[Form 4] Arista Networks, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jayshree Ullal, CEO and Chair of Arista Networks (ANET), reported multiple sales of company common stock on 09/10/2025. The filings show a series of dispositions executed under a Rule 10b5-1 trading plan adopted December 13, 2024, with weighted-average prices disclosed in ranges from $145.00 up to $150.65 per share. The report lists multiple blocks sold for trusts established for the reporting person’s children, for family trusts where she is co-trustee, and for trusts for a nephew and niece. Holdings following the reported transactions are shown for each trust, including totals such as 19,247,010 shares held by one family trust and smaller trusts holding 30,000 shares each for a nephew and niece. The form was signed by an attorney-in-fact on behalf of Ms. Ullal.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, indicating pre-established, scheduled sales rather than ad-hoc insider trades
• Detailed footnotes disclose weighted-average price ranges and trust arrangements, improving transparency

Negative

• Substantial share disposals by the CEO are reported across multiple trusts on 09/10/2025, which may attract investor attention
• Large indirect holdings remain concentrated in family trusts, which could be viewed as reduced free float for public investors

Insights

Financial Analyst

TL;DR: CEO sold multiple blocks of ANET stock under a pre-established 10b5-1 plan; transactions are structured rather than ad hoc.

These sales on 09/10/2025 were effected under a Rule 10b5-1 plan (adopted Dec 13, 2024), which typically provides an affirmative defense against insider trading claims because transactions follow a pre-set plan. The filing discloses weighted-average price ranges for several tranches between $145.00 and $150.65 per share and shows substantial residual holdings across multiple trusts. For investors, the key takeaway is that these are planned dispositions, not necessarily a signal of new company-specific information, though the aggregate volumes sold are sizeable on an absolute basis as reflected by the post-transaction trust holdings.

Corporate Governance Expert

TL;DR: Sales were executed via a documented 10b5-1 plan and reported in compliance, with trustee disclosures for indirect ownership.

The Form 4 clearly identifies the reporting person as a director and officer and discloses indirect holdings held in trusts for relatives where the reporting person serves as trustee or co-trustee and disclaims beneficial ownership. The use of a 10b5-1 plan and the detailed footnotes on weighted-average pricing and trust relationships align with strong disclosure practices. Stakeholders should note the repeated use of trust vehicles and the significant number of shares remaining in those trusts as reported post-transaction.

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

X

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^*

Ullal Jayshree

(Last) (First) (Middle)

5453 GREAT AMERICA PARKWAY

(Street)

SANTA CLARA CA 95054

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Arista Networks, Inc. [ ANET ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

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

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

X	Form filed by One Reporting Person
	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/10/2025		S(1)		3,440	D	$145.2161(2)	5,551,933	I	By Trust for Child 1(3)
Common Stock	09/10/2025		S(1)		32,304	D	$146.6615(4)	5,519,629	I	By Trust for Child 1(3)
Common Stock	09/10/2025		S(1)		55,197	D	$147.418(5)	5,464,432	I	By Trust for Child 1(3)
Common Stock	09/10/2025		S(1)		1,054	D	$148.074(6)	5,463,378	I	By Trust for Child 1(3)
Common Stock	09/10/2025		S(1)		80,171	D	$150.2035(7)	5,383,207	I	By Trust for Child 1(3)
Common Stock	09/10/2025		S(1)		3,440	D	$145.2161(2)	5,551,933	I	By Trust for Child 2(3)
Common Stock	09/10/2025		S(1)		32,304	D	$146.6615(4)	5,519,629	I	By Trust for Child 2(3)
Common Stock	09/10/2025		S(1)		55,197	D	$147.418(5)	5,464,432	I	By Trust for Child 2(3)
Common Stock	09/10/2025		S(1)		1,054	D	$148.074(4)	5,463,378	I	By Trust for Child 2(3)
Common Stock	09/10/2025		S(1)		80,171	D	$150.2035(7)	5,383,207	I	By Trust for Child 2(3)
Common Stock	09/10/2025		S(8)		18,051	D	$145.2161(2)	20,132,315	I	by Trust(9)
Common Stock	09/10/2025		S(8)		169,497	D	$146.6615(4)	19,962,818	I	by Trust(9)
Common Stock	09/10/2025		S(8)		289,618	D	$147.418(5)	19,673,200	I	by Trust(9)
Common Stock	09/10/2025		S(8)		5,532	D	$148.074(6)	19,667,668	I	by Trust(9)
Common Stock	09/10/2025		S(8)		420,658	D	$150.2035(7)	19,247,010	I	by Trust(9)
Common Stock								9,917	D
Common Stock								30,000	I	By Trust for Nephew(10)
Common Stock								30,000	I	By Trust for Niece(10)

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	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sale of shares was effected pursuant to a Rule 10b5-1 trading plan entered into by the reporting person for the benefit of the reporting person's relatives on December 13, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $145.00 to $145.99, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. These shares are held in trust for the benefit of the children of the reporting person for which the reporting person serves as trustee. The reporting person shares voting and investment control over the shares but disclaims beneficial ownership of the shares.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $146.01 to $147.0075, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $147.01 to $148.0075, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $148.01 to $148.13, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $150.00 to $150.65, inclusive. The reporting person undertakes to provide Arista Networks, Inc., any security holder of Arista Networks, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

8. The exercises and/or sales reported on this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 13, 2024.

9. These shares are held by a family trust for which the reporting person is co-trustee.

10. These shares are held in trust for the benefit of relatives of the reporting person for which the reporting person serves as co-trustee. The reporting person shares voting and investment control over the shares but disclaims beneficial ownership of the shares.

	By: Isabelle Bertin-Bailly, Attorney-in-Fact For: Jayshree Ullal	09/12/2025
	** 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.

FAQ

What did Jayshree Ullal (ANET) report on Form 4 dated 09/10/2025?

She reported multiple sales of Arista Networks common stock executed on 09/10/2025 and effected pursuant to a Rule 10b5-1 trading plan adopted December 13, 2024.

Were the sales by the ANET CEO ad hoc or part of a trading plan?

The sales were made under a Rule 10b5-1 trading plan, as stated in the Form 4 and its explanatory footnotes.

What price ranges were disclosed for the ANET share sales?

Weighted-average prices reported cover multiple transactions with ranges disclosed between $145.00 and $150.65 per share across different tranches.

Who holds the shares sold or remaining after the transactions?

The filings show shares held in trusts for the reporting person’s children, family trusts where she is co-trustee, and trusts for a nephew and niece, with post-transaction balances shown in the Form 4.

Does the Form 4 disclose any exercises or derivative transactions?

The Form 4 lists only non-derivative common stock dispositions (sales) and notes that certain exercises and/or sales were made pursuant to the 10b5-1 plan; no new derivative holdings are reported in Table II.