Large owner Andreessen Horowitz Fund V, L.P. converted options into 24,177,790 shares (SEC Form 4)

11/4/25 7:46:49 PM ET

$NAVN

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SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Andreessen Horowitz Fund V, L.P.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Navan, Inc. [ NAVN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	10/31/2025		C		6,757,090	A	⁽¹⁾	6,757,090	I	By Andreessen Horowitz LSV Fund I, L.P.⁽²⁾
Class A Common Stock	10/31/2025		C		4,305,906	A	⁽¹⁾	5,574,551	I	By Andreessen Horowitz LSV Fund II, L.P.⁽³⁾
Class A Common Stock	10/31/2025		C		607,161	A	⁽¹⁾	607,161	I	By Andreessen Horowitz LSV Fund III, L.P.⁽⁴⁾⁽⁵⁾
Class A Common Stock	10/31/2025		C		2,081,772	A	⁽¹⁾	2,081,772	I	By Andreessen Horowitz Fund V, L.P.⁽⁶⁾
Class A Common Stock	10/31/2025		C		17,001	A	⁽¹⁾	17,001	I	By CLF Partners, LP⁽⁷⁾
Class A Common Stock	10/31/2025		C		10,408,860	A	⁽¹⁾	10,408,860	I	By AH Parallel Fund V, L.P.⁽⁸⁾⁽⁹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series Seed Preferred Stock	⁽¹⁾	10/31/2025		C			765,736	⁽¹⁾	⁽¹⁾	Class A Common Stock	255,244	⁽¹⁾	0	I	By Andreessen Horowitz LSV Fund II, L.P.⁽³⁾
Series A Preferred Stock	⁽¹⁾	10/31/2025		C			603,920	⁽¹⁾	⁽¹⁾	Class A Common Stock	201,306	⁽¹⁾	0	I	By Andreessen Horowitz LSV Fund III, L.P.⁽⁴⁾⁽⁵⁾
Series C Preferred Stock	⁽¹⁾	10/31/2025		C			6,245,316	⁽¹⁾	⁽¹⁾	Class A Common Stock	2,081,772	⁽¹⁾	0	I	By Andreessen Horowitz Fund V, L.P.⁽⁶⁾
Series C Preferred Stock	⁽¹⁾	10/31/2025		C			31,226,580	⁽¹⁾	⁽¹⁾	Class A Common Stock	10,408,860	⁽¹⁾	0	I	By AH Parallel Fund V, L.P.⁽⁸⁾⁽⁹⁾
Series C Preferred Stock	⁽¹⁾	10/31/2025		C			41,635	⁽¹⁾	⁽¹⁾	Class A Common Stock	13,878	⁽¹⁾	0	I	By CLF Partners, LP⁽⁷⁾
Series D Preferred Stock	⁽¹⁾	10/31/2025		C			20,244,280	⁽¹⁾	⁽¹⁾	Class A Common Stock	6,757,090	⁽¹⁾	0	I	By Andreessen Horowitz LSV Fund I, L.P.⁽²⁾
Series E Preferred Stock	⁽¹⁾	10/31/2025		C			9,763,156	⁽¹⁾	⁽¹⁾	Class A Common Stock	3,272,830	⁽¹⁾	0	I	By Andreessen Horowitz LSV Fund II, L.P.⁽³⁾
Series F Preferred Stock	⁽¹⁾	10/31/2025		C			2,309,297	⁽¹⁾	⁽¹⁾	Class A Common Stock	777,832	⁽¹⁾	0	I	By Andreessen Horowitz LSV Fund II, L.P.⁽³⁾
Series F Preferred Stock	⁽¹⁾	10/31/2025		C			9,274	⁽¹⁾	⁽¹⁾	Class A Common Stock	3,123	⁽¹⁾	0	I	By CLF Partners, LP⁽⁷⁾
Series G-1 Preferred Stock	⁽¹⁾	10/31/2025		C			1,201,643	⁽¹⁾	⁽¹⁾	Class A Common Stock	405,855	⁽¹⁾	0	I	By Andreessen Horowitz LSV Fund III, L.P.⁽⁴⁾⁽⁵⁾

