The Nasdaq 100 closed higher by more than 1% 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.

Best Buy

The Trade: Best Buy Co., Inc. ( BBY ) SEVP Cust. Offerings & Fulfill Jason J Bonfig sold a total of 3,500 shares at an average price of $83.02. The insider received around $290,570 from selling those shares.

What's Happening: On July 1, Truist Securities analyst Scot Ciccarelli maintained Best Buy ( BBY ) with a Hold and maintained a price target of $86.

What Best Buy Does: With $43.5 billion in consolidated 2023 sales, Best Buy ( BBY ) is the largest pure-play consumer electronics retailer in the US, boasting roughly 8.3% share of the North American market and north of 33% share of offline sales in the region, per our calculations, CTA, and Euromonitor data.

Have a look at our premarket coverage here

Airbnb

The Trade: Airbnb, Inc. ( ABNB ) CEO and Chairman Brian Chesky sold a total of 115,385 shares at an average price of $151.95. The insider received around $17.5 million from selling those shares.

What's Happening: On July 9, Wells Fargo analyst Ken Gawrelski maintained Airbnb ( ABNB ) with an Underweight and raised the price target from $127 to $129.

What Airbnb Does: Started in 2008, Airbnb ( ABNB ) is the world’s largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences.

Block

The Trade: Block, Inc. ( SQ ) CFO and COO Amrita Ahuja sold a total of 1,147 shares at an average price of $66.57. The insider received around $76,356 from selling those shares.

What's Happening: On July 10, Block entered into a agreement to supply Core Scientific ( CORZ ) with its new 3 nanometer mining ASICs, capable of about 15 EH/s.

What Block Does: Founded in 2009, Block provides payment services to merchants, along with related services.

Paycom Software

The Trade: Paycom Software, Inc. ( PAYC ) Director, CEO, President and Chairman Chad R. Richison sold a total of 3,900 shares at an average price of $140.19. The insider received around $546,741 from selling those shares.

What's Happening: Paycom Software ( PAYC ) said it will release its results for the second quarter, after the closing bell on July 31.

What Paycom Software Does: Paycom is a fast-growing provider of payroll and human capital management software primarily targeting clients with 50-10,000 employees in the United States.

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