Axon Enterprise (NASDAQ:AXON) Stock Price Down 4.2% - Here's Why

Axon Enterprise, Inc. (NASDAQ:AXON - Get Free Report) fell 4.2% on Monday . The stock traded as low as $603.33 and last traded at $618.14. 273,497 shares changed hands during trading, a decline of 52% from the average session volume of 571,426 shares. The stock had previously closed at $644.91.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AXON. Morgan Stanley raised Axon Enterprise from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $500.00 to $700.00 in a report on Tuesday, December 3rd. JMP Securities lifted their price objective on Axon Enterprise from $430.00 to $500.00 and gave the stock a "market outperform" rating in a research report on Thursday, October 31st. Northland Securities boosted their target price on Axon Enterprise from $365.00 to $550.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. Robert W. Baird boosted their target price on Axon Enterprise from $600.00 to $800.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Finally, The Goldman Sachs Group boosted their target price on Axon Enterprise from $385.00 to $441.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $488.67.

Axon Enterprise Stock Up 0.7 %

The company has a quick ratio of 2.63, a current ratio of 2.96 and a debt-to-equity ratio of 0.32. The company has a market cap of $49.51 billion, a PE ratio of 167.78, a P/E/G ratio of 14.19 and a beta of 1.01. The stock has a 50-day moving average of $544.09 and a 200-day moving average of $408.89.

Insider Activity at Axon Enterprise

In other Axon Enterprise news, insider Jeffrey C. Kunins sold 2,304 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $654.79, for a total value of $1,508,636.16. Following the completion of the sale, the insider now directly owns 128,542 shares in the company, valued at $84,168,016.18. This trade represents a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Julie A. Cullivan sold 1,261 shares of Axon Enterprise stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $682.06, for a total transaction of $860,077.66. Following the transaction, the director now owns 2,392 shares of the company's stock, valued at $1,631,487.52. The trade was a 34.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 99,590 shares of company stock valued at $49,435,607 over the last 90 days. 6.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Axon Enterprise

A number of hedge funds have recently added to or reduced their stakes in the company. 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 worth $710,103,000 after acquiring an additional 35,320 shares during the last quarter. Westfield Capital Management Co. LP grew its position 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 worth $469,661,000 after purchasing an additional 127,769 shares during the period. Champlain Investment Partners LLC grew its position 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 worth $272,695,000 after purchasing an additional 83,265 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position 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 worth $224,281,000 after purchasing an additional 9,090 shares during the period. Finally, Groupama Asset Managment bought a new stake in Axon Enterprise in the 3rd quarter worth approximately $200,000. 79.08% of the stock is currently owned by hedge funds and other institutional investors.

Axon Enterprise Company Profile

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.