1. Name and Address of Reporting Person^*

Andreessen Horowitz Fund V, L.P.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Andreessen Horowitz Fund V-A, L.P.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Andreessen Horowitz Fund V-B, L.P.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Andreessen Horowitz Fund V-Q, L.P.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

AH Equity Partners V, L.L.C.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

AH Parallel Fund V, L.P.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

AH Parallel Fund V-A, L.P.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

AH Parallel Fund V-B, L.P.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

AH Parallel Fund V-Q, L.P.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

AH Equity Partners V (Parallel), L.L.C.

(Last)

(First)

(Middle)

C/O ANDREESSEN HOROWITZ

2865 SAND HILL ROAD, SUITE 101

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Each share of Series Seed, Series A, Series C, Series D, Series E, Series F and Series G-1 Preferred Stock automatically converted into shares of Class A Common Stock immediately prior to the closing of the Issuer's initial public offering ("IPO") for no additional consideration at a conversion ratio that was dependent upon the initial offering price per share of the Class A Common Stock to the public in the Issuer's IPO, and had no expiration date.

2. These shares are held of record by Andreessen Horowitz LSV Fund I, L.P. ("AH LSV Fund I"), for itself and as nominee for Andreessen Horowitz LSV Fund I-B, L.P. and Andreessen Horowitz LSV Fund I-Q, L.P. (collectively, the "AH LSV Fund I Entities"). AH Equity Partners LSV I, L.L.C. ("AH EP LSV I"), the general partner of AH LSV Fund I, may be deemed to have sole voting and dispositive power over the shares held by the AH LSV Fund I Entities. Marc Andreessen and Benjamin Horowitz are the managing members of AH EP LSV I and may be deemed to have shared voting and dispositive power over the shares held by the AH LSV Fund I Entities. Each of the Reporting Persons disclaims the existence of a "group" and disclaims beneficial ownership of the securities held by the AH LSV Fund I Entities and this report shall not be deemed an admission that such person is the beneficial owner of such securities, except to the extent of such person's pecuniary interest therein, if any.

3. These shares are held of record by Andreessen Horowitz LSV Fund II, L.P. ("AH LSV Fund II"), for itself and as nominee for Andreessen Horowitz LSV Fund II-B, L.P. and Andreessen Horowitz LSV Fund II-Q, L.P. (collectively, the "AH LSV Fund II Entities"). AH Equity Partners LSV II, L.L.C. ("AH EP LSV II "), the general partner of AH LSV Fund II, may be deemed to have sole voting and dispositive power over the shares held by the AH LSV Fund II Entities. Marc Andreessen and Benjamin Horowitz are the managing members of AH EP LSV II and may be deemed to have shared voting and dispositive power over the shares held by the AH LSV Fund II Entities. Each of the Reporting Persons 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 such person is the beneficial owner of such securities, except to the extent of such person's pecuniary interest therein, if any.

4. These shares are held of record by Andreessen Horowitz LSV Fund III, L.P. ("AH LSV Fund III"), for itself and as nominee for Andreessen Horowitz LSV Fund III-B, L.P., AH 2022 Annual Fund, L.P., AH 2022 Annual Fund-B, L.P. and AH 2022 Annual Fund-QC, L.P. (collectively, the "AH LSV Fund III Entities"). AH Equity Partners LSV III, L.L.C. ("AH EP LSV III"), the general partner of AH LSV Fund III, may be deemed to have sole voting and dispositive power over the shares held by the AH LSV Fund III Entities.

