Alkeon Capital Management LLC Buys Shares of 2,686,828 Navan, Inc. $NAVN

Alkeon Capital Management LLC bought a new stake in shares of Navan, Inc. (NASDAQ:NAVN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,686,828 shares of the company’s stock, valued at approximately $45,891,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. New York State Common Retirement Fund acquired a new stake in Navan during the 4th quarter valued at approximately $101,000. Strs Ohio bought a new position in shares of Navan during the 4th quarter worth approximately $113,000. FNY Investment Advisers LLC bought a new position in shares of Navan during the 4th quarter worth approximately $115,000. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Navan during the 4th quarter worth approximately $165,000. Finally, Verition Fund Management LLC bought a new position in shares of Navan during the 4th quarter worth approximately $205,000.

Wall Street Analyst Weigh In

NAVN has been the topic of a number of research analyst reports. Morgan Stanley increased their price target on Navan from $25.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday. Rosenblatt Securities increased their price target on Navan from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, June 8th. BMO Capital Markets increased their price target on Navan from $22.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, June 11th. Weiss Ratings upgraded Navan from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday. Finally, The Goldman Sachs Group upgraded 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.64.

Insider Activity at Navan

In related news, major shareholder Lightspeed Venture Partners Se sold 1,019,900 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $20.00, for a total value of $20,398,000.00. Following the completion of the sale, the insider directly owned 3,761,089 shares of the company’s stock, valued at approximately $75,221,780. This represents a 21.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Ilan Ezra Twig sold 49,210 shares of the stock in a transaction on Friday, March 20th. The shares were sold at an average price of $8.62, for a total value of $424,190.20. Following the completion of the sale, the chief technology officer directly owned 538,012 shares of the company’s stock, valued at $4,637,663.44. The trade was a 8.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,301,854 shares of company stock valued at $84,486,871 over the last three months. 63.39% of the stock is currently owned by company insiders.

Navan Price Performance

Shares of NASDAQ:NAVN opened at $20.10 on Tuesday. The company has a quick ratio of 4.31, a current ratio of 4.31 and a debt-to-equity ratio of 0.10. Navan, Inc. has a twelve month low of $8.10 and a twelve month high of $24.50. The stock’s 50 day moving average is $17.75 and its 200-day moving average is $14.60. The firm has a market capitalization of $5.04 billion and a price-to-earnings ratio of -9.62.

Navan (NASDAQ:NAVN) last issued its earnings results on Wednesday, June 10th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.20. The firm had revenue of $220.23 million for the quarter. The company’s revenue for the quarter was up 39.8% compared to the same quarter last year. Sell-side analysts forecast that Navan, Inc. will post -0.33 EPS for the current fiscal year.

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.