TD Cowen Initiates Coverage on Axon Enterprise (NASDAQ:AXON)

Equities researchers at TD Cowen initiated coverage on shares of Axon Enterprise (NASDAQ:AXON) in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $700.00 price target on the biotechnology company’s stock. TD Cowen’s price target would suggest a potential upside of 21.25% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on AXON. Morgan Stanley raised shares of Axon Enterprise from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $500.00 to $700.00 in a research note on Tuesday, December 3rd. Needham & Company LLC lifted their price target on shares of Axon Enterprise from $525.00 to $600.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Robert W. Baird lifted their price target on shares of Axon Enterprise from $600.00 to $800.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. The Goldman Sachs Group lifted their price target on shares of Axon Enterprise from $385.00 to $441.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Northland Securities lifted their price target on shares of Axon Enterprise from $365.00 to $550.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Axon Enterprise presently has an average rating of “Moderate Buy” and a consensus price target of $504.92.

Axon Enterprise Price Performance

Shares of NASDAQ AXON opened at $577.34 on Wednesday. The stock has a market capitalization of $44.03 billion, a price-to-earnings ratio of 149.18, a PEG ratio of 14.19 and a beta of 1.04. Axon Enterprise has a 12 month low of $246.99 and a 12 month high of $698.67. The firm’s 50 day simple moving average is $604.40 and its 200-day simple moving average is $446.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.96 and a quick ratio of 2.63.

Insider Buying and Selling at Axon Enterprise

In other news, President Joshua Isner sold 20,000 shares of Axon Enterprise stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $606.15, for a total transaction of $12,123,000.00. Following the transaction, the president now owns 208,166 shares in the company, valued at $126,179,820.90. The trade was a 8.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael Garnreiter sold 1,000 shares of Axon Enterprise stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $437.98, for a total value of $437,980.00. Following the transaction, the director now owns 26,259 shares in the company, valued at approximately $11,500,916.82. This represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,545 shares of company stock worth $31,159,317. Corporate insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in Axon Enterprise by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,782,828 shares of the biotechnology company’s stock valued at $710,103,000 after buying an additional 35,320 shares during the period. Westfield Capital Management Co. LP raised its holdings in Axon Enterprise by 12.2% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,175,328 shares of the biotechnology company’s stock valued at $469,661,000 after buying an additional 127,769 shares during the period. Champlain Investment Partners LLC raised its holdings in Axon Enterprise by 13.9% in the 3rd quarter. Champlain Investment Partners LLC now owns 682,420 shares of the biotechnology company’s stock valued at $272,695,000 after buying an additional 83,265 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Axon Enterprise by 1.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 561,263 shares of the biotechnology company’s stock valued at $224,281,000 after buying an additional 9,090 shares during the period. Finally, Groupama Asset Managment purchased a new stake in Axon Enterprise in the 3rd quarter valued at about $200,000. Hedge funds and other institutional investors own 79.08% of the company’s stock.

About Axon Enterprise

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, Software and Sensors, and TASER. 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.