5. (Continued from Footnote 4) Marc Andreessen and Benjamin Horowitz are the managing members of AH EP LSV III and may be deemed to have shared voting and dispositive power over the shares held by the AH LSV Fund III Entities. Each of the Reporting Persons disclaims the existence of a "group" and disclaims beneficial ownership of the securities held by the AH LSV Fund III Entities and this report shall not be deemed an admission that such person is the beneficial owner of such securities, except to the extent of such person's pecuniary interest therein, if any.

6. These shares are held of record by Andreessen Horowitz Fund V, L.P. ("AH Fund V"), for itself and as nominee for Andreessen Horowitz Fund V-A, L.P., Andreessen Horowitz Fund V-B, L.P. and Andreessen Horowitz Fund V-Q, L.P. (collectively, the "AH Fund V Entities"). AH Equity Partners V, L.L.C. ("AH EP V"), the general partner of AH Fund V, may be deemed to have sole voting and dispositive power over the shares held by the AH Fund V Entities. Marc Andreessen and Benjamin Horowitz are the managing members of AH EP V and may be deemed to have shared voting and dispositive power over the shares held by the AH Fund V Entities. Each of the Reporting Persons disclaims the existence of a "group" and disclaims beneficial ownership of the securities held by the AH Fund V Entities and this report shall not be deemed an admission that such person is the beneficial owner of such securities, except to the extent of such person's pecuniary interest therein, if any.

7. These shares are held of record by CLF Partners, LP ("CLF"). AH EP V, the general partner of CLF, may be deemed to have sole voting and dispositive power over the shares held by CLF. Marc Andreessen and Benjamin Horowitz are the managing members of AH EP V and may be deemed to have shared voting and dispositive power over the shares held by CLF. Each of the Reporting Persons disclaims the existence of a "group" and disclaims beneficial ownership of the securities held by CLF and this report shall not be deemed an admission that such person is the beneficial owner of such securities, except to the extent of such person's pecuniary interest therein, if any.

8. These shares are held of record by AH Parallel Fund V, L.P. ("AH Parallel V"), for itself and as nominee for AH Parallel Fund V-A, L.P., AH Parallel Fund V-B, L.P., and AH Parallel Fund V-Q, L.P. (collectively, the "AH Parallel Fund V Entities"). AH Equity Partners V (Parallel), L.L.C. ("AH EP V Parallel"), the general partner of AH Parallel V, may be deemed to have sole voting and dispositive power over the shares held by the AH Parallel Fund V Entities. Marc Andreessen and Benjamin Horowitz are the managing members of AH EP V Parallel and may be deemed to have shared voting and dispositive power over the shares held by the AH Parallel Fund V Entities.

9. (Continued from Footnote 8) Each of the Reporting Persons disclaims the existence of a "group" and disclaims beneficial ownership of the securities held by the AH Parallel Fund V Entities and this report shall not be deemed an admission that such person is the beneficial owner of such securities, except to the extent of such person's pecuniary interest therein, if any.

Remarks:

This Form 4 is the third of three Forms 4 filed relating to the same event. Combined, the three reports report the holdings for the following Reporting Persons: Andreessen Horowitz LSV Fund I, L.P., Andreessen Horowitz LSV Fund I-B, L.P., Andreessen Horowitz LSV Fund I-Q, L.P., AH Equity Partners LSV I, L.L.C., Andreessen Horowitz LSV Fund II, L.P., Andreessen Horowitz LSV Fund II-B, L.P., Andreessen Horowitz LSV Fund II-Q, L.P., AH Equity Partners LSV II, L.L.C., Andreessen Horowitz LSV Fund III, L.P., Andreessen Horowitz LSV Fund III-B, L.P., AH Equity Partners LSV III, L.L.C., AH 2022 Annual Fund, L.P., AH 2022 Annual Fund-B, L.P., AH 2022 Annual Fund-QC, L.P., AH Equity Partners 2022 Annual Fund, L.L.C., Andreessen Horowitz Fund V, L.P., Andreessen Horowitz Fund V-A, L.P., Andreessen Horowitz Fund V-B, L.P., Andreessen Horowitz Fund V-Q, L.P., CLF Partners, LP, AH Equity Partners V, L.L.C., AH Parallel Fund V, L.P., AH Parallel Fund V-A, L.P., AH Parallel Fund V-B, L.P., AH Parallel Fund V-Q, L.P., AH Equity Partners V (Parallel), L.L.C. and Marc Andreessen. This Form 4 has been split into three filings because there are more than 10 reporting persons in total, and the SEC's EDGAR filing system limits a single Form 4 to a maximum of 10 reporting persons.

