Axon Enterprise (NASDAQ:AXON) Given New $750.00 Price Target at Needham & Company LLC

Axon Enterprise (NASDAQ:AXON) had its target price hoisted by Needham & Company LLC from $600.00 to $750.00 in a note issued to investors on Monday. The firm currently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target points to a potential upside of 25.62% from the company’s previous close.

A number of other research analysts have also weighed in on AXON. Piper Sandler reiterated an “overweight” rating and issued a $674.00 price objective on shares of Axon Enterprise in a research note on Monday, June 15th. Morgan Stanley set a $600.00 target price on Axon Enterprise in a research note on Thursday, May 7th. Weiss Ratings upgraded shares of Axon Enterprise from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. UBS Group dropped their price objective on Axon Enterprise from $570.00 to $440.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Finally, TD Cowen dropped their price target on Axon Enterprise from $950.00 to $825.00 and set a “buy” rating for the company in a research report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $722.12.

Axon Enterprise Stock Performance

Shares of AXON opened at $597.04 on Monday. Axon Enterprise has a 1 year low of $339.01 and a 1 year high of $885.91. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.27 and a quick ratio of 1.93. The stock’s fifty day moving average price is $437.68 and its two-hundred day moving average price is $481.91. The firm has a market cap of $48.12 billion, a PE ratio of 239.78, a PEG ratio of 12.18 and a beta of 1.38.

Axon Enterprise (NASDAQ:AXON) last posted its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.01. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The company had revenue of $807.35 million during the quarter, compared to the consensus estimate of $778.90 million. During the same quarter in the prior year, the company earned $1.47 EPS. The firm’s quarterly revenue was up 33.7% compared to the same quarter last year. On average, equities research analysts forecast that Axon Enterprise will post 1.63 EPS for the current year.

Insider Transactions at Axon Enterprise

In other news, CEO Patrick W. Smith sold 10,000 shares of Axon Enterprise stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $500.00, for a total value of $5,000,000.00. Following the completion of the transaction, the chief executive officer owned 3,050,997 shares of the company’s stock, valued at $1,525,498,500. The trade was a 0.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $485.00, for a total value of $753,690.00. Following the completion of the transaction, the insider directly owned 34,024 shares in the company, valued at $16,501,640. This trade represents a 4.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 48,989 shares of company stock worth $24,090,083. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. lifted its holdings in shares of Axon Enterprise by 1,198.7% during the 4th quarter. Baillie Gifford & Co. now owns 1,642,578 shares of the biotechnology company’s stock valued at $932,869,000 after buying an additional 1,516,099 shares during the period. Edgewood Management LLC purchased a new stake in Axon Enterprise during the fourth quarter valued at $846,516,000. Wellington Management Group LLP increased its position in Axon Enterprise by 326.9% during the fourth quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company’s stock valued at $874,463,000 after acquiring an additional 1,179,038 shares during the last quarter. Norges Bank purchased a new stake in Axon Enterprise during the fourth quarter valued at $515,764,000. Finally, Styrax Capital LP bought a new position in Axon Enterprise in the first quarter valued at about $84,938,000. 79.08% of the stock is owned by hedge funds and other institutional investors.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company’s hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.