise during the 1st quarter worth $264,796,000. Westfield Capital Management Co. LP increased its stake in Axon Enterprise by 29.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 927,801 shares of the biotechnology company's stock worth $487,977,000 after buying an additional 212,931 shares during the period. Finally, Vanguard Group Inc. increased its stake in Axon Enterprise by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 8,632,008 shares of the biotechnology company's stock worth $4,540,005,000 after buying an additional 185,571 shares during the period. Hedge funds and other institutional investors own 79.08% of the company's stock.

Wall Street Analysts Forecast Growth

AXON has been the topic of several analyst reports. Wolfe Research initiated coverage on shares of Axon Enterprise in a research note on Monday, July 7th. They set an "outperform" rating on the stock. Morgan Stanley set a $885.00 target price on shares of Axon Enterprise and gave the stock an "overweight" rating in a research report on Friday, July 11th. UBS Group reissued a "neutral" rating and issued a $840.00 target price (up previously from $820.00) on shares of Axon Enterprise in a research report on Tuesday, August 5th. Northland Securities set a $800.00 target price on shares of Axon Enterprise in a research report on Tuesday, August 5th. Finally, Needham & Company LLC set a $870.00 target price on shares of Axon Enterprise and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $837.69.

Insiders Place Their Bets

In other Axon Enterprise news, President Joshua Isner sold 15,919 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $746.26, for a total transaction of $11,879,712.94. Following the completion of the transaction, the president directly owned 238,379 shares of the company's stock, valued at $177,892,712.54. The trade was a 6.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeffrey C. Kunins sold 7,891 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $750.10, for a total transaction of $5,919,039.10. Following the completion of the sale, the insider directly owned 144,538 shares of the company's stock, valued at approximately $108,417,953.80. This represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,790 shares of company stock worth $33,654,451. Corporate insiders own 5.70% of the company's stock.

Axon Enterprise Stock Performance

Shares of NASDAQ AXON traded up $5.50 during midday trading on Tuesday, hitting $769.02. The company's stock had a trading volume of 413,496 shares, compared to its average volume of 707,075. Axon Enterprise, Inc has a 1-year low of $346.71 and a 1-year high of $885.91. The firm's fifty day moving average price is $772.54 and its 200-day moving average price is $675.22. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.71 and a current ratio of 2.95. The firm has a market cap of $60.37 billion, a P/E ratio of 189.88, a P/E/G ratio of 28.02 and a beta of 1.36.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its quarterly 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. Axon Enterprise had a net margin of 13.64% and a return on equity of 6.80%. The business had revenue of $668.54 million during the quarter, compared to analyst estimates of $641.77 million. During the same period in the previous year, the business posted $1.20 EPS. The company's quarterly revenue was up 32.6% on a year-over-year basis. Axon Enterprise has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Axon Enterprise, Inc will post 5.8 EPS for the current fiscal year.

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.