2,000,000 Shares in Navan, Inc. $NAVN Purchased by Norges Bank

Norges Bank purchased a new position in Navan, Inc. (NASDAQ:NAVN) in the 4th quarter, Holdings Channel.com reports. The firm purchased 2,000,000 shares of the company’s stock, valued at approximately $34,160,000.

Several other hedge funds have also recently added to or reduced their stakes in NAVN. Strs Ohio acquired a new position in Navan in the fourth quarter worth about $113,000. FNY Investment Advisers LLC acquired a new position in Navan in the fourth quarter worth about $115,000. Teachers Retirement System of The State of Kentucky acquired a new position in Navan in the fourth quarter worth about $223,000. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Navan in the fourth quarter worth about $256,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Navan in the fourth quarter worth about $257,000.

Navan Trading Up 1.1%

NASDAQ NAVN opened at $21.44 on Tuesday. The firm has a market capitalization of $5.38 billion and a price-to-earnings ratio of -10.26. The business’s 50 day moving average price is $16.91. The company has a current ratio of 4.07, a quick ratio of 4.07 and a debt-to-equity ratio of 0.10. Navan, Inc. has a 1-year low of $8.10 and a 1-year high of $23.53.

Navan (NASDAQ:NAVN) last issued its quarterly earnings results on Wednesday, March 25th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.26. The company had revenue of $177.92 million during the quarter. Navan’s revenue for the quarter was up 34.8% on a year-over-year basis. On average, analysts forecast that Navan, Inc. will post -0.33 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Oppenheimer increased their price target on shares of Navan from $20.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday. Weiss Ratings raised shares of Navan from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Citigroup dropped their price objective on shares of Navan from $26.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, March 26th. Bank of America started coverage on shares of Navan in a report on Tuesday, April 7th. They set a “buy” rating and a $17.00 price objective for the company. Finally, Morgan Stanley raised their price objective on shares of Navan from $20.00 to $25.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.64.

Insider Activity at Navan

In related news, CTO Ilan Ezra Twig sold 49,210 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $8.62, for a total value of $424,190.20. Following the completion of the sale, the chief technology officer owned 538,012 shares of the company’s stock, valued at $4,637,663.44. This trade represents a 8.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ariel M. Cohen sold 151,007 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $8.62, for a total transaction of $1,301,680.34. Following the completion of the sale, the chief executive officer directly owned 1,003,918 shares of the company’s stock, valued at approximately $8,653,773.16. This represents a 13.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 253,592 shares of company stock valued at $2,778,500 over the last quarter. Corporate insiders own 63.39% of the company’s stock.

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.