Morgan Stanley Downgrades Axon Enterprise (NASDAQ:AXON) to Equal Weight

Axon Enterprise (NASDAQ:AXONGet Rating) was downgraded by equities researchers at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Monday, Marketbeat.com reports. They presently have a $120.00 target price on the biotechnology company’s stock. Morgan Stanley’s price objective points to a potential upside of 29.65% from the company’s previous close.

A number of other equities analysts also recently commented on AXON. Zacks Investment Research downgraded shares of Axon Enterprise from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 19th. Robert W. Baird dropped their price objective on shares of Axon Enterprise from $145.00 to $125.00 in a research note on Wednesday, May 11th. Credit Suisse Group began coverage on shares of Axon Enterprise in a research note on Monday, May 9th. They set an “outperform” rating and a $169.00 price objective on the stock. Northland Securities dropped their price objective on shares of Axon Enterprise from $180.00 to $130.00 in a research note on Thursday, May 12th. Finally, JPMorgan Chase & Co. upgraded shares of Axon Enterprise from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $222.00 to $192.00 in a research note on Friday, February 25th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Axon Enterprise has a consensus rating of “Buy” and an average target price of $165.60.

Axon Enterprise stock opened at $92.56 on Monday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.43 and a quick ratio of 2.18. Axon Enterprise has a 1-year low of $82.49 and a 1-year high of $209.00. The firm has a market capitalization of $6.57 billion, a P/E ratio of 178.00 and a beta of 0.55. The company’s 50-day moving average is $118.32 and its 200 day moving average is $137.58.

Axon Enterprise (NASDAQ:AXONGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The biotechnology company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.16. The company had revenue of $256.43 million for the quarter, compared to analyst estimates of $233.57 million. Axon Enterprise had a net margin of 4.62% and a return on equity of 3.90%. The firm’s revenue for the quarter was up 31.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.75) EPS. Research analysts anticipate that Axon Enterprise will post 1.35 earnings per share for the current fiscal year.

In related news, CFO Jawad A. Ahsan sold 4,840 shares of the firm’s stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $141.17, for a total transaction of $683,262.80. Following the completion of the transaction, the chief financial officer now owns 360,019 shares of the company’s stock, valued at $50,823,882.23. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 6.90% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Axon Enterprise by 3.4% during the first quarter. BlackRock Inc. now owns 7,615,375 shares of the biotechnology company’s stock valued at $1,048,867,000 after buying an additional 248,746 shares during the period. Baillie Gifford & Co. grew its position in shares of Axon Enterprise by 1.3% in the fourth quarter. Baillie Gifford & Co. now owns 4,598,695 shares of the biotechnology company’s stock valued at $721,995,000 after purchasing an additional 60,037 shares during the period. Capital International Investors boosted its position in Axon Enterprise by 605.2% during the first quarter. Capital International Investors now owns 2,660,634 shares of the biotechnology company’s stock worth $366,449,000 after acquiring an additional 2,283,343 shares during the last quarter. State Street Corp boosted its position in Axon Enterprise by 13.3% during the first quarter. State Street Corp now owns 2,220,692 shares of the biotechnology company’s stock worth $305,856,000 after acquiring an additional 261,508 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Axon Enterprise by 11.3% during the fourth quarter. Alliancebernstein L.P. now owns 1,477,546 shares of the biotechnology company’s stock worth $231,975,000 after acquiring an additional 149,915 shares during the last quarter. Institutional investors own 72.06% of the company’s stock.

About Axon Enterprise (Get Rating)

Axon Enterprise, Inc develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand in the United States and internationally. It operates through two segments, TASER, and Software and Sensors. The company also offers hardware and cloud-based software solutions that enable law enforcement to capture, securely store, manage, share, and analyze video and other digital evidence.

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Analyst Recommendations for Axon Enterprise (NASDAQ:AXON)

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