Fifth Third Bancorp Invests $646,000 in Navan, Inc. $NAVN

Key Points

• Fifth Third Bancorp acquired 48,794 Navan shares during the first quarter, valued at approximately $646,000. Several major investment firms, including Lightspeed Management and Andreessen Horowitz, also established sizable positions in the fourth quarter.
• Insiders sold approximately 5.14 million shares worth $102.9 million over the past 90 days, while corporate insiders still own 63.39% of Navan’s stock.
• Navan shares opened at $26.35, near their 52-week high, after the company reported quarterly revenue growth of 39.8% and earnings that exceeded expectations. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $29.07.

Fifth Third Bancorp acquired a new stake in Navan, Inc. (NASDAQ:NAVN - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 48,794 shares of the company's stock, valued at approximately $646,000.

Other institutional investors also recently added to or reduced their stakes in the company. Lightspeed Management Company L.L.C. purchased a new position in Navan in the fourth quarter valued at $852,658,000. a16z Capital Management L.L.C. purchased a new stake in shares of Navan in the 4th quarter valued at about $464,497,000. Greenoaks Capital Partners LLC purchased a new stake in Navan in the fourth quarter valued at approximately $274,088,000. Cosmic Management LLC purchased a new position in shares of Navan during the fourth quarter worth approximately $121,930,000. Finally, Napean Trading & Investment Co Singapore PTE Ltd acquired a new position in shares of Navan in the 4th quarter valued at $100,332,000.

Insiders Place Their Bets

In related news, Director Arif Janmohamed sold 77,323 shares of Navan stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $19.06, for a total transaction of $1,473,776.38. Following the sale, the director directly owned 2,280,989 shares in the company, valued at $43,475,650.34. The trade was a 3.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Lightspeed Venture Partners Se sold 8,983 shares of the business's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $25.36, for a total value of $227,808.88. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 5,139,153 shares of company stock worth $102,867,420. Corporate insiders own 63.39% of the company's stock.

Analysts Set New Price Targets

NAVN has been the subject of a number of recent research reports. Oppenheimer set a $30.00 price target on shares of Navan in a research note on Thursday, June 11th. TD Cowen upped their target price on shares of Navan from $28.00 to $29.00 and gave the company a "buy" rating in a report on Thursday, June 11th. BNP Paribas Exane increased their target price on shares of Navan from $27.00 to $30.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Weiss Ratings raised Navan from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, June 12th. Finally, Needham & Company LLC restated a "buy" rating and issued a $30.00 price target on shares of Navan in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Navan currently has a consensus rating of "Moderate Buy" and an average price target of $29.07.

Navan Trading Up 2.2%

Shares of NAVN opened at $26.35 on Wednesday. The firm has a market capitalization of $6.70 billion and a P/E ratio of -12.26. Navan, Inc. has a twelve month low of $8.10 and a twelve month high of $28.22. The company has a current ratio of 4.31, a quick ratio of 4.31 and a debt-to-equity ratio of 0.10. The stock's fifty day simple moving average is $22.89 and its 200 day simple moving average is $16.51.

Navan (NASDAQ:NAVN - Get Free Report) last issued 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 company had revenue of $220.23 million during the quarter. The firm's quarterly revenue was up 39.8% on a year-over-year basis. On average, equities research analysts forecast that Navan, Inc. will post -0.37 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.