[Form 4] Arista Networks Insider Trading Activity

Rhea-AI Filing Summary

Jayshree Ullal, Arista Networks' CEO, Chairperson and director, reported a series of reported sales of Arista common stock executed on 08/06/2025 under a Rule 10b5-1 trading plan adopted December 13, 2024. The Form 4 shows multiple blocks sold from family trusts and trusts for her children and relatives, totaling 1,785,165 shares disposed across the reported transactions. Prices for the various blocks are reported as weighted averages spanning roughly $134.10 to $139.53. The filing discloses that Ullal serves as trustee or co-trustee, shares voting and investment control, but disclaims beneficial ownership of shares held in those trusts. After the transactions the filing shows large indirect holdings remain: the family trust holds about 20,899,111 shares and the child trusts about 5,698,074 shares each, with additional 30,000-share trusts for a nephew and niece.

Positive

• Trades executed under a Rule 10b5-1 plan, indicating the transactions were pre-arranged and reducing concerns about opportunistic timing
• Weighted-average prices disclosed and price ranges provided in footnotes, improving transparency about execution
• Clear trustee disclaimers stating the reporting person shares voting and investment control while disclaiming beneficial ownership for trust-held shares

Negative

• Large disposition volume: the filing shows 1,785,165 shares sold, which is a material absolute sale by entities controlled by the CEO
• Concentrated indirect holdings remain substantial (family trust roughly 20.9M shares and child trusts ~5.7M shares each), highlighting concentrated insider-related ownership that may influence governance dynamics

Insights

Corporate Governance Expert

TL;DR: Sales were executed under a pre-established 10b5-1 plan, which supports procedural compliance though raises standard governance questions about insider liquidity.

The transactions were made pursuant to a Rule 10b5-1 plan, which typically mitigates timing concerns because the plan pre-dates the trades. The Form clearly discloses trustee roles and that the reporting person disclaims beneficial ownership while retaining voting and investment control over trust-held shares. From a governance perspective, transparent disclosure of plan use and weighted-average prices is positive. The size of the disposals—1,785,165 shares—warrants attention but the plan context reduces signaling risk relative to ad-hoc trades.

Securities Analyst

TL;DR: CEO-related entities sold 1.79 million ANET shares at weighted-average prices near $135–$139; large indirect holdings remain concentrated in family trusts.

The filings show multiple discrete sales executed on a single date with weighted-average prices provided for each block. Total reported disposals across the listed trust accounts equal 1,785,165 shares, executed within price ranges noted in the footnotes. Despite the sales, the disclosures show substantial residual indirect holdings (family trust ~20.9M shares; child trusts ~5.7M each). For market impact, the reported volume is meaningful in absolute terms but the 10b5-1 plan context and persistence of large indirect holdings temper near-term valuation implications.

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)
08/06/2025

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	08/06/2025		S(1)		18,942	D	$134.6988(2)	5,925,463	I	By Trust for Child 1(3)
Common Stock	08/06/2025		S(1)		100,524	D	$135.7693(4)	5,824,939	I	By Trust for Child 1(3)
Common Stock	08/06/2025		S(1)		100,518	D	$136.5432(5)	5,724,421	I	By Trust for Child 1(3)
Common Stock	08/06/2025		S(1)		20,529	D	$137.3239(6)	5,703,892	I	By Trust for Child 1(3)
Common Stock	08/06/2025		S(1)		5,818	D	$139.5068(7)	5,698,074	I	By Trust for Child 1(3)
Common Stock	08/06/2025		S(1)		18,942	D	$134.6988(2)	5,925,463	I	By Trust for Child 2(3)
Common Stock	08/06/2025		S(1)		100,524	D	$135.7693(4)	5,824,939	I	By Trust for Child 2(3)
Common Stock	08/06/2025		S(1)		100,518	D	$136.5432(5)	5,724,421	I	By Trust for Child 2(3)
Common Stock	08/06/2025		S(1)		20,529	D	$137.3239(6)	5,703,892	I	By Trust for Child 2(3)
Common Stock	08/06/2025		S(1)		5,818	D	$139.5068(7)	5,698,074	I	By Trust for Child 2(3)
Common Stock	08/06/2025		S(8)		99,386	D	$134.6988(2)	22,092,228	I	by Trust(9)
Common Stock	08/06/2025		S(8)		527,454	D	$135.7693(4)	21,564,774	I	by Trust(9)
Common Stock	08/06/2025		S(8)		527,418	D	$136.5432(5)	21,037,356	I	by Trust(9)
Common Stock	08/06/2025		S(8)		107,716	D	$137.3239(6)	20,929,640	I	by Trust(9)
Common Stock	08/06/2025		S(8)		30,529	D	$139.5068(7)	20,899,111	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 $134.10 to $135.0942, 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 $135.10 to $136.0974, 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 $136.10 to $137.095, 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 $137.10 to $137.87, 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 $139.50 to $139.53, 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	08/08/2025
	** 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.
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FAQ

What did Arista (ANET) insider Jayshree Ullal report on Form 4?

The Form 4 reports multiple sales of Arista common stock executed on 08/06/2025 under a Rule 10b5-1 trading plan; these sales were made from family and beneficiary trusts.

How many shares were sold by the Ullal-related accounts?

The filing lists disposals across the reported trust accounts totaling 1,785,165 shares on the reported transaction date.

At what prices were the ANET shares sold?

Footnotes disclose weighted-average prices and ranges by block, with reported weighted averages between about $134.6988 and $139.5068, and ranges spanning approximately $134.10 to $139.53.

Were these trades part of a pre-established plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 13, 2024.

Does Jayshree Ullal retain Arista shares after these transactions?

Yes. The filing shows substantial indirect holdings remain: the family trust holds about 20,899,111 shares and each child trust holds about 5,698,074 shares following the reported transactions.