Axon Enterprise (AAXN) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Axon Enterprise (NASDAQ:AAXN) from a buy rating to a hold rating in a research note published on Wednesday morning, 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. “

AAXN has been the subject of several other reports. BidaskClub raised Axon Enterprise from a buy rating to a strong-buy rating in a research report on Friday, March 22nd. ValuEngine raised Axon Enterprise from a buy rating to a strong-buy rating in a research report on Monday, February 4th. Dougherty & Co raised Axon Enterprise from a neutral rating to a buy rating and set a $67.00 target price for the company in a research report on Friday, April 5th. Morgan Stanley lifted their target price on Axon Enterprise from $65.00 to $71.00 and gave the company an overweight rating in a research report on Wednesday, May 8th. Finally, TheStreet raised Axon Enterprise from a c+ rating to a b- rating in a research report on Monday, April 15th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company. The stock has an average rating of Buy and a consensus price target of $70.08.

Shares of NASDAQ:AAXN traded up $2.38 during midday trading on Wednesday, reaching $67.79. 27,574 shares of the company’s stock were exchanged, compared to its average volume of 612,095. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of 135.50, a PEG ratio of 4.80 and a beta of 0.94. Axon Enterprise has a fifty-two week low of $39.43 and a fifty-two week high of $76.45.

Axon Enterprise (NASDAQ:AAXN) last issued its quarterly earnings data on Thursday, May 9th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.04. The firm had revenue of $115.81 million during the quarter, compared to the consensus estimate of $110.67 million. Axon Enterprise had a return on equity of 4.93% and a net margin of 5.22%. The company’s quarterly revenue was up 14.4% on a year-over-year basis. During the same period last year, the company earned $0.29 EPS. On average, sell-side analysts expect that Axon Enterprise will post 0.54 EPS for the current year.

In other news, Director Hadi Partovi sold 70,000 shares of Axon Enterprise stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $66.16, for a total value of $4,631,200.00. Following the completion of the transaction, the director now owns 268,190 shares in the company, valued at approximately $17,743,450.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Patrick W. Smith sold 31,735 shares of Axon Enterprise stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $52.00, for a total value of $1,650,220.00. Following the completion of the transaction, the chief executive officer now owns 758,197 shares of the company’s stock, valued at approximately $39,426,244. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 204,857 shares of company stock valued at $11,788,460. 2.30% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Flagship Harbor Advisors LLC boosted its stake in shares of Axon Enterprise by 324.1% in the 1st quarter. Flagship Harbor Advisors LLC now owns 564 shares of the industrial products company’s stock valued at $30,000 after buying an additional 431 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Axon Enterprise by 14.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,440 shares of the industrial products company’s stock valued at $133,000 after buying an additional 311 shares during the period. Stephens Inc. AR boosted its stake in shares of Axon Enterprise by 201.1% in the 1st quarter. Stephens Inc. AR now owns 2,845 shares of the industrial products company’s stock valued at $155,000 after buying an additional 1,900 shares during the period. LS Investment Advisors LLC boosted its stake in shares of Axon Enterprise by 22.7% in the 4th quarter. LS Investment Advisors LLC now owns 3,829 shares of the industrial products company’s stock valued at $168,000 after buying an additional 708 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Axon Enterprise by 14.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,854 shares of the industrial products company’s stock valued at $169,000 after buying an additional 491 shares during the period. 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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