Axon Enterprise (NASDAQ:AXON) Issues Earnings Results, Beats Expectations By $0.04 EPS

Axon Enterprise (NASDAQ:AXON) released its quarterly earnings results on Wednesday. The biotechnology company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.04, FiscalAI reports. The business had revenue of $904.39 million for the quarter, compared to analysts’ expectations of $876.42 million. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%.

Axon Enterprise Stock Up 0.4%

Shares of AXON stock traded up $2.29 during mid-day trading on Wednesday, reaching $609.49. 1,046,563 shares of the company’s stock traded hands, compared to its average volume of 1,067,486. The company’s 50-day moving average price is $505.32 and its 200-day moving average price is $474.90. The company has a market cap of $49.12 billion, a P/E ratio of 244.78, a P/E/G ratio of 11.75 and a beta of 1.39. The company has a quick ratio of 1.93, a current ratio of 2.27 and a debt-to-equity ratio of 0.49. Axon Enterprise has a 12 month low of $339.01 and a 12 month high of $885.00.

Insider Buying and Selling

In related news, President Joshua Isner sold 13,000 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the sale, the president owned 169,125 shares of the company’s stock, valued at $82,609,106.25. The trade was a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $485.00, for a total transaction of $753,690.00. Following the completion of the sale, the insider owned 34,024 shares in the company, valued at approximately $16,501,640. This trade represents a 4.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 58,989 shares of company stock worth $30,527,983 over the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Axon Enterprise

A number of hedge funds have recently made changes to their positions in AXON. Darwin Wealth Management LLC purchased a new stake in shares of Axon Enterprise in the 2nd quarter worth approximately $37,000. AlphaCentric Advisors LLC purchased a new position in Axon Enterprise during the fourth quarter valued at $34,000. Strive Financial Group LLC bought a new stake in Axon Enterprise in the fourth quarter worth $41,000. Van ECK Associates Corp bought a new stake in Axon Enterprise in the third quarter worth $60,000. Finally, Advocate Investing Services LLC purchased a new stake in shares of Axon Enterprise in the fourth quarter worth $57,000. 79.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on AXON. Piper Sandler raised their target price on shares of Axon Enterprise from $674.00 to $724.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Needham & Company LLC increased their price target on shares of Axon Enterprise from $600.00 to $750.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Morgan Stanley set a $600.00 price objective on shares of Axon Enterprise in a report on Thursday, May 7th. TD Cowen reaffirmed a “buy” rating on shares of Axon Enterprise in a research report on Wednesday, July 22nd. Finally, The Goldman Sachs Group set a $535.00 target price on Axon Enterprise in a report on Thursday, May 7th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Axon Enterprise currently has an average rating of “Moderate Buy” and a consensus target price of $710.64.

About Axon Enterprise

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.