The Spill
Andreas Bechtolsheim, a 10% owner of Arista Networks, reported eight lots of sales out of a family trust where he is a trustee, all under a pre-set trading plan (10b5-1) entered into on Feb. 20, 2026. The insider filing (Form 4) reached the SEC on Nov. 3, two business days after the trades, which is exactly what the rule allows.
Lag Clock
Two business days from trade to filing, inside the two-business-day deadline (Rule 16a-3).
Signal Check
The 10b5-1 box is checked, and the first footnote says every lot was sold under a plan Bechtolsheim entered into on Feb. 20, 2026, more than eight months before the sale date.
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Get it freeWhat the filing shows
Eight rows, all sales, totaling 267,892 shares for $45,859,343.53 at weighted average prices from $167.506 to $174.1378 per share; the footnotes put the individual fills between $166.88 and $174.395. After the filing the trust holds 180,275,156 shares of common stock, down from 180,543,048 before the trades, a 0.1% trim of the stake. There is no direct line and there are no derivative rows: no options, no RSUs, nothing on the form but the trust's common stock.
The position went from 180.5 million shares to 180.3 million.
| Shares | Weighted avg. price | Fill range (footnote) |
|---|---|---|
| 13,617 | $167.506 | $166.88-$167.87 |
| 27,061 | $168.4776 | $167.89-$168.885 |
| 11,845 | $169.3737 | $168.89-$169.875 |
| 53,787 | $170.3498 | $169.89-$170.8875 |
| 38,272 | $171.3707 | $170.89-$171.88 |
| 91,746 | $172.4579 | $171.89-$172.885 |
| 29,129 | $173.2074 | $172.89-$173.88 |
| 2,435 | $174.1378 | $173.90-$174.395 |
The Other Side
The number that catches the eye is $45.9 million. Set it against the stake: the trust held 180,543,048 shares before Oct. 30 and 180,275,156 after, so the eight lots came to 0.1% of the position. Each row also carries the same footnote pointing to a plan entered into on Feb. 20, 2026.
What the form can't settle is how that plan works. It doesn't include the plan's terms, so the filing shows that a plan exists and that these sales ran through it, not what triggers a sale, how large the next one is or how many more it allows.
What it can't tell you
- Why the trust sold. The form does not say why. A 10b5-1 footnote describes the mechanism the sale ran through, not the reason the plan was set up.
- What the plan says. Schedule, share limits, price floors and an end date are all outside the form. The Feb. 20, 2026 date is the day the terms were set, nothing more.
- Fills at each price. The footnotes give a range for every lot and a weighted average, not the share count at each price. The filing says that breakdown is available on request to Arista, any Arista shareholder or SEC staff.
What to watch
The next Form 4 from Bechtolsheim on EDGAR. Check whether its rows cite the same Feb. 20, 2026 plan, and whether the trust's line still reads 180,275,156 shares before the new trades.
Original sources
Drafted with software from the public filing and checked against it before publishing; K. Song is the editor responsible for every story. Educational reporting from public filings, not investment advice. Filings can be late, incomplete or amended; check the original source and dates. Free forever: no paywall, no paid tier. Advertising and sponsors pay for it, and they do not pick the stories. How we work · Corrections: [email protected]