The Nasdaq 100 closed higher by 1.65% on Friday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.

Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.

Caleres

The Trade: Caleres, Inc. ( CAL ) Executive Chair Diane M Sullivan sold a total of 6,856 shares at an average price of $37.09. The insider received around $254,314 from selling those shares.

What's Happening: On March 19, Caleres ( CAL ) reported fourth-quarter FY23 sales growth of 0.1% year-on-year to $697.12 million, beating the analyst consensus estimate of $694.33 million.

What Caleres Does: Caleres Inc ( CAL ) is a footwear retailer in the United States. The Company’s business are organized into two reportable segments are famous Footwear and Brand Portfolio.

Have a look at our premarket coverage here

Philip Morris International

The Trade: Philip Morris International Inc. ( PM ) Wilde Frederic de sold a total of 20,000 shares at an average price of $96.42. The insider received around $1.93 million from selling those shares.

What's Happening: On April 23, Philip Morris International ( PM ) reported first-quarter FY24 sales growth of 9.7% year-on-year to $8.793 billion, beating the analyst consensus estimate of $8.468 billion..

What Philip Morris Does: Philip Morris International ( PM ) is an international tobacco company with a product portfolio primarily consisting of cigarettes and reduced-risk products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the United States.

Electronic Arts

The Trade: Electronic Arts Inc. ( EA ) CEO and Board Chair Andrew Wilson sold a total of 2,500 shares at an average price of $127.19. The insider received around $317,980 from selling those shares.

What's Happening: On April 23, Oppenheimer analyst Martin Yang maintained Electronic Arts ( EA ) with an Outperform and maintained a $150 price target.

What Electronic Arts Does: EA is one of the world’s largest third-party video game publishers and has transitioned from a console-based video game publisher to the one of the largest publishers on consoles, PC, and mobile.

Accenture

The Trade: Accenture plc ( ACN ) Chief Leadership & HR Officer Ellyn Shook sold a total of 5,000 shares at an average price of $307.22. The insider received around $1.54 million from selling those shares.

What's Happening: On April 10, Accenture ( ACN ) acquired the integrated customer engagement agency Unlimited for an unknown sum.

What Accenture Does: Accenture ( ACN ) is a leading global IT-services firm that provides consulting, strategy, and technology and operational services.

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