Navan (NASDAQ:NAVN) Sets New 12-Month High – Here’s What Happened
by Kim Johansen · The Markets DailyNavan, Inc. (NASDAQ:NAVN – Get Free Report)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $24.79 and last traded at $24.6880, with a volume of 2443930 shares. The stock had previously closed at $22.87.
Wall Street Analysts Forecast Growth
NAVN has been the subject of several analyst reports. The Goldman Sachs Group raised shares of Navan from a “buy” rating to a “buy” rating in a research report on Monday, June 8th. Bank of America increased their target price on shares of Navan from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, June 11th. Morgan Stanley boosted their price target on Navan from $25.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, June 11th. Oppenheimer set a $30.00 price objective on Navan in a report on Thursday, June 11th. Finally, BTIG Research raised their price target on Navan from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Navan presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.64.
Read Our Latest Report on Navan
Navan Stock Up 7.3%
The company’s fifty day simple moving average is $19.61 and its 200 day simple moving average is $15.12. The company has a quick ratio of 4.31, a current ratio of 4.31 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $6.24 billion and a PE ratio of -11.40.
Navan (NASDAQ:NAVN – Get Free Report) last announced its earnings results on Wednesday, June 10th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.20. The firm had revenue of $220.23 million during the quarter. Navan’s revenue for the quarter was up 39.8% on a year-over-year basis. Analysts anticipate that Navan, Inc. will post -0.37 earnings per share for the current fiscal year.
Insider Activity
In related news, CTO Ilan Ezra Twig sold 24,726 shares of Navan stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $21.06, for a total transaction of $520,729.56. Following the completion of the transaction, the chief technology officer directly owned 805,860 shares of the company’s stock, valued at $16,971,411.60. This trade represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Arif Janmohamed sold 77,323 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $19.06, for a total transaction of $1,473,776.38. Following the sale, the director directly owned 2,280,989 shares in the company, valued at $43,475,650.34. The trade was a 3.28% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 5,119,601 shares of company stock worth $102,379,085. 63.39% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in NAVN. SG Americas Securities LLC purchased a new stake in shares of Navan in the fourth quarter worth $270,000. FNY Investment Advisers LLC bought a new position in Navan in the 4th quarter worth about $115,000. Lunate Capital Ltd purchased a new stake in Navan during the 4th quarter valued at about $3,416,000. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Navan during the 4th quarter valued at about $256,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Navan during the 4th quarter valued at about $257,000.
Navan Company 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.