	Andreessen Horowitz Fund V, L.P., By AH Equity Partners V, L.L.C., Its General Partner, By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	Andreessen Horowitz Fund V-A, L.P., By AH Equity Partners V, L.L.C., Its General Partner, By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	Andreessen Horowitz Fund V-B, L.P., By AH Equity Partners V, L.L.C., Its General Partner, By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	Andreessen Horowitz Fund V-Q, L.P., By AH Equity Partners V, L.L.C., Its General Partner, By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	AH Equity Partners V, L.L.C., By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	AH Parallel Fund V, L.P., By AH Equity Partners V (Parallel), L.L.C., Its General Partner, By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	AH Parallel Fund V-A, L.P., By AH Equity Partners V (Parallel), L.L.C., Its General Partner, By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	AH Parallel Fund V-B, L.P., By AH Equity Partners V (Parallel), L.L.C., Its General Partner, By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	AH Parallel Fund V-Q, L.P., By AH Equity Partners V (Parallel), L.L.C., Its General Partner, By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	AH Equity Partners V (Parallel), L.L.C., By /s/ Phil Hathaway, Chief Operating Officer	11/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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Recent Analyst Ratings for

$NAVN

Date	Price Target	Rating	Analyst
1/12/2026	$30.00	Buy	Goldman
11/24/2025	$24.00	Outperform	BNP Paribas Exane
11/24/2025	$30.00	Buy	Rosenblatt
11/24/2025	$26.00	Buy	BTIG Research
11/24/2025	$25.00	Buy	Jefferies
11/24/2025	$25.00	Mkt Outperform	Citizens JMP
11/24/2025	$26.00	Buy	Citigroup
11/24/2025	$29.00	Buy	Goldman

More analyst ratings

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)

2. Transaction Date (Month/Day/Year)

2A. Deemed Execution Date, if any (Month/Day/Year)

3. Transaction Code (Instr. 8)

4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)

5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)

6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

7. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

Amount

(A) or (D)

Price

Class A Common Stock

10/31/2025

6,757,090

⁽¹⁾

6,757,090

By Andreessen Horowitz LSV Fund I, L.P.⁽²⁾

Class A Common Stock

10/31/2025

4,305,906

⁽¹⁾

5,574,551

By Andreessen Horowitz LSV Fund II, L.P.⁽³⁾

Class A Common Stock

10/31/2025

607,161

⁽¹⁾

607,161

By Andreessen Horowitz LSV Fund III, L.P.⁽⁴⁾⁽⁵⁾

Class A Common Stock

10/31/2025

2,081,772

⁽¹⁾

2,081,772

By Andreessen Horowitz Fund V, L.P.⁽⁶⁾

Class A Common Stock

10/31/2025

17,001

⁽¹⁾

17,001

By CLF Partners, LP⁽⁷⁾

Class A Common Stock

10/31/2025

10,408,860

⁽¹⁾

10,408,860

By AH Parallel Fund V, L.P.⁽⁸⁾⁽⁹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Series Seed Preferred Stock

