The Nasdaq 100 closed lower by around 0.4% on Tuesday. 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.

Workday

The Trade: Workday, Inc. ( WDAY ) 10% owner David A Duffield sold a total of 56,000 shares at an average price of $276.95. The insider received around $15.5 million from selling those shares.

What's Happening: On Feb. 26, Workday reported fourth-quarter financial results, reiterated guidance and announced its intent to acquire HiredScore.

What Workday Does: Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California.

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AutoZone

The Trade: AutoZone, Inc. ( AZO ) Executive Chairman William C Rhodes III sold a total of 6,700 shares at an average price of $3,190.22. The insider received around $21.37 million from selling those shares.

What's Happening: On March 26, Evercore ISI Group analyst Greg Melich maintained AutoZone ( AZO ) with an Outperform and raised the price target from $3,375 to $3,400.

What AutoZone Does: AutoZone ( AZO ) operates as a leading retailer of aftermarket automotive parts in the United States.

Accenture

The Trade: Accenture plc ( ACN ) Chief Operating Officer John F Walsh sold a total of 8,000 shares at an average price of $332.13. The insider received around $2.66 million from selling those shares.

What's Happening: On March 21, Accenture ( ACN ) reported mixed results for its fiscal second quarter.

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

Steelcase

The Trade: Steelcase Inc. ( SCS ) VP, Chief Operations Officer Robert G Krestakos sold a total of 4,000 shares at an average price of $12.61. The insider received around $50,453 from selling those shares.

What's Happening: On March 20, Steelcase ( SCS ) reported mixed fourth-quarter financial results and issued first-quarter revenue guidance below estimates..

What Steelcase Does: Steelcase Inc ( SCS ) is a furniture company primarily based in the United States and has operations in Europe, the Middle East, and Africa.

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