Joshua Isner, President of Axon Enterprise, Inc. (NASDAQ:AXON), recently sold shares of the company's common stock totaling $829,375, according to a recent SEC filing. The sale comes as Axon's stock has delivered an impressive 146% return year-to-date, with the company maintaining a market capitalization of approximately $49 billion. The transactions, executed on December 17, 2024, involved the sale of 1,291 shares at prices ranging from $639.82 to $643.375 per share.
These sales were part of a pre-arranged trading plan under Rule 10b5-1, which Isner adopted on September 15, 2023. The filing also noted a separate transaction on December 16, where 968 shares were disposed of to cover tax liabilities from vested restricted stock units, valued at $644.91 per share. According to InvestingPro, Axon maintains strong financial health with impressive gross profit margins of nearly 60% and robust revenue growth of 32%.
Following these transactions, Isner holds 181,892 shares of Axon Enterprise. Based on InvestingPro's analysis, the stock appears to be trading above its Fair Value, with 20+ additional insights available to subscribers through the platform's comprehensive Pro Research Report.
In other recent news, Axon Enterprise has been the focus of several investment firms. Baird recently raised its stock price target for Axon from $600 to $800, reiterating its Outperform rating based on Axon's growth trajectory and the potential of artificial intelligence (AI) within the company's operations. This followed a visit to Axon's headquarters by Baird analysts, who expressed confidence in the company's growth prospects.
Similarly, Morgan Stanley (NYSE:MS) upgraded Axon's stock from Equalweight to Overweight and increased the price target to $700. The upgrade reflects a growing confidence in the sustainability of the company's growth rate, which has been reported between 25-30%. Axon's competitive edge, robust police tech budgets, and the company's AI solutions were cited as factors contributing to this positive outlook.
In terms of financial performance, Axon reported a promising third-quarter performance with record bookings and a 32% year-over-year growth in revenue. The company raised its Q4 revenue guidance to between $560-570 million and expects full-year revenue to exceed $2.07 billion.
However, defense shares, including Axon, experienced a decline following potential ceasefire reports between Israel and Hezbollah. Despite these developments, both Baird and Morgan Stanley maintain a positive outlook on Axon's future performance. These are recent developments and as always, investors are advised to conduct their own research and consult with a financial advisor.
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