⁽¹⁾

10/31/2025

765,736

⁽¹⁾

Class A Common Stock

255,244

⁽¹⁾

By Andreessen Horowitz LSV Fund II, L.P.⁽³⁾

Series A Preferred Stock

⁽¹⁾

10/31/2025

603,920

⁽¹⁾

Class A Common Stock

201,306

⁽¹⁾

By Andreessen Horowitz LSV Fund III, L.P.⁽⁴⁾⁽⁵⁾

Series C Preferred Stock

⁽¹⁾

10/31/2025

6,245,316

⁽¹⁾

Class A Common Stock

2,081,772

⁽¹⁾

By Andreessen Horowitz Fund V, L.P.⁽⁶⁾

Series C Preferred Stock

⁽¹⁾

10/31/2025

31,226,580

⁽¹⁾

Class A Common Stock

10,408,860

⁽¹⁾

By AH Parallel Fund V, L.P.⁽⁸⁾⁽⁹⁾

Series C Preferred Stock

⁽¹⁾

10/31/2025

41,635

⁽¹⁾

Class A Common Stock

13,878

⁽¹⁾

By CLF Partners, LP⁽⁷⁾

Series D Preferred Stock

⁽¹⁾

10/31/2025

20,244,280

⁽¹⁾

Class A Common Stock

6,757,090

⁽¹⁾

By Andreessen Horowitz LSV Fund I, L.P.⁽²⁾

Series E Preferred Stock

⁽¹⁾

10/31/2025

9,763,156

⁽¹⁾

Class A Common Stock

3,272,830

⁽¹⁾

By Andreessen Horowitz LSV Fund II, L.P.⁽³⁾

Series F Preferred Stock

⁽¹⁾

10/31/2025

2,309,297

⁽¹⁾

Class A Common Stock

777,832

⁽¹⁾

By Andreessen Horowitz LSV Fund II, L.P.⁽³⁾

Series F Preferred Stock

⁽¹⁾

10/31/2025

9,274

⁽¹⁾

Class A Common Stock

3,123

⁽¹⁾

By CLF Partners, LP⁽⁷⁾

Series G-1 Preferred Stock

⁽¹⁾

10/31/2025

1,201,643

⁽¹⁾

Class A Common Stock

405,855

⁽¹⁾

By Andreessen Horowitz LSV Fund III, L.P.⁽⁴⁾⁽⁵⁾

Recent Analyst Ratings for

$NAVN

Date	Price Target	Rating	Analyst
1/12/2026	$30.00	Buy	Goldman
11/24/2025	$24.00	Outperform	BNP Paribas Exane
11/24/2025	$30.00	Buy	Rosenblatt
11/24/2025	$26.00	Buy	BTIG Research
11/24/2025	$25.00	Buy	Jefferies
11/24/2025	$25.00	Mkt Outperform	Citizens JMP
11/24/2025	$26.00	Buy	Citigroup
11/24/2025	$29.00	Buy	Goldman

More analyst ratings

Large owner Andreessen Horowitz Fund V, L.P. converted options into 24,177,790 shares (SEC Form 4)

Crush Q1 2026 with the Best AI Superconnector

Recent Analyst Ratings for
$NAVN

Large owner Andreessen Horowitz Fund V, L.P. converted options into 24,177,790 shares (SEC Form 4)

Crush Q1 2026 with the Best AI Superconnector

Recent Analyst Ratings for
$NAVN

$NAVN
Analyst Ratings

Goldman resumed coverage on Navan with a new price target

BNP Paribas Exane initiated coverage on Navan with a new price target

BTIG Research initiated coverage on Navan with a new price target

$NAVN
Press Releases

Navan Upgrades Qantas Direct Connection to Unlock Superior Fares and Service

Yahoo Selects Navan to Modernize Travel and Expense Program

Business Travel Growth Outpaced TSA Growth in Q4, Navan Research Shows

$NAVN
Insider Purchases

Large owner Andreessen Horowitz Lsv Fund I, L.P. bought $839,163 worth of shares (46,337 units at $18.11) (SEC Form 4)

Large owner Andreessen Horowitz Fund V, L.P. bought $839,163 worth of shares (46,337 units at $18.11) (SEC Form 4)

