Navan (NASDAQ:NAVN) Hits New 52-Week High – Here’s Why

Navan, Inc. (NASDAQ:NAVN)’s share price hit a new 52-week high on Wednesday . The company traded as high as $28.42 and last traded at $28.2530, with a volume of 1424 shares trading hands. The stock had previously closed at $27.87.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Jefferies Financial Group raised their target price on Navan from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. BNP Paribas Exane increased their target price on shares of Navan from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Bank of America boosted their price target on shares of Navan from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. BTIG Research raised their target price on shares of Navan from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. Finally, The Goldman Sachs Group raised Navan from a “buy” rating to a “buy” rating in a report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.07.

Navan Stock Up 1.3%

The firm’s fifty day simple moving average is $23.68 and its two-hundred day simple moving average is $16.86. The company has a current ratio of 4.31, a quick ratio of 4.31 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $7.18 billion and a price-to-earnings ratio of -13.13.

Navan (NASDAQ:NAVN) last announced its quarterly earnings results on Wednesday, June 10th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.20. The firm had revenue of $220.23 million for the quarter. Navan’s quarterly revenue was up 39.8% on a year-over-year basis. Sell-side analysts anticipate that Navan, Inc. will post -0.37 EPS for the current year.

Insider Activity

In other news, Director Arif Janmohamed sold 77,323 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $19.06, for a total value of $1,473,776.38. Following the sale, the director directly owned 2,280,989 shares of the company’s stock, valued at approximately $43,475,650.34. The trade was a 3.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $45,826.56. Following the transaction, 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 position. 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 ninety days, insiders sold 5,139,153 shares of company stock worth $102,867,420. 63.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB purchased a new position in shares of Navan during the second quarter worth $579,000. Versant Capital Management Inc raised its holdings in shares of Navan by 23.2% in the 2nd quarter. Versant Capital Management Inc now owns 5,785 shares of the company’s stock valued at $132,000 after buying an additional 1,091 shares during the period. CTC Alternative Strategies Ltd. acquired a new position in Navan during the 1st quarter worth about $177,000. Bank of America Corp DE boosted its holdings in Navan by 733.7% during the 1st quarter. Bank of America Corp DE now owns 210,524 shares of the company’s stock valued at $2,787,000 after acquiring an additional 185,271 shares during the period. Finally, Janus Henderson Group PLC purchased a new position in Navan during the 1st quarter valued at about $367,000.

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.