The Nasdaq 100 closed lower by over 1% during Wednesday's session. 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.

Electronic Arts

The Trade: Electronic Arts Inc. ( EA ) Chairman and CEO Andrew Wilson sold a total of 2,500 shares at an average price of $148.88. The insider received around $372,192 from selling those shares.

What's Happening: On July 30, Electronic Arts ( EA ) reported first-quarter net bookings of $1.26 billion, down from $1.58 billion in last year's first quarter total of $1.58 billion, according to data from Benzinga Pro.

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.

Benzinga Pro's real-time newsfeed alerted to latest EA news.

Cisco Systems

The Trade: Cisco Systems, Inc. ( CSCO ) SVP & Chief Acctg Officer Maria Victoria Wong sold a total of 3,379 shares at an average price of $50.36. The insider received around $170,166 from selling those shares.

What's Happening: On Aug. 16, HSBC analyst Stephen Bersey upgraded Cisco ( CSCO ) from Hold to Buy and raised the price target from $46 to $58.

What Cisco Does: Cisco Systems ( CSCO ) is the largest provider of networking equipment in the world and one of the largest software companies in the world.

Benzinga Pro’s charting tool helped identify the trend in CSCO stock.

Target

The Trade: Target Corporation ( TGT ) Executive Officer Brian C Cornell sold a total of 45,000 shares at an average price of $158.67. The insider received around $7.1 million from selling those shares.

What's Happening: On Aug. 21, Target ( TGT ) reported better-than-expected second-quarter financial results and raised FY24 EPS outlook.

What Target Does: Target ( TGT ) serves as the nation’s sixth-largest retailer, with its strategy predicated on delivering a gratifying in-store shopping experience and a wide product assortment of trendy apparel, home goods, and household essentials at competitive prices.

Benzinga Pro’s signals feature notified of a potential breakout in TGT shares.

Palo Alto Networks

The Trade: Palo Alto Networks, Inc. ( PANW ) Director Mary Pat McCarthy sold a total of 10,000 shares at an average price of $348.49. The insider received around $3.5 million from selling those shares.

What's Happening: On Aug. 19, Palo Alto reported fourth-quarter revenue of $2.189 billion, beating the consensus estimate of $2.162 billion.

What Palo Alto Networks Does: Palo Alto Networks ( PANW ) is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, and security operations.

Benzinga Pro’s earnings calendar was used in monitoring upcoming PANW’s earnings reports.

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