Large owner Andreessen Horowitz Lsv Fund Iii, L.P. bought $839,163 worth of shares (46,337 units at $18.11) (SEC Form 4)

$NAVN
Insider Trading

President Sindicich Michael Eric sold $129,532 worth of shares (9,349 units at $13.86), decreasing direct ownership by 3% to 310,514 units (SEC Form 4)

Interim CFO Giviskos Anne Mary sold $37,045 worth of shares (2,675 units at $13.85), decreasing direct ownership by 2% to 106,090 units (SEC Form 4)

Director Weiss Shai was granted 33,162 shares (SEC Form 4)

$NAVN
SEC Filings

Amendment: SEC Form 144/A filed by Navan Inc.

Navan Inc. filed SEC Form 8-K: Leadership Update, Regulation FD Disclosure, Financial Statements and Exhibits

SEC Form 144 filed by Navan Inc.

$NAVN
Financials

Navan Announces Third Quarter Fiscal Year 2026 Results

Navan to Announce Third Quarter Fiscal 2026 Financial Results on December 15, 2025

$NAVN
Leadership Updates

Navan Appoints Shai Weiss to Board of Directors

Large owner Andreessen Horowitz Fund V, L.P. converted options into 24,177,790 shares (SEC Form 4)

Crush Q1 2026 with the Best AI Superconnector

Recent Analyst Ratings for $NAVN

Large owner Andreessen Horowitz Fund V, L.P. converted options into 24,177,790 shares (SEC Form 4)

Crush Q1 2026 with the Best AI Superconnector

Recent Analyst Ratings for $NAVN

$NAVN Analyst Ratings

Goldman resumed coverage on Navan with a new price target

BNP Paribas Exane initiated coverage on Navan with a new price target

BTIG Research initiated coverage on Navan with a new price target

$NAVN Press Releases

Navan Upgrades Qantas Direct Connection to Unlock Superior Fares and Service

Yahoo Selects Navan to Modernize Travel and Expense Program

Business Travel Growth Outpaced TSA Growth in Q4, Navan Research Shows

$NAVN Insider Purchases

Large owner Andreessen Horowitz Lsv Fund I, L.P. bought $839,163 worth of shares (46,337 units at $18.11) (SEC Form 4)

Large owner Andreessen Horowitz Fund V, L.P. bought $839,163 worth of shares (46,337 units at $18.11) (SEC Form 4)

Large owner Andreessen Horowitz Lsv Fund Iii, L.P. bought $839,163 worth of shares (46,337 units at $18.11) (SEC Form 4)

$NAVN Insider Trading

President Sindicich Michael Eric sold $129,532 worth of shares (9,349 units at $13.86), decreasing direct ownership by 3% to 310,514 units (SEC Form 4)

Interim CFO Giviskos Anne Mary sold $37,045 worth of shares (2,675 units at $13.85), decreasing direct ownership by 2% to 106,090 units (SEC Form 4)

Director Weiss Shai was granted 33,162 shares (SEC Form 4)

$NAVN SEC Filings

Amendment: SEC Form 144/A filed by Navan Inc.

Navan Inc. filed SEC Form 8-K: Leadership Update, Regulation FD Disclosure, Financial Statements and Exhibits

SEC Form 144 filed by Navan Inc.

$NAVN Financials

Navan Announces Third Quarter Fiscal Year 2026 Results

Navan to Announce Third Quarter Fiscal 2026 Financial Results on December 15, 2025

$NAVN Leadership Updates

Navan Appoints Shai Weiss to Board of Directors

Recent Analyst Ratings for
$NAVN

Recent Analyst Ratings for
$NAVN

$NAVN
Analyst Ratings

$NAVN
Press Releases

$NAVN
Insider Purchases

$NAVN
Insider Trading

$NAVN
SEC Filings

$NAVN
Financials

$NAVN
Leadership Updates