[Form 4] Arista Networks Insider Trading Activity

Rhea-AI Filing Summary

On 28 Jul 2025, Arista Networks (ANET) CEO & Chair Jayshree Ullal filed a Form 4 disclosing the sale of 527,302 common shares. The disposals were executed in six trades at weighted-average prices of $115.58 and $116.00, affecting three family-related trusts: each child’s trust sold 72,761 shares, while a family trust sold 381,780 shares.

The transactions were made under a pre-arranged Rule 10b5-1 plan adopted 13 Dec 2024, suggesting they were scheduled rather than opportunistic. Following the sales, Ullal still controls 23,463,724 shares via the family trust and about 6.19 million shares in each child trust, preserving a substantial equity stake. Although the magnitude of the insider sale can raise caution, the continuing large ownership position and the plan’s pre-set nature moderate immediate negative interpretations.

Positive

• Sales executed under a Rule 10b5-1 plan, mitigating concerns about opportunistic trading.
• CEO retains over 23.4 million shares through a family trust, maintaining strong alignment with shareholders.

Negative

• Large insider disposal of 527,302 shares may be perceived as reduced confidence or diversification.
• No offsetting insider purchases, providing no bullish counter-signal.

Insights

Securities Analyst

TL;DR: Large 527 k-share sale, but pre-planned; ownership still sizable—overall neutral.

The filing reveals a significant disposal (~$61 m) by trusts linked to CEO Jayshree Ullal. Because the shares were sold under a Rule 10b5-1 plan adopted months earlier, the timing is not necessarily a signal on near-term fundamentals. Post-sale stakes—23.46 m shares in the family trust plus >6 m in each child trust—imply Ullal retains meaningful economic alignment. I view the event as neutral; liquidity diversification is expected for long-tenured founders, and no operational data accompany the filing.

Risk Analyst

TL;DR: Planned insider selling limits legal risk, but headline size may pressure sentiment.

From a governance perspective, execution through a 10b5-1 plan reduces litigation risk and insider-trading scrutiny. Nonetheless, a half-million share sale by the top executive can be interpreted negatively by momentum traders, particularly absent offsetting purchases. Investors should watch for additional filings that might indicate an ongoing liquidation cadence. However, Ullal’s remaining multi-million-share position lessens concerns about eroding commitment. Net impact leans slightly negative on optics but not materially harmful.

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)
07/28/2025

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	07/28/2025		S(1)		72,168	D	$115.5839(2)	6,187,443	I	By Trust for Child 1(3)
Common Stock	07/28/2025		S(1)		593	D	$116.0017(4)	6,186,850	I	By Trust for Child 1(3)
Common Stock	07/28/2025		S(1)		72,168	D	$115.5839(2)	6,187,443	I	By Trust for Child 2(3)
Common Stock	07/28/2025		S(1)		593	D	$116.0017(4)	6,186,850	I	By Trust for Child 2(3)
Common Stock	07/28/2025		S(5)		378,665	D	$115.5839(2)	23,466,839	I	by Trust(6)
Common Stock	07/28/2025		S(5)		3,115	D	$116.0017(4)	23,463,724	I	by Trust(6)
Common Stock								9,917	D
Common Stock								30,000	I	By Trust for Nephew(7)
Common Stock								30,000	I	By Trust for Niece(7)

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 $115.00 to $115.98, 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 $116.00 to $116.02, 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 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.

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

7. 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	07/30/2025
	** 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 ANET shares did CEO Jayshree Ullal sell on 28 July 2025?

The Form 4 reports 527,302 shares were sold across six transactions.

At what prices were the ANET shares sold?

Weighted-average prices were $115.58 for the larger blocks and $116.00 for smaller blocks, within $115.00–$116.02.

Was the sale executed under a Rule 10b5-1 trading plan?

Yes. Footnotes state the trades were made under a 10b5-1 plan adopted on 13 Dec 2024.

How many ANET shares does Ullal still own after the transactions?

She retains 23,463,724 shares via a family trust and about 6.19 million shares in each of two child trusts, plus other indirect holdings.

Why is a Form 4 filing important for ANET investors?

Form 4 discloses insider trading activity, offering insight into executives’ actions and potential sentiment toward the company.