Weiss Asset Management LP Buys New Shares in Navan, Inc. $NAVN

Weiss Asset Management LP bought a new position in shares of Navan, Inc. (NASDAQ:NAVN) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 190,694 shares of the company’s stock, valued at approximately $2,525,000. Weiss Asset Management LP owned approximately 0.08% of Navan as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada bought a new stake in shares of Navan in the 4th quarter worth approximately $35,000. California State Teachers Retirement System bought a new stake in shares of Navan during the fourth quarter valued at approximately $39,000. Russell Investments Group Ltd. bought a new stake in shares of Navan during the fourth quarter valued at approximately $51,000. Strs Ohio raised its stake in shares of Navan by 86.4% in the first quarter. Strs Ohio now owns 12,300 shares of the company’s stock valued at $163,000 after purchasing an additional 5,700 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new position in Navan in the fourth quarter worth $101,000.

Navan Price Performance

Shares of NASDAQ NAVN opened at $23.20 on Monday. Navan, Inc. has a 52-week low of $8.10 and a 52-week high of $28.22. 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 business has a fifty day moving average of $22.59 and a two-hundred day moving average of $16.39. The stock has a market cap of $5.90 billion and a PE ratio of -10.79.

Navan (NASDAQ:NAVN) last posted its earnings results on Wednesday, June 10th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.20. The firm had revenue of $220.23 million during the quarter. The business’s revenue for the quarter was up 39.8% on a year-over-year basis. As a group, equities research analysts expect that Navan, Inc. will post -0.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. BMO Capital Markets boosted their price target on shares of Navan from $22.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, June 11th. Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Navan in a research note on Monday, June 22nd. BTIG Research increased their price target on shares of Navan from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. Mizuho raised their price target on shares of Navan from $25.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, June 11th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Navan in a report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Navan has a consensus rating of “Moderate Buy” and a consensus target price of $29.07.

Insider Activity

In other Navan news, CEO Ariel M. Cohen sold 41,530 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $21.06, for a total transaction of $874,621.80. Following the sale, the chief executive officer directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Arif Janmohamed sold 1,019,900 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $20.00, for a total transaction of $20,398,000.00. Following the sale, the director directly owned 3,761,089 shares of the company’s stock, valued at approximately $75,221,780. The trade was a 21.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 5,139,153 shares of company stock valued at $102,867,420 in the last ninety days. 63.39% of the stock is currently owned by corporate insiders.

About Navan

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.