The Nasdaq 100 closed higher by around 0.4% on Wednesday. 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.

Arista Networks

The Trade: Arista Networks, Inc. ( ANET ) President and CEO Jayshree Ullal sold a total of 22,000 shares at an average price of $301.45. The insider received around $6.63 million from selling those shares.

What's Happening: On March 27, Evercore ISI Group analyst Amit Daryanani maintained Arista Networks ( ANET ) with an Outperform and maintained a $300 price target.

What Arista Networks Does: Arista Networks Inc ( ANET ) is a networking equipment provider that primarily sells Ethernet switches and software to data centers.

Have a look at our premarket coverage here

Shoe Carnival

The Trade: Shoe Carnival, Inc. ( SCVL ) SEVP - Chief Merchandise Officer Carl N. Scibetta sold a total of 15,000 shares at an average price of $35.45. The insider received around $531,750 from selling those shares.

What's Happening: On March 21, Shoe Carnival ( SCVL ) reported a fourth-quarter FY23 sales decline of 3.7% year-on-year to $280.17 million, marginally missing the analyst consensus estimate of $280.27 million.

What Shoe Carnival Does: Shoe Carnival Inc ( SCVL ) is a family footwear retailer that offers a broad assortment of dress, casual and athletic footwear for men, women, and children with an emphasis on national name brands such as Nike, Skechers, Adidas, Puma, HEYDUDE, Converse, Vans, and Crocs.

KLA Corporation

The Trade: KLA Corporation ( KLAC ) Executive Vice President Oreste Donzella sold a total of 3,257 shares at an average price of $697.85. The insider received around $2.27 million from selling those shares.

What's Happening: On March 25, Stifel analyst Brian Chin reiterated KLA with a Buy and maintained a $685 price target.

What KLA Corporation Does: KLA is one of the largest semiconductor wafer fabrication equipment, or WFE, manufacturers in the world.

Agilent Technologies

The Trade: Agilent Technologies, Inc. ( A ) Senior Vice President Philip Binns sold a total of 2,827 shares at an average price of $147.54. The insider received around $417,096 from selling those shares.

What's Happening: On March 26, Oppenheimer analyst Ian Zaffino maintained Agilent Technologies ( A ) with an Outperform and raised the price target from $67 to $90.

What Agilent Does: Originally spun out of Hewlett-Packard in 1999, Agilent ( A ) has evolved into a leading life sciences and diagnostics firm.

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