Axon Enterprise appoints Todd Morgenfeld to board of directors

Axon Enterprise, Inc. (NASDAQ:AXON), the $57.6 billion law enforcement technology company that has delivered a remarkable 104.75% return to investors over the past year, announced the appointment of Todd Morgenfeld to its board of directors, effective Thursday. According to InvestingPro data, Axon maintains impressive gross profit margins of 60.6% and has achieved 32.4% revenue growth in the last twelve months. Morgenfeld was also named to the board’s Audit Committee and the Mergers and Acquisitions and Capital Structure Committee, with both roles beginning immediately. The board increased its size from ten to eleven members to accommodate the appointment.

Morgenfeld will serve as an independent director with an initial term set to expire at Axon’s 2026 annual meeting of stockholders. His compensation package includes an initial grant of restricted stock units valued at $260,000, vesting annually over three years, and an annual restricted stock unit award of $260,000 for each year he serves, vesting after one year. He will also receive annual cash compensation of $40,000, with additional annual retainers of $10,000 for Audit Committee service and $6,000 for service on the Mergers and Acquisitions and Capital Structure Committee, paid quarterly. Axon has entered into an indemnification agreement with Morgenfeld, as described in its 2024 annual report.

According to the company, there are no arrangements or understandings between Morgenfeld and any other persons regarding his selection as a director, and there are no related-party transactions requiring disclosure.

Morgenfeld, 53, currently serves on the boards of AppLovin Corporation and Urban Outfitters, Inc. He was previously Chief Financial Officer and later Chief Operating Officer at Pinterest, Inc. from 2016 to 2023, and has held finance leadership roles at Twitter, Inc. and Hewlett-Packard Company. Earlier in his career, he was an investment partner at Silver Lake Partners and an associate at Goldman Sachs & Co., and served as a Captain in the U.S. Army’s Armor branch. Morgenfeld holds a B.S. from the United States Military Academy at West Point and an M.B.A. from Stanford University Graduate School of Business.

This information is based on a press release statement contained in a filing with the Securities and Exchange Commission.

In other recent news, Axon Enterprise has reported strong quarterly performance with revenue growth of 33%, surpassing Wall Street’s expectations of 27% growth by 4.4 percentage points. This robust performance has led TD Cowen to raise its price target for Axon to $925, maintaining a Buy rating. Additionally, Raymond James increased its price target from $645 to $855, citing Axon’s impressive order volume and management’s guidance towards a record-breaking second half with estimated orders of $5 billion or more.

BofA Securities also raised its price target on Axon Enterprise to $1,000, highlighting the strengthening momentum across the company’s business segments. Craig-Hallum upgraded Axon from Hold to Buy, attributing the decision to the company’s strong Q2 results, including reaccelerated bookings and Annual Recurring Revenue growth. The firm anticipates bookings could reach the high 30% range by fiscal year 2025, potentially supporting growth of over 30% in fiscal years 2026 and 2027.

TD Cowen reiterated its Buy rating and increased its price target to $925, expressing confidence in Axon’s growth prospects after a recent investor meeting. Discussions at the meeting included expansion drivers, AI initiatives, and international growth, among other topics. Overall, Axon Enterprise’s recent developments have led several analyst firms to adjust their ratings and price targets positively.

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