Navan (NASDAQ:NAVN) Receives “Buy” Rating from Needham & Company LLC

Navan (NASDAQ:NAVN)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report issued on Monday,Benzinga reports. They presently have a $30.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 38.50% from the stock’s current price.

NAVN has been the topic of several other research reports. Citizens Jmp upped their target price on shares of Navan from $31.00 to $38.00 and gave the stock a “market outperform” rating in a research note on Thursday, June 11th. Citigroup reissued an “outperform” rating on shares of Navan in a research report on Thursday, June 11th. Mizuho boosted their price objective on shares of Navan from $25.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, June 11th. Morgan Stanley increased their target price on Navan from $25.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, June 11th. Finally, Oppenheimer set a $30.00 target price on Navan in a report on Thursday, June 11th. One equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat, Navan has an average rating of “Moderate Buy” and a consensus target price of $28.64.

Navan Stock Down 1.1%

Shares of NAVN traded down $0.25 during trading hours on Monday, hitting $21.66. The company had a trading volume of 4,474,430 shares, compared to its average volume of 3,043,453. The firm has a fifty day moving average price of $18.43 and a 200-day moving average price of $14.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.31 and a current ratio of 4.31. The stock has a market capitalization of $5.51 billion and a price-to-earnings ratio of -10.07. Navan has a 52-week low of $8.10 and a 52-week high of $24.50.

Navan (NASDAQ:NAVN) last announced its quarterly earnings data 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 for the quarter. The company’s quarterly revenue was up 39.8% compared to the same quarter last year. On average, equities research analysts forecast that Navan will post -0.37 EPS for the current fiscal year.

Insider Activity

In related news, Director Arif Janmohamed sold 77,323 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $19.06, for a total transaction of $1,473,776.38. Following the transaction, the director owned 2,280,989 shares in the company, valued at $43,475,650.34. This represents a 3.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Michael Eric Sindicich sold 51,169 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $20.20, for a total transaction of $1,033,613.80. Following the completion of the sale, the president owned 549,251 shares in the company, valued at $11,094,870.20. This represents a 8.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 5,051,169 shares of company stock valued at $100,937,907 in the last 90 days. 63.39% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Navan

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada purchased a new position in shares of Navan in the 4th quarter worth $35,000. California State Teachers Retirement System purchased a new stake in Navan during the fourth quarter valued at $39,000. Russell Investments Group Ltd. bought a new position in Navan in the fourth quarter valued at about $51,000. Sunbelt Securities Inc. bought a new position in Navan in the first quarter valued at about $71,000. Finally, New York State Common Retirement Fund purchased a new position in Navan in the fourth quarter worth about $101,000.

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.