Navan, Inc. (NASDAQ:NAVN – Get Free Report) shares rose 4.8% during mid-day trading on Wednesday. The stock traded as high as $22.34 and last traded at $22.37. Approximately 1,437,556 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 3,335,411 shares. The stock had previously closed at $21.34.
Analysts Set New Price Targets
Several equities research analysts have commented on the company. TD Cowen cut their target price on Navan from $34.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday, September 10th. Citizens Jmp restated a “market outperform” rating and set a $38.00 target price on shares of Navan in a report on Thursday, September 10th. Citigroup reiterated an “outperform” rating on shares of Navan in a research note on Thursday, June 11th. Rosenblatt Securities boosted their price target on shares of Navan from $27.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, September 10th. Finally, BTIG Research reiterated a “buy” rating and set a $30.00 target price on shares of Navan in a report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.50.
Check Out Our Latest Stock Report on Navan
Navan Trading Up 2.3%
Navan (NASDAQ:NAVN – Get Free Report) last posted its earnings results on Wednesday, September 9th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.17. Navan had a negative return on equity of 13.91% and a negative net margin of 42.11%.The business had revenue of $232.79 million for the quarter. Navan’s revenue was up 35.4% on a year-over-year basis. Equities analysts forecast that Navan, Inc. will post -0.29 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CTO Ilan Twig sold 36,040 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $21.27, for a total value of $766,570.80. Following the transaction, the chief technology officer owned 769,820 shares in the company, valued at approximately $16,374,071.40. This represents a 4.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Michael Sindicich sold 8,977 shares of the firm’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $21.27, for a total transaction of $190,940.79. Following the sale, the president owned 539,341 shares of the company’s stock, valued at $11,471,783.07. This trade represents a 1.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 489,042 shares of company stock valued at $13,891,186. Company insiders own 63.39% of the company’s stock.
Hedge Funds Weigh In On Navan
Several institutional investors and hedge funds have recently modified their holdings of the business. Zevenbergen Capital Investments LLC increased its holdings in shares of Navan by 2,221.8% during the third quarter. Zevenbergen Capital Investments LLC now owns 387,738 shares of the company’s stock worth $8,139,000 after purchasing an additional 371,038 shares during the period. Integrated Wealth Concepts LLC bought a new position in Navan during the 2nd quarter worth $25,000. Corient Private Wealth LP acquired a new position in Navan in the 2nd quarter valued at $1,310,000. Orion Capital Management LLC bought a new position in shares of Navan in the second quarter worth $54,000. Finally, EMC Capital Management acquired a new position in Navan in the second quarter valued at about $114,000.
About Navan
Navan, Inc is a business travel and expense management technology company that provides an integrated platform for organizations and their employees. Its services are designed to help businesses manage corporate travel, employee spending, payments and related administrative processes through a centralized digital system.
The company’s platform supports travel booking for flights, hotels, rental cars and other accommodations, along with travel policies, approval workflows and traveler support.
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