In the realm of personal defense, Axon Enterprise, Inc has made significant strides in developing, manufacturing, and selling conducted electrical weapons. The company operates through two main segments: TASER and Software and Sensors. TASER sells various products including conducted electrical weapons, accessories, and related services.
Recently, Conestoga Capital Advisors LLC increased its stake in Axon Enterprise by 0.1% during the fourth quarter. This means that the fund now owns 984,366 shares of the biotechnology company’s stock after purchasing an additional 1,050 shares during this period alone.
Axon Enterprise accounts for approximately 3.1% of Conestoga Capital Advisors LLC’s holdings which makes the stock its eighth largest holding. According to their most recent Securities & Exchange Commission filing, Conestoga Capital Advisors LLC owned 1.38% of Axon Enterprise which is equivalent to a money value of $163,336,000.
Brokerages have weighed in on AXON offering some interesting opinions regarding its potential for growth. Raymond James cut Axon Enterprise from a “strong-buy” rating to an “outperform” rating with a target price of $223.00 on the stock. StockNews.com began coverage on Axon Enterprise with a “hold” rating while The Goldman Sachs Group initiated coverage with a “buy” rating and a $263.00 price target for the company.
Additionally, Needham & Company LLC reaffirmed a “buy” rating giving it a $240.00 price objective on shares of Axon Enterprise back in March while JMP Securities increased their target price from $195.00 to $235.00.
Analysts are predicting further positive developments for this biotechnology company as evidenced by their consensus rating of “Moderate Buy” with an average target price of $227.36 according to Bloomberg.com.
With such positive projections and reviews among analysts within this industry there remains wide speculation about how businesses such as Axon Enterprise, Inc will further shape the realm of personal defense.
Institutional Investors Show Strong Interest in Axon Enterprise, Despite Insider Selling
When you hear about institutional investors and hedge funds adding or reducing their stakes in a particular stock, it’s not just random trading. These actions often signify something significant happening in the company that they are banking on. In the case of Axon Enterprise, this led to Capital International Investors raising its holdings in the biotechnology firm by 605.2% in the first quarter, while Stephens Investment Management Group LLC grew its stake by 3.3% in the third quarter.
This interest was further boosted when Northern Trust Corp lifted its position in Axon Enterprise by 2.6% during the first quarter and Invesco Ltd. grew its holdings by 11% around the same time frame. All these investment moves resulted in institutional investors owning a noteworthy 75.62% of the company’s stock.
Furthermore, The pandemic had relatively minor impact on Axon Enterprise’s operations, maintaining consistent revenue streams thanks to end-users varied demand from different industries towards their TASER Conducted Electrical Weapon (CEW) and body-worn camera products.
Currently valued at $16.50 billion, Axon Enterprise’s stock has hit some highs recently compared to a low of $82.49 last year, with a whopping $229 high earlier this July before settling back down now at $223.31 as of Friday.
In other company news, CEO Patrick W. Smith sold almost 1 million shares from January to March despite sunny forecasts from institutional investors; This resulted in insiders selling off an enormous amount ($83,975,621) of company stock within these mere months which accounted for over 6% of total shares under internal control.
Axon Enterprise’s financial report paints a picture of robustness that is attractive to investors across various sectors and considering how well its technologies have fared during challenging times make it even more promising as we continue our journey into an uncertain post-pandemic world where safety equipment will see increased demand.
