Navan, Inc. $NAVN Shares Sold by Readystate Asset Management LP

Readystate Asset Management LP reduced its holdings in shares of Navan, Inc. (NASDAQ:NAVN) by 73.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 75,000 shares of the company’s stock after selling 205,403 shares during the period. Readystate Asset Management LP’s holdings in Navan were worth $993,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. The Manufacturers Life Insurance Company increased its position in shares of Navan by 160.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 38,212 shares of the company’s stock worth $506,000 after purchasing an additional 23,534 shares during the last quarter. Quantinno Capital Management LP acquired a new stake in shares of Navan in the first quarter valued at approximately $1,531,000. Weiss Asset Management LP bought a new stake in Navan during the 1st quarter valued at $2,525,000. Renaissance Technologies LLC acquired a new stake in Navan in the first quarter worth about $3,978,000. Finally, Swiss National Bank acquired a new stake in shares of Navan in the 1st quarter worth approximately $1,222,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group raised their price objective on shares of Navan from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. The Goldman Sachs Group raised shares of Navan from a “buy” rating to a “buy” rating in a research note on Monday, June 8th. Mizuho increased their target price on Navan from $25.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, June 11th. Citigroup reiterated an “outperform” rating on shares of Navan in a report on Thursday, June 11th. Finally, TD Cowen upped their price target on shares of Navan from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. One research 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.07.

Insider Activity

In other Navan news, major shareholder Lightspeed Venture Partners Se sold 8,983 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $25.36, for a total transaction of $227,808.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ariel M. Cohen sold 41,530 shares of Navan 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 sale, the chief executive officer owned 1,254,731 shares of the company’s stock, valued at approximately $26,424,634.86. This represents a 3.20% 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. Over the last quarter, insiders have sold 5,139,153 shares of company stock worth $102,867,420. 63.39% of the stock is currently owned by insiders.

Navan Stock Up 0.8%

NAVN opened at $26.56 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.31 and a quick ratio of 4.31. The firm’s fifty day moving average price is $23.05 and its two-hundred day moving average price is $16.57. Navan, Inc. has a fifty-two week low of $8.10 and a fifty-two week high of $28.22. The company has a market capitalization of $6.76 billion and a P/E ratio of -12.35.

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