Zacks Investment Research Upgrades Axon Enterprise (NASDAQ:AAXN) to Buy

Zacks Investment Research upgraded shares of Axon Enterprise (NASDAQ:AAXN) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. The brokerage currently has $71.00 price objective on the industrial products company’s stock.

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. “

AAXN has been the topic of several other research reports. BidaskClub lowered Amyris from a hold rating to a sell rating in a research note on Thursday, June 27th. Raymond James reaffirmed a buy rating on shares of First Quantum Minerals in a research note on Monday, April 8th. Northcoast Research raised Axon Enterprise from a neutral rating to a buy rating and set a $63.00 price target on the stock in a research note on Tuesday, March 19th. Morgan Stanley reaffirmed an overweight rating and issued a GBX 2,280 ($29.79) price target on shares of Anglo American in a research note on Wednesday, May 8th. 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 research note on Friday, April 5th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Axon Enterprise presently has a consensus rating of Buy and an average target price of $71.00.

Shares of Axon Enterprise stock opened at $64.50 on Wednesday. Axon Enterprise has a 52 week low of $39.43 and a 52 week high of $76.45. The company has a fifty day simple moving average of $67.57. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 165.38, a PEG ratio of 4.60 and a beta of 0.79.

Axon Enterprise (NASDAQ:AAXN) last announced its quarterly earnings results on Thursday, May 9th. The industrial products company reported $0.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.04. Axon Enterprise had a return on equity of 4.93% and a net margin of 5.22%. The business had revenue of $115.81 million for the quarter, compared to analyst estimates of $110.67 million. During the same quarter in the prior year, the company posted $0.29 EPS. The company’s quarterly revenue was up 14.4% on a year-over-year basis. On average, research analysts forecast that Axon Enterprise will post 0.56 earnings per share for the current year.

In related news, CRO Joshua Isner sold 14,800 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $65.00, for a total value of $962,000.00. Following the sale, the executive now owns 21,233 shares in the company, valued at approximately $1,380,145. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Hadi Partovi sold 70,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $66.16, for a total value of $4,631,200.00. Following the completion of the sale, 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 sold a total of 152,183 shares of company stock worth $10,260,033 in the last quarter. Company insiders own 2.30% of the company’s stock.

Several hedge funds have recently bought and sold shares of AAXN. Conestoga Capital Advisors LLC purchased a new stake in shares of Axon Enterprise in the 1st quarter valued at $42,758,000. Norges Bank purchased a new stake in Axon Enterprise during the 4th quarter worth about $23,529,000. Janus Henderson Group PLC increased its holdings in Axon Enterprise by 13.1% during the 1st quarter. Janus Henderson Group PLC now owns 4,501,104 shares of the industrial products company’s stock worth $244,905,000 after purchasing an additional 520,055 shares during the period. Baillie Gifford & Co. purchased a new stake in Axon Enterprise during the 4th quarter worth about $16,653,000. Finally, Ranger Investment Management L.P. purchased a new stake in Axon Enterprise during the 4th quarter worth about $11,587,000. Hedge funds and other institutional investors own 80.15% 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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