10 Best Large Cap Defense Stocks to Buy Now

8. Axon Enterprise, Inc. (NASDAQ:AXON)

Market Cap: $52.11 billion

Number of Hedge Fund Holders: 46

Axon Enterprise, Inc. (NASDAQ:AXON) manufactures weapons and technology for law enforcement agencies, military, and civilian use. The company integrates cloud software solutions and hardware devices to help enable modern policing, defense, and security. It has a diverse product catalog featuring conducted energy devices, cameras, and sensors, among others.

The company’s share price has surged by nearly 700% over the last five years, helped by several strategic acquisitions and partnerships formed during the period, and robust demand for its TASER segment. Another major driver behind the gains has been Axon Enterprise, Inc. (NASDAQ:AXON)’s strong financial performance. As of Q3 2024, the global public safety technology leader had marked 11 successive quarters of 25% revenue growth.

Investors have been encouraged by Axon Enterprise, Inc. (NASDAQ:AXON)’s results, which is reflected in the number of hedge funds having a stake in the company growing to 46 at the end of the third quarter of 2024, from 36 in Q2, according to Insider Monkey. Conestoga Capital Advisors stated the following regarding Axon in its Q4 2024 investor letter:

Axon Enterprise, Inc. (NASDAQ:AXON) continued to see robust demand for its products and services, from TASERs to body cameras to the software that powers many applications within public safety operations. Shares jumped on third-quarter results, which saw revenue grow 32%, EBITDA 58%, and backlog 33% to $7.7 billion. In addition, AXON continued to expand adjusted EBITDA margins, which were above 25% in the third quarter. AXON was a leader in three of the four quarters in 2024.

Wall Street sentiment around the company also remains bullish, with analysts having a consensus Strong Buy rating for the stock, making Axon Enterprise, Inc. (NASDAQ:AXON) one of the best large cap stocks to buy now.