Core Insights - The Carillon Eagle Mid Cap Growth Fund's third-quarter 2025 investor letter highlights a continued rally in equity markets driven by enthusiasm for AI, limited inflationary effects from tariffs, and expectations for interest rate cuts by the U.S. Federal Reserve [1] - Mid-cap stocks showed positive gains, with the Russell Midcap Growth Index increasing by 2.78%, although it underperformed the Russell Midcap® Value Index, which rose by 6.16% during the same period [1] Company Analysis: Axon Enterprise, Inc. (NASDAQ:AXON) - Axon Enterprise, Inc. manufactures conducted energy devices under the TASER brand, but its stock experienced a one-month return of -30.52% and a 52-week decline of 17.01%, closing at $524.60 with a market capitalization of $41.396 billion on November 13, 2025 [2] - Despite a robust growth quarter and positive momentum in new product development, Axon’s stock lagged after a period of outperformance, focusing on innovative solutions for law enforcement, including advancements in drones and AI-enabled technologies [3] - Axon reported $711 million in revenue for the third quarter, marking a 31% year-over-year increase, but is not among the 30 most popular stocks among hedge funds, with 62 hedge fund portfolios holding its stock at the end of the second quarter [4]

Core Insights - Investors are showing a bullish sentiment towards Axon Enterprise, with significant options trading activity indicating potential upcoming developments [1][2] - The overall sentiment among large investors is mixed, with 41% bullish and 25% bearish positions noted in recent trades [3] Options Trading Activity - A total of 24 uncommon options trades for Axon Enterprise were identified, with 11 puts totaling $613,830 and 13 calls totaling $522,217 [2][3] - The predicted price range for Axon Enterprise is between $200.0 and $1140.0, based on trading volumes and open interest over the last three months [4] Volume and Open Interest Trends - The analysis of volume and open interest for Axon Enterprise's options indicates significant liquidity and interest, particularly within the strike price range of $200.0 to $1140.0 over the past 30 days [5][6] Noteworthy Options Activity - Specific trades include a call option with a strike price of $200.00 and a total trade price of $201.9K, and multiple put options with strike prices around $560.00, indicating a mix of bullish and neutral sentiments [9] Company Overview - Axon Enterprise Inc is focused on building a public safety operating system, integrating hardware devices and cloud software solutions, primarily generating revenue from its Software and Sensors segment [10] - The company offers a range of products including digital evidence management solutions, body cameras, TASER devices, and training solutions [10] Analyst Insights - Recent analyst ratings suggest a positive outlook for Axon Enterprise, with target prices averaging around $745.0, and individual targets ranging from $610 to $800 [11][12] Current Market Position - Axon Enterprise is currently trading at $521.39, with a slight decrease of -0.11%, and is anticipated to release earnings in 92 days [14]

Core Insights - Axon Enterprise, Inc. is a leading developer of advanced technology and weapons products for law enforcement and military use, with a market cap of $41.2 billion [1] Financial Performance - Axon has underperformed the broader market, with stock prices declining 12.2% year-to-date and 17.3% over the past 52 weeks, while the S&P 500 Index gained 12.3% in 2025 and 11% over the past year [2] - The company also lagged behind the Industrial Select Sector SPDR Fund, which saw a 13.6% increase year-to-date and a 6.4% rise over the past year [3] - Following the release of Q3 results on November 4, Axon's stock prices fell 9.4%. The company reported a 6.3% year-over-year revenue growth to $710.6 million, exceeding expectations by 1.6%. However, adjusted EPS dropped 44.8% to $1.17, missing consensus estimates by 28.2% [4] Earnings Outlook - For the full fiscal year 2025, analysts project an adjusted EPS of $0.18, representing a 91.4% decline year-over-year. The company has a mixed earnings surprise history, surpassing estimates twice and missing them twice in the past four quarters [5] - Among 20 analysts covering Axon, the consensus rating is a "Strong Buy," with 13 "Strong Buys," four "Moderate Buys," and three "Holds" [5] Analyst Ratings - Barclays analyst Tim Long maintained a "Buy" rating on Axon but reduced the price target from $861 to $702. The mean price target of $811.47 indicates a 55.5% premium to current price levels, while the highest target of $925 suggests a potential upside of 77.2% [6]

Core Insights - Axon Enterprise, Inc. is facing increased competition from Motorola, which could impact its market position and investor confidence [1] - Jim Cramer expressed a bullish sentiment towards Axon, highlighting its long-term potential and innovative products in law enforcement technology [2] - Despite the positive outlook, there are concerns that certain AI stocks may offer better investment opportunities with less risk [2] Company Overview - Axon develops and sells TASER devices, body and fleet cameras, and software solutions for law enforcement [2] - The company is recognized for its innovative approach, including the use of drones and AI in police reporting [2] Market Competition - The entry of Motorola into the law enforcement technology market is seen as a significant competitive threat to Axon [1] - Cramer noted that Motorola's resources could allow it to disrupt Axon's business model by potentially undercutting prices [1] Investment Sentiment - Cramer has previously highlighted Axon as a long-term outperformer, indicating confidence in its growth trajectory [2] - The stock has been recognized alongside AMD as a strong performer in the market [2]

MAGNIFICENT 7 : Why This Trader Expects More Pain Ahead Take a Trial Today Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20! IBD Videos Get market updates, educational videos, webinars, and stock analysis. Taser International created and marketed less lethal, conducted-energy weapons used mainly by law enforcement and corrections authorities. The devices received credit for reducing officer injuries in confrontations with suspec ...

