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On March 17, Jeri Williams, a director at Axon Enterprise, Inc. (NASDAQ:AXON), sold 307 shares of the company’s common stock. The company, currently valued at $41.4 billion, has shown strong momentum with a 38.5% price return over the past six months. According to InvestingPro analysis, the stock appears to be trading above its Fair Value. The shares were sold at a price of $552.72 each, amounting to a total transaction value of $169,685. Following this sale, Williams retains ownership of 1,627 shares.
The transaction was carried out under a Rule 10b5-1 trading plan, which was established by Williams on December 10, 2024. This plan allows insiders to schedule trades of company stock in advance, providing a defense against potential accusations of insider trading.
In other recent news, Axon Enterprise has entered into exchange agreements to swap approximately $407.5 million of its 0.50% convertible senior notes due in 2027 for cash and stock. The transaction, pending standard conditions, is expected to close by March 2025. Additionally, Axon has upsized its senior notes offering to $1.75 billion, exceeding its initial $1.5 billion target. This offering includes $1 billion of 6.125% senior notes due in 2030 and $750 million of 6.250% senior notes due in 2033, with proceeds earmarked for general corporate purposes and potential repurchase of existing notes.
Analyst activity has been notable, with TD Cowen maintaining a Buy rating on Axon and raising the price target to $725, citing strong fourth-quarter performance and optimistic revenue guidance. In contrast, Craig-Hallum adjusted Axon’s price target to $600, maintaining a Hold rating despite acknowledging Axon’s record $2.5 billion in bookings and robust guidance for fiscal year 2025. Craig-Hallum noted potential pressures from general market sentiment towards high-multiple stocks. Both firms acknowledged Axon’s management’s efforts to address investor concerns during recent earnings calls.
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