Axon Enterprise (NASDAQ:AXON) Downgraded by Zacks Research to “Hold”

Axon Enterprise (NASDAQ:AXON) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

A number of other analysts also recently issued reports on AXON. Raymond James Financial set a $675.00 price objective on shares of Axon Enterprise in a report on Thursday, October 15th. Citigroup reaffirmed a “market outperform” rating on shares of Axon Enterprise in a research report on Monday. Barclays lifted their price target on shares of Axon Enterprise from $523.00 to $688.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. TD Cowen lowered their price target on shares of Axon Enterprise from $825.00 to $800.00 and set a “buy” rating on the stock in a research note on Monday, October 26th. Finally, The Goldman Sachs Group reduced their price objective on shares of Axon Enterprise from $715.00 to $675.00 and set a “buy” rating for the company in a research note on Monday, September 21st. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $688.38.

Axon Enterprise Stock Up 1.8%

Shares of Axon Enterprise stock opened at $424.18 on Tuesday. The firm has a market cap of $34.46 billion, a PE ratio of 176.01, a P/E/G ratio of 7.92 and a beta of 1.48. The business’s 50 day simple moving average is $451.99 and its 200 day simple moving average is $478.00. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. Axon Enterprise has a 52-week low of $339.01 and a 52-week high of $665.07.

Axon Enterprise (NASDAQ:AXON) last released its quarterly earnings results on Wednesday, August 5th. The biotechnology company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.84 by $0.04. The firm had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%. The business’s revenue was up 35.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.12 EPS. On average, analysts predict that Axon Enterprise will post 2.10 earnings per share for the current fiscal year.

Insider Activity

In related news, 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 directly owned 296,974 shares in the company, valued at approximately $170,590,774.82. The trade was a 5.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick Smith sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $508.99, for a total transaction of $5,089,900.00. Following the transaction, the chief executive officer owned 3,118,012 shares in the company, valued at approximately $1,587,036,927.88. The trade was a 0.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 47,397 shares of company stock valued at $26,722,984 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp lifted its stake in Axon Enterprise by 5,700.2% in the 2nd quarter. State Street Corp now owns 213,561,844 shares of the biotechnology company’s stock valued at $119,724,905,000 after purchasing an additional 209,879,882 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Axon Enterprise by 18,050.2% during the second quarter. Envestnet Asset Management Inc. now owns 13,200,075 shares of the biotechnology company’s stock worth $7,400,094,000 after buying an additional 13,127,348 shares during the last quarter. BlackRock Inc. increased its position in Axon Enterprise by 4.3% during the second quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company’s stock worth $4,672,432,000 after buying an additional 345,365 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in Axon Enterprise by 391,214.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 6,988,884 shares of the biotechnology company’s stock worth $2,952,943,000 after buying an additional 6,987,098 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Axon Enterprise by 5,022.8% during the third quarter. Assenagon Asset Management S.A. now owns 4,266,589 shares of the biotechnology company’s stock worth $1,802,719,000 after buying an additional 4,183,302 shares during the last quarter. Institutional investors own 79.08% of the company’s stock.

About Axon Enterprise

Axon Enterprise, Inc develops technology and connected products for public safety organizations. The company’s portfolio includes TASER conducted-energy weapons, body-worn cameras, in-car cameras, and related hardware designed to support law enforcement, corrections, security, and other emergency-response professionals.

Axon also provides cloud-based software for managing digital evidence, records, workflows, real-time operations, investigations, and communications. Its platform is intended to connect hardware, software, and services across the public-safety ecosystem, helping agencies collect, store, analyze, and share operational information.

The company was founded in 1993 as TASER International by Rick Smith and Tom Smith and adopted the name Axon Enterprise in 2017 as it expanded beyond conducted-energy weapons into a broader technology platform.