Core Insights - Axon Enterprise, Inc. is experiencing significant growth, particularly in its Connected Devices segment, with a price target set at $860 by RBC Capital, indicating a potential increase of 55.13% from its current price of $554.37 [1][5] Financial Performance - The Connected Devices segment reported a revenue increase of 24% year over year, reaching $405 million in Q3 2025, driven by strong demand for the TASER 10 and Axon Body 4 camera [2][5] - The TASER and Personal Sensors businesses grew by 17% and 20%, respectively, while the Platform Solutions segment saw a remarkable 71% increase [2] Product Innovations - The TASER 10 and Axon Body 4 camera are key contributors to Axon's success, featuring advanced capabilities that have led to strong order volumes [3] - The Axon Body 4 camera includes bi-directional communication and a point-of-view camera module, supporting the expansion of Axon's product portfolio [3] Market Position - Despite a slight decrease of 0.52% in stock price, Axon's market capitalization remains robust at approximately $43.75 billion [4][5] - The stock has traded between $546.64 and $569.04, with a 52-week high of $885.92 and a low of $469.24, indicating active investor interest with a trading volume of 823,617 shares on NASDAQ [4]

Core Viewpoint - Axon Enterprise, Inc. is a leading provider of public safety technology, expanding its product portfolio and experiencing significant revenue growth in various segments [1][3]. Company Performance - RBC Capital initiated coverage on Axon with an "Outperform" rating, noting a stock price of $554.37 at the time of initiation [2][6]. - The Connected Devices segment saw a 24% year-over-year revenue increase to $405 million in Q3 2025, driven by demand for TASER 10 and Body 4 products [2][6]. - The TASER and Personal Sensors businesses grew by 17% and 20%, respectively, while the Platform Solutions segment experienced a 71% increase [3]. Market Sentiment - Wall Street analysts have a positive outlook on Axon, with an average brokerage recommendation (ABR) of 1.45, indicating a consensus between Strong Buy and Buy [4]. - Out of 19 brokerage firms, 13 rated Axon as a Strong Buy and three as a Buy, reflecting strong investor interest [4]. Stock Performance - As of the latest data, AXON's stock price is $554.37, with a slight decrease of 0.52% or $2.92 [5]. - The stock has traded between $546.64 and $569.04 on the day, with a market capitalization of approximately $43.75 billion [5].

Core Insights - Axon Enterprise, Inc. (AXON) is experiencing strong performance in its Connected Devices segment, driven by robust demand for its TASER 10 products and other advanced technologies [1][4] Segment Performance - The Connected Devices segment's revenues increased by 24% year over year, reaching $405 million in Q3 2025, with TASER and Personal Sensors businesses growing by 17% and 20%, respectively, while Platform Solutions surged by 71% [3][8] - The introduction of the Axon Body 4 body-worn camera in April 2023 has led to strong orders, contributing positively to segment growth [2] Market Demand - The demand for Axon's public safety technologies is expected to remain strong due to rising global terrorism and criminal activities, positioning the Connected Devices portfolio for sustained growth [4] Peer Comparison - Kratos Defense & Security Solutions, Inc. reported a 23% year-over-year revenue increase in its Government Solutions segment, while Teledyne Technologies Incorporated's Digital Imaging segment saw a 2.2% increase [5][6] Valuation and Estimates - Axon is currently trading at a forward price-to-earnings ratio of 72.59X, which is above the industry average of 46.27X, and it carries a Value Score of F [10] - The Zacks Consensus Estimate for Axon's fourth-quarter 2025 earnings has decreased by 0.6% over the past 60 days [11]

Company Evolution and Core Business - Axon Enterprise has transitioned from a TASER-focused hardware manufacturer to a comprehensive public safety technology platform, integrating devices with cloud-based SaaS solutions and AI tools, creating a "hardware + SaaS + AI" ecosystem that drives recurring revenue [1] Strong Financial Momentum - In 2024, Axon reported revenue of $2.08 billion, marking a 33% year-over-year increase, with Software & Sensors contributing 60.7% and TASER segment 39.3%. Net income reached $377 million, with diluted EPS at $4.80 [3] - For Q2 2025, revenue increased to $669 million (+33% YoY), with Software & Services revenue growing 39% to $292 million. Annual Recurring Revenue (ARR) was $1.18 billion as of June 30, 2025, up 39% YoY, and Net Revenue Retention exceeded 120% [4] Premium Subscriptions and AI Monetization - The shift towards high-margin SaaS is accelerating, with premium bundles gaining traction and boosting ARR per user. Axon Assistant, a real-time AI tool for officers, is actively deployed and serves as a key growth driver. Large municipal and federal contracts are expanding, enhancing revenue visibility [5] Valuation and Market Position - Axon has a market cap of approximately $45 billion, trading at a premium due to its growth trajectory, but this leaves little room for error. Elevated forward P/E ratios and high stock-based compensation could pressure free cash flow and dilute shareholders over time [6] Investment Thesis: Growth at a Premium - The bull case suggests Axon is building a defensible moat in body-worn cameras and digital evidence management, with expanding SaaS margins and AI integration unlocking new revenue streams. Sustained ARR growth above 30% and successful scaling of Axon Assistant could justify the current valuation [7] Short-Term Catalysts (6–12 Months) - Key developments in the next six to twelve months include the full-scale rollout of Axon Assistant, large-scale adoptions by major cities or federal agencies, and Q4 2025 earnings that could confirm sustained ARR growth and expanding margins. Analyst upgrades or strategic partnerships may also drive stock enthusiasm [9]

Core Insights - ZAP Surgical Systems, Inc. has achieved significant regulatory milestones with its ZAP-Axon® Radiosurgery Planning System, receiving both U.S. FDA 510(k) clearance and European CE certification [1] Company Summary - The ZAP-Axon® Radiosurgery Planning System is dedicated exclusively to cranial applications, indicating a focused approach in the field of non-invasive robotic brain surgery [1]