[144] Intercontinental Exchange Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 filed for Arista Networks (ANET) indicates a proposed sale of 162,274 common shares through J.P. Morgan Securities on 07/25/2025. The shares represent a small fraction of the 1,255,921,431 shares outstanding disclosed in the notice and have an aggregate market value of $18.66 million.

The filing also lists extensive selling activity during the prior three months by related parties, largely family trusts and individual holder Jayshree Ullal. Combined, these parties disposed of roughly 961,710 shares of ANET common stock between 06/26/2025 and 06/30/2025, generating gross proceeds that individually ranged from about $20 thousand to $54.2 million per transaction.

Rule 144 filings signal intent rather than a completed trade, yet they often precede actual insider sales. Investors may watch for execution of the planned July sale and evaluate the pattern of recent dispositions when assessing insider sentiment.

Positive

• Transparent disclosure of intended insider sale under Rule 144 gives investors advance notice.
• Limited relative size: the 162,274 shares proposed for sale constitute a small fraction of outstanding shares.

Negative

• Continued insider selling: roughly 961,710 shares were sold in the previous three months by the same related parties.
• Additional supply overhang of $18.66 M may pressure short-term trading dynamics.
• Insider sentiment risk: Concentrated sales by long-tenured holders can be perceived as reduced confidence.

Insights

Securities Analyst

TL;DR: Multiple related parties plan & have recently sold nearly 1 M ANET shares; modest but noteworthy insider supply.

The Form 144 covers 162,274 shares (~$18.7 M) to be sold on 07/25/25. Although this is only a sliver of the reported shares outstanding, the same group—several Ullal family trusts and Jayshree Ullal—has already sold about 962 k shares over the prior quarter. Rule 144 sales are routine for liquidity and diversification, but the volume, timing concentration and involvement of long-time holders raise questions on insider conviction. No operational data accompanies the filing, so fundamental outlook remains unchanged. Nonetheless, incremental supply can weigh on short-term sentiment and is typically viewed as modestly negative for share price momentum.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	794	145762.52	573626271	07/25/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	05/17/2025	Restricted Stock Units	Issuer			794	05/17/2025	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for SHARON BOWEN 5660 New Northside Drive Atlanta GA 30328	Common	07/01/2025	795	145723.50

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many ANET shares are being proposed for sale under this Form 144?

The notice covers 162,274 common shares of Arista Networks to be sold on or about 07/25/2025.

What is the aggregate market value of the proposed ANET share sale?

The filing lists an aggregate market value of approximately $18.66 million for the 162,274 shares.

Who is selling the shares disclosed in the Form 144 for ANET?

The shares are to be sold for the account of parties associated with the Ullal family trusts and Jayshree Ullal, as detailed in the filing.

How much ANET stock have these insiders sold recently?

The same parties sold a combined about 961,710 shares between 06/26/2025 and 06/30/2025, according to the filing.

Does a Form 144 guarantee that the ANET shares will be sold?

No. A Form 144 is a notice of intent; it authorizes—but does not obligate—the insider to complete the sale.