Bank of America Corp DE Buys 185,271 Shares of Navan, Inc. $NAVN

Key Points

• Bank of America significantly increased its Navan stake by 733.7% in the first quarter, acquiring 185,271 additional shares. It ended the period with 210,524 shares worth approximately $2.79 million, or 0.08% of the company.
• Navan insiders have been net sellers: insiders sold 5.48 million shares valued at $113.7 million over the past three months, though insiders still own 63.39% of the stock.
• Navan reported quarterly revenue of $220.2 million, up 39.8% year over year, and EPS of $0.08 versus analyst expectations of a $0.12 loss. Analysts maintain a “Moderate Buy” consensus, with an average price target of $29.79.

Bank of America Corp DE boosted its stake in Navan, Inc. (NASDAQ:NAVN - Free Report) by 733.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 210,524 shares of the company's stock after acquiring an additional 185,271 shares during the period. Bank of America Corp DE owned 0.08% of Navan worth $2,787,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada acquired a new position in Navan in the fourth quarter valued at $35,000. California State Teachers Retirement System bought a new stake in shares of Navan during the 4th quarter valued at about $39,000. Russell Investments Group Ltd. acquired a new stake in Navan during the fourth quarter worth approximately $51,000. Sunbelt Securities Inc. acquired a new stake in Navan during the first quarter worth approximately $71,000. Finally, New York State Common Retirement Fund bought a new stake in Navan in the fourth quarter worth approximately $101,000.

Insider Buying and Selling at Navan

In other Navan news, CEO Ariel M. Cohen sold 168,378 shares of Navan stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $30.14, for a total transaction of $5,074,912.92. Following the transaction, the chief executive officer directly owned 1,086,242 shares of the company's stock, valued at $32,739,333.88. The trade was a 13.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ilan Ezra Twig sold 24,726 shares of the company's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $21.06, for a total transaction of $520,729.56. Following the completion of the sale, the chief technology officer owned 805,860 shares of the company's stock, valued at approximately $16,971,411.60. The trade was a 2.98% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 5,481,362 shares of company stock valued at $113,690,219 in the last three months. Insiders own 63.39% of the company's stock.

Navan Stock Performance

NAVN opened at $29.06 on Tuesday. Navan, Inc. has a 1-year low of $8.10 and a 1-year high of $30.88. The company has a market cap of $7.39 billion and a price-to-earnings ratio of -13.52. The company's fifty day moving average price is $26.62 and its two-hundred day moving average price is $19.01. The company has a current ratio of 4.31, a quick ratio of 4.31 and a debt-to-equity ratio of 0.10.

Navan (NASDAQ:NAVN - Get Free Report) last issued its quarterly earnings data on Wednesday, June 10th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.20. The business had revenue of $220.23 million for the quarter. The firm's revenue was up 39.8% compared to the same quarter last year. On average, analysts expect that Navan, Inc. will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Citigroup reaffirmed an "outperform" rating on shares of Navan in a research report on Thursday, June 11th. The Goldman Sachs Group upgraded shares of Navan from a "buy" rating to a "buy" rating in a research report on Monday, June 8th. Oppenheimer increased their target price on shares of Navan from $30.00 to $35.00 and gave the stock an "outperform" rating in a research note on Thursday. Mizuho raised their price target on shares of Navan from $25.00 to $30.00 and gave the stock an "outperform" rating in a report on Thursday, June 11th. Finally, TD Cowen lifted 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, August 13th. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $29.79.

Navan 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.

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