Zevenbergen Capital Investments LLC lifted its holdings in Navan, Inc. (NASDAQ:NAVN – Free Report) by 2,221.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 387,738 shares of the company’s stock after acquiring an additional 371,038 shares during the period. Zevenbergen Capital Investments LLC owned 0.15% of Navan worth $8,139,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the company. Cosmic Management LLC bought a new stake in Navan during the 4th quarter valued at about $121,930,000. Napean Trading & Investment Co Singapore PTE Ltd bought a new position in shares of Navan in the 4th quarter worth $100,332,000. Alkeon Capital Management LLC purchased a new stake in shares of Navan during the fourth quarter valued at about $45,891,000. Capital International Investors bought a new position in shares of Navan during the 4th quarter worth approximately $41,557,000. Finally, Dragoneer Investment Group LLC acquired a new stake in Navan in the fourth quarter valued at approximately $35,791,000.
Analyst Upgrades and Downgrades
NAVN has been the subject of several analyst reports. BMO Capital Markets increased their price objective on Navan from $22.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, June 11th. Rosenblatt Securities boosted their price target on Navan from $27.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, September 10th. Morgan Stanley boosted their target price on shares of Navan from $25.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, June 11th. Oppenheimer upped their target price on Navan from $30.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Finally, Mizuho increased their price objective on Navan from $25.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Navan currently has an average rating of “Moderate Buy” and a consensus target price of $30.50.
Check Out Our Latest Stock Report on NAVN
Insider Activity
In related news, President Michael Sindicich sold 8,977 shares of Navan stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $21.27, for a total value of $190,940.79. Following the completion of the transaction, the president owned 539,341 shares in the company, valued at $11,471,783.07. The trade was a 1.64% decrease in their position. The sale was disclosed in a document filed 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, CTO Ilan Twig sold 36,040 shares of the company’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $21.27, for a total value of $766,570.80. Following the completion of the transaction, the chief technology officer directly owned 769,820 shares of the company’s stock, valued at $16,374,071.40. The trade was a 4.47% decrease in their position. 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 a total of 489,042 shares of company stock valued at $13,891,186 in the last three months. 63.39% of the stock is currently owned by corporate insiders.
Navan Stock Performance
Shares of NASDAQ NAVN traded up $0.80 during trading on Thursday, reaching $23.08. 2,990,431 shares of the company traded hands, compared to its average volume of 3,342,236. The firm’s fifty day simple moving average is $25.36 and its 200 day simple moving average is $21.56. The stock has a market cap of $6.01 billion and a P/E ratio of -4.56. Navan, Inc. has a 12-month low of $8.10 and a 12-month high of $30.88. The company has a current ratio of 4.38, a quick ratio of 4.38 and a debt-to-equity ratio of 0.09.
Navan (NASDAQ:NAVN – Get Free Report) last announced its quarterly earnings results on Wednesday, September 9th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $232.79 million during the quarter. The company’s quarterly revenue was up 35.4% compared to the same quarter last year. As a group, research analysts anticipate that Navan, Inc. will post -0.29 earnings per share for the current fiscal year.
Navan Profile
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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