Axon Enterprise (AAXN) Downgraded by Zacks Investment Research to Hold

Axon Enterprise (NASDAQ:AAXN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “Axon Enterprise, Inc. engages in the development, manufacture and sale of conducted electrical weapons for the law enforcement, federal, military, corrections, private security and personal defense markets. Its operating segment consists of TASER Weapons and Axon segments. TASER Weapons segment involves in the sale of conducted electrical weapons, accessories and other products and services. Axon segment focuses on devices, wearables, applications, cloud and mobile products. Axon Enterprise Inc., formerly known as TASER International Inc., is headquartered in Scottsdale, AZ. “

A number of other research firms have also recently weighed in on AAXN. Morgan Stanley lifted their price target on Axon Enterprise from $65.00 to $71.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. TheStreet raised Axon Enterprise from a “c+” rating to a “b-” rating in a report on Monday, April 15th. Raymond James raised Axon Enterprise from an “outperform” rating to a “strong-buy” rating in a report on Monday, April 8th. Northland Securities reaffirmed a “buy” rating and set a $70.00 price target on shares of Axon Enterprise in a report on Wednesday, February 27th. Finally, Dougherty & Co raised Axon Enterprise from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Friday, April 5th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $70.08.

Shares of NASDAQ AAXN opened at $68.18 on Wednesday. Axon Enterprise has a 52-week low of $39.43 and a 52-week high of $76.45. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 136.36, a price-to-earnings-growth ratio of 4.64 and a beta of 0.94.

Axon Enterprise (NASDAQ:AAXN) last issued its earnings results on Thursday, May 9th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.04. Axon Enterprise had a net margin of 5.22% and a return on equity of 4.93%. The firm had revenue of $115.81 million for the quarter, compared to analysts’ expectations of $110.67 million. During the same quarter last year, the company posted $0.29 earnings per share. Axon Enterprise’s revenue was up 14.4% on a year-over-year basis. On average, equities analysts expect that Axon Enterprise will post 0.56 EPS for the current fiscal year.

In related news, President Luke Larson sold 36,295 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $51.59, for a total transaction of $1,872,459.05. Following the transaction, the president now owns 103,110 shares in the company, valued at $5,319,444.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Hadi Partovi sold 70,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $66.16, for a total transaction of $4,631,200.00. Following the transaction, the director now owns 268,190 shares in the company, valued at approximately $17,743,450.40. The disclosure for this sale can be found here. Insiders have sold 204,857 shares of company stock worth $11,788,460 in the last quarter. Company insiders own 2.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of AAXN. Conestoga Capital Advisors LLC acquired a new position in Axon Enterprise in the first quarter worth approximately $42,758,000. Norges Bank acquired a new position in Axon Enterprise in the fourth quarter worth approximately $23,529,000. Janus Henderson Group PLC grew its position in Axon Enterprise by 13.1% in the first quarter. Janus Henderson Group PLC now owns 4,501,104 shares of the industrial products company’s stock worth $244,905,000 after buying an additional 520,055 shares during the last quarter. Victory Capital Management Inc. grew its position in Axon Enterprise by 116.2% in the fourth quarter. Victory Capital Management Inc. now owns 797,232 shares of the industrial products company’s stock worth $34,879,000 after buying an additional 428,547 shares during the last quarter. Finally, Baillie Gifford & Co. acquired a new position in Axon Enterprise in the fourth quarter worth approximately $16,653,000. Institutional investors and hedge funds own 82.46% of the company’s stock.

About Axon Enterprise

Axon Enterprise, Inc develops, manufactures, and sells conducted energy weapons (CEWs) worldwide. The company operates through two segments, TASER and Software and Sensors. It offers TASER X26P, TASER X2, TASER 7, and TASER Pulse and Bolt CEWs; and related cartridges. The company also provides on-officer body cameras and Axon Fleet in-car video systems; and Axon Evidence connected software network; Axon Records cloud-based records management system; Axon Signal enabled devices; and computer-aided dispatch software, as well as Axon docks, cartridges, and batteries.

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