[Form 4] Arista Networks Insider Trading Activity

Rhea-AI Filing Summary

Arista Networks (ANET) – Form 4 insider filing: CEO & Chairperson Jayshree Ullal reported the 30 Jul 2025 disposition of 288,820 common shares held across several family trusts.

• Executed under a pre-arranged Rule 10b5-1 trading plan adopted 13 Dec 2024, signalling the sales were scheduled in advance.
• Weighted-average sale price: $122.19; small lots sold at $123. Aggregate proceeds are roughly $35 million.
• Breakdown: main family trust sold 209,112 shares; each child’s trust sold 39,854 shares.
• Residual stakes remain large: 22.83 m shares in the primary trust and 6.06 m shares in each child’s trust, plus other indirect holdings.

No derivative transactions were disclosed. The filing records routine liquidity/estate-planning activity and does not convey operational or financial guidance.

Positive

• Sales executed under a Rule 10b5-1 plan, providing transparency and reducing concerns about opportunistic timing.
• CEO retains a substantial ownership position (over 22.8 m shares in the main trust plus other holdings), maintaining alignment with shareholders.

Negative

• Significant dollar value (~$35 m) and volume (288 k shares) sold could create short-term negative sentiment.
• Multiple family trusts trimmed positions simultaneously, moderately reducing aggregate insider ownership.

Insights

Securities Analyst

TL;DR: Large but pre-scheduled CEO sale; minor sentiment drag, negligible fundamental impact.

The sale equals ~289 k shares (~$35 m) yet represents a small fraction of Ullal’s total holdings, which remain above 35 m when all trusts are combined. Because transactions were executed under a Rule 10b5-1 plan, the risk of opportunistic selling is reduced. Historically, Arista’s share price shows limited correlation with insider sales of similar scale. Accordingly, while headline flows may pressure short-term sentiment, I view the filing as neutral to slightly negative on valuation.

Corporate Governance Expert

TL;DR: Transparent 10b5-1 structure, ownership still high—governance risk low.

The use of a dated 10b5-1 plan aligns with the SEC’s recent tightening of insider trading rules, enhancing procedural integrity. Ullal’s continued multi-million-share stake preserves incentive alignment between management and shareholders. The transfer of shares among family trusts appears driven by estate or tax planning rather than disengagement. Overall governance implications are neutral; no red flags emerge.

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
Estimated average burden
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).

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)
07/30/2025

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	07/30/2025		S(1)		39,827	D	$122.1878(2)	6,065,886	I	By Trust for Child 1(3)
Common Stock	07/30/2025		S(1)		27	D	$123	6,065,859	I	By Trust for Child 1(3)
Common Stock	07/30/2025		S(1)		39,827	D	$122.1878(2)	6,065,886	I	By Trust for Child 2(3)
Common Stock	07/30/2025		S(1)		27	D	$123	6,065,859	I	By Trust for Child 2(3)
Common Stock	07/30/2025		S(4)		208,972	D	$122.1878(2)	22,829,026	I	by Trust(5)
Common Stock	07/30/2025		S(4)		140	D	$123	22,828,886	I	by Trust(5)
Common Stock								9,917	D
Common Stock								30,000	I	By Trust for Nephew(6)
Common Stock								30,000	I	By Trust for Niece(6)

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 $122.00 to $122.975, 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 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.

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

6. 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	08/01/2025
	** 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

How many Arista Networks shares did CEO Jayshree Ullal sell?

The filing shows the sale of 288,820 common shares on 30 Jul 2025.

What price were ANET shares sold for in this Form 4?

Shares were sold at a weighted-average price of $122.19, with small lots at $123.

Was the insider sale pre-planned under Rule 10b5-1?

Yes. The transactions were executed via a Rule 10b5-1 plan adopted on 13 Dec 2024.

How many ANET shares does the CEO still own after the sale?

Post-sale, trusts controlled by the CEO still hold 22.83 m shares in the main trust and 6.06 m shares in each child’s trust.

Does the Form 4 include any derivative security activity?

No derivative securities were acquired or disposed of in this filing.