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

Zacks Investment Research lowered shares of Axon Enterprise (NASDAQ:AAXN) from a buy rating to a hold rating in a research note published on Friday.

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. “

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Other analysts have also recently issued reports about the company. ValuEngine upgraded Axon Enterprise from a buy rating to a strong-buy rating in a research report on Monday, February 4th. BidaskClub upgraded Axon Enterprise from a buy rating to a strong-buy rating in a research report on Thursday, January 10th. JPMorgan Chase & Co. upgraded Axon Enterprise from a neutral rating to an overweight rating and increased their price target for the stock from $66.00 to $68.00 in a research report on Thursday, November 8th. Northland Securities reiterated a buy rating and set a $70.00 price target on shares of Axon Enterprise in a research report on Wednesday, February 27th. Finally, Robert W. Baird upgraded Axon Enterprise from a neutral rating to an outperform rating in a research report on Friday, November 9th. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $66.27.

Shares of NASDAQ AAXN opened at $51.20 on Friday. Axon Enterprise has a 52-week low of $36.91 and a 52-week high of $76.45. The company has a market cap of $3.18 billion, a price-to-earnings ratio of 102.40, a PEG ratio of 3.62 and a beta of 0.97.

Axon Enterprise (NASDAQ:AAXN) last announced its quarterly earnings results on Tuesday, February 26th. The industrial products company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.03). The company had revenue of $114.79 million for the quarter, compared to analyst estimates of $104.03 million. Axon Enterprise had a return on equity of 10.74% and a net margin of 6.26%. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share. Equities research analysts expect that Axon Enterprise will post 0.52 EPS for the current fiscal year.

In related news, Director Michael Garnreiter sold 3,000 shares of the stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $60.00, for a total value of $180,000.00. Following the completion of the transaction, the director now directly owns 33,261 shares of the company’s stock, valued at approximately $1,995,660. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Patrick W. Smith sold 107,000 shares of the stock in a transaction that occurred on Thursday, December 20th. The stock was sold at an average price of $42.27, for a total value of $4,522,890.00. Following the completion of the transaction, the chief executive officer now directly owns 632,520 shares of the company’s stock, valued at $26,736,620.40. The disclosure for this sale can be found here. Insiders sold a total of 113,100 shares of company stock valued at $4,773,725 over the last three months. Corporate insiders own 2.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of AAXN. Steward Partners Investment Advisory LLC grew its holdings in Axon Enterprise by 1,515.0% in the 3rd quarter. Steward Partners Investment Advisory LLC now owns 1,615 shares of the industrial products company’s stock worth $111,000 after buying an additional 1,515 shares in the last quarter. First Mercantile Trust Co. boosted its stake in Axon Enterprise by 100.0% during the 3rd quarter. First Mercantile Trust Co. now owns 2,400 shares of the industrial products company’s stock valued at $164,000 after purchasing an additional 1,200 shares in the last quarter. LS Investment Advisors LLC boosted its stake in Axon Enterprise by 22.7% during the 4th quarter. LS Investment Advisors LLC now owns 3,829 shares of the industrial products company’s stock valued at $168,000 after purchasing an additional 708 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Axon Enterprise by 14.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,854 shares of the industrial products company’s stock valued at $169,000 after purchasing an additional 491 shares in the last quarter. Finally, Laurel Wealth Advisors LLC bought a new position in Axon Enterprise during the 4th quarter valued at $179,000. 82.86% of the stock is owned by institutional investors and hedge funds.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops, manufactures, and sells conducted electrical weapons (CEWs) worldwide. The company operates through two segments, TASER Weapons, and Software and Sensors. It offers TASER X26P and TASER X2 smart weapons for law enforcement; consumer CEWs; and replacement cartridges and consumables, as well as performance power magazines.

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