Insider Selling: Navan (NASDAQ:NAVN) Major Shareholder Sells 1,004,231 Shares of Stock

Navan, Inc. (NASDAQ:NAVN) major shareholder Lightspeed Venture Partners Se sold 1,004,231 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $20.37, for a total transaction of $20,456,185.47. Following the transaction, the insider directly owned 2,756,858 shares of the company’s stock, valued at $56,157,197.46. This represents a 26.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Lightspeed Venture Partners Se also recently made the following trade(s):

• On Friday, June 12th, Lightspeed Venture Partners Se sold 1,019,900 shares of Navan stock. The shares were sold at an average price of $20.00, for a total transaction of $20,398,000.00.

Navan Stock Performance

Shares of NASDAQ:NAVN traded up $0.17 during trading on Monday, hitting $20.10. 5,656,674 shares of the stock traded hands, compared to its average volume of 4,247,811. The company has a fifty day moving average price of $17.75 and a two-hundred day moving average price of $14.60. 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, Inc. has a 52-week low of $8.10 and a 52-week high of $24.50.

Navan (NASDAQ:NAVN) last released its quarterly 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 company had revenue of $220.23 million for the quarter. Navan’s quarterly revenue was up 39.8% on a year-over-year basis. On average, analysts predict that Navan, Inc. will post -0.33 earnings per share for the current fiscal year.

Institutional Trading of Navan

Several hedge funds have recently made changes to their positions in the business. CTC Alternative Strategies Ltd. acquired a new stake in shares of Navan during the first quarter worth about $177,000. Bank of America Corp DE increased its stake in shares of Navan by 733.7% during the first quarter. Bank of America Corp DE now owns 210,524 shares of the company’s stock worth $2,787,000 after buying an additional 185,271 shares during the period. Janus Henderson Group PLC purchased a new stake in shares of Navan during the first quarter worth approximately $367,000. Sunbelt Securities Inc. purchased a new stake in shares of Navan during the first quarter worth approximately $71,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Navan by 160.3% during the first quarter. The Manufacturers Life Insurance Company now owns 38,212 shares of the company’s stock worth $506,000 after buying an additional 23,534 shares during the period.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NAVN. Citizens Jmp boosted their price target on shares of Navan from $31.00 to $38.00 and gave the company a “market outperform” rating in a research report on Thursday. Mizuho boosted their price target on shares of Navan from $25.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday. TD Cowen boosted their price target on shares of Navan from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday. Citigroup reissued an “outperform” rating on shares of Navan in a research report on Thursday. Finally, 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 research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $28.64.

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.