The Manufacturers Life Insurance Company lifted its stake in shares of Navan, Inc. (NASDAQ:NAVN – Free Report) by 160.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 38,212 shares of the company’s stock after purchasing an additional 23,534 shares during the period. The Manufacturers Life Insurance Company’s holdings in Navan were worth $506,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Lightspeed Management Company L.L.C. acquired a new stake in Navan in the fourth quarter valued at approximately $852,658,000. a16z Capital Management L.L.C. acquired a new position in Navan during the 4th quarter worth approximately $464,497,000. Greenoaks Capital Partners LLC purchased a new stake in shares of Navan in the 4th quarter valued at approximately $274,088,000. Cosmic Management LLC purchased a new stake in shares of Navan in the 4th quarter valued at approximately $121,930,000. Finally, Napean Trading & Investment Co Singapore PTE Ltd acquired a new stake in shares of Navan in the 4th quarter valued at $100,332,000.
Insider Activity
In other Navan news, CEO Ariel M. Cohen sold 41,530 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $21.06, for a total transaction of $874,621.80. Following the completion of the sale, the chief executive officer directly owned 1,254,731 shares of the company’s stock, valued at $26,424,634.86. This represents a 3.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Michael Eric Sindicich sold 2,176 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $21.06, for a total value of $45,826.56. Following the sale, the president directly owned 548,318 shares of the company’s stock, valued at $11,547,577.08. The trade was a 0.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 5,139,153 shares of company stock worth $102,867,420 over the last quarter. 63.39% of the stock is owned by insiders.
Navan Trading Down 1.5%
Navan (NASDAQ:NAVN – Get Free Report) last announced its earnings results on Wednesday, June 10th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.20. The business had revenue of $220.23 million for the quarter. Navan’s quarterly revenue was up 39.8% on a year-over-year basis. Analysts expect that Navan, Inc. will post -0.37 earnings per share for the current year.
Analysts Set New Price Targets
Several research firms have recently issued reports on NAVN. BNP Paribas Exane lifted their price objective on shares of Navan from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Jefferies Financial Group raised their price target on Navan from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. The Goldman Sachs Group raised Navan from a “buy” rating to a “buy” rating in a report on Monday, June 8th. Bank of America upped their price objective on Navan from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. Finally, BTIG Research increased their price objective on Navan from $26.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Navan currently has a consensus rating of “Moderate Buy” and an average price target of $29.43.
Get Our Latest Stock Report on Navan
Navan Profile
Navan (NASDAQ: NAVN) is a technology company that provides an integrated platform for corporate travel, expense management and business payments. The company combines online travel booking and itinerary management with expense reporting, corporate card services and payment processing to help organizations consolidate travel and T&E (travel and expense) workflows into a single system. Navan emphasizes a mobile-first user experience, automated reconciliation and policy controls to simplify administrative processes for finance and travel teams while improving the experience for travelers.
Navan’s offerings typically include online and mobile travel booking, real-time traveler support and duty-of-care features, automated expense capture and reporting, corporate card and virtual card issuance, and tools for payments and invoice management.
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