The Manufacturers Life Insurance Company Raises Holdings in Navan, Inc. $NAVN

The Manufacturers Life Insurance Company boosted its holdings in shares of Navan, Inc. (NASDAQ:NAVN) by 160.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,212 shares of the company’s stock after acquiring an additional 23,534 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Navan were worth $506,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NAVN. Royal Bank of Canada acquired a new position in shares of Navan in the 4th quarter valued at $35,000. California State Teachers Retirement System purchased a new position in shares of Navan during the 4th quarter worth $39,000. Russell Investments Group Ltd. acquired a new stake in shares of Navan during the 4th quarter worth about $51,000. New York State Common Retirement Fund acquired a new stake in shares of Navan during the 4th quarter worth about $101,000. Finally, Strs Ohio purchased a new stake in Navan in the 4th quarter valued at about $113,000.

Insider Activity

In related news, major shareholder Lightspeed Venture Partners Se sold 8,983 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $25.36, for a total transaction of $227,808.88. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Arif Janmohamed sold 77,323 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $19.06, for a total transaction of $1,473,776.38. Following the sale, the director owned 2,280,989 shares in the company, valued at approximately $43,475,650.34. This trade represents a 3.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 5,139,153 shares of company stock worth $102,867,420 over the last 90 days. Company insiders own 63.39% of the company’s stock.

Wall Street Analyst Weigh In

NAVN has been the subject of several research analyst reports. Mizuho increased their target price 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. TD Cowen boosted their price target on shares of Navan from $29.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday. BNP Paribas Exane upped their price objective on shares of Navan from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Citigroup reaffirmed an “outperform” rating on shares of Navan in a research report on Thursday, June 11th. Finally, Morgan Stanley lifted their target price on shares of Navan from $25.00 to $33.00 and gave the company an “overweight” rating 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.43.

Navan Stock Performance

Shares of Navan stock opened at $29.25 on Friday. The business has a 50-day moving average of $24.82 and a 200 day moving average of $17.63. Navan, Inc. has a 12 month low of $8.10 and a 12 month high of $29.99. The stock has a market capitalization of $7.44 billion and a price-to-earnings ratio of -13.60. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.31 and a quick ratio of 4.31.

Navan (NASDAQ:NAVN) last released its earnings results on Wednesday, June 10th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.20. The firm had revenue of $220.23 million during the quarter. Navan’s quarterly revenue was up 39.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Navan, Inc. will post -0.37 earnings per share 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.