Form 4: Navan Director Horowitz's Funds Boost Stake

Funds associated with Navan, Inc. Director and 10% owner Benjamin Horowitz acquired over 1 million shares of Class A Common Stock in late December 2025.

Summary

• Benjamin Horowitz, a Director and 10% owner of Navan, Inc., reported significant indirect purchases of Class A Common Stock through various Andreessen Horowitz funds.
• Andreessen Horowitz LSV Fund II, L.P. acquired a total of 1,056,534 shares of Navan, Inc. Class A Common Stock across five transactions between December 22, 2025, and December 29, 2025.
• The purchase prices for these transactions ranged from a weighted average of $15.57 to $16.16 per share.
• Following these transactions, Andreessen Horowitz LSV Fund II, L.P. beneficially owns 7,323,480 shares.
• Horowitz also has shared voting and dispositive power over additional shares held by other Andreessen Horowitz entities, including 6,757,090 shares by AH LSV Fund I, L.P., 607,161 shares by AH LSV Fund III, L.P., 2,081,772 shares by AH Fund V, L.P., 17,001 shares by CLF Partners, LP, and 10,408,860 shares by AH Parallel Fund V, L.P.
• The reported transactions were made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 8

Explanation: The significant insider buying by a director and major shareholder, through associated funds, indicates strong confidence in the company's future. While a Form 4 is purely transactional, the scale and consistency of these purchases are a positive signal.

Positives

• Significant insider buying by a director and major shareholder, Benjamin Horowitz, through associated funds, indicates confidence in Navan, Inc.'s future prospects.
• The acquisition of over 1 million shares by Andreessen Horowitz LSV Fund II, L.P. represents a substantial investment at prices ranging from $15.57 to $16.16.
• The purchases were executed under a Rule 10b5-1(c) plan, suggesting a pre-meditated investment strategy rather than opportunistic trading.

Negatives

• No explicit negatives are present in this Form 4 filing, which primarily reports beneficial ownership changes.

Risks

• No specific risks are mentioned in this Form 4 filing.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance beyond the reporting of transactions made under a Rule 10b5-1(c) plan, which implies a pre-determined strategy for future share acquisitions or dispositions.

Management Comments

• The Reporting Person disclaims the existence of a 'group' and disclaims beneficial ownership of the securities held by the AH LSV Fund II Entities and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities, except to the extent of his pecuniary interest therein, if any.

Industry Context

This insider buying activity by a prominent venture capital firm's associated funds, through a director, suggests continued confidence in Navan, Inc.'s business model and growth trajectory within its industry. Such moves often signal a positive long-term outlook from well-informed investors.

Comparison to Industry Standards

• NA

Related Party Transactions

• Benjamin Horowitz, a Director and 10% owner of Navan, Inc., indirectly acquired shares through various Andreessen Horowitz funds where he serves as a managing member, potentially creating a related party transaction context for the share purchases.

Stakeholder Impact

• Shareholders may view the significant insider buying as a positive indicator of management and major investor confidence, potentially leading to increased investor interest and share price stability.
• The increased ownership by Andreessen Horowitz funds reinforces their long-term commitment to Navan, Inc.

Next Steps

• The filing does not explicitly mention future actions or milestones beyond the reported transactions.

Key Dates

Recommendation

The substantial insider buying by a director and significant shareholder, Benjamin Horowitz, through Andreessen Horowitz funds, signals strong conviction in Navan, Inc.'s valuation and future prospects. Such large-scale purchases by well-informed insiders are typically a bullish indicator, suggesting the stock may be undervalued or poised for growth. This action, especially under a 10b5-1 plan, reflects a strategic, long-term positive outlook.

Keywords

Navan Inc, NAVN, Benjamin Horowitz, Andreessen Horowitz, Insider Buying, Form 4, Beneficial Ownership, Stock Purchase, Director, 10% Owner, Equity Acquisition