The Nasdaq 100 closed higher by more than 100 points 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.

General Motors

The Trade: General Motors Company ( GM ) President Mark L Reuss sold a total of 50,000 shares at an average price of $46.24. The insider received around $2.3 million from selling those shares.

What's Happening: In a press release, the company said it approved a new share repurchase authorization to repurchase up to $6 billion of its outstanding common stock.

What General Motors Does: General Motors Co. ( GM ) emerged from the bankruptcy of General Motors Corp. (old GM) in July 2009. GM has eight brands and operates under four segments: GM North America, GM International, Cruise, and GM Financial.

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SkyWest

The Trade: SkyWest, Inc. ( SKYW ) Director James L Welch sold a total of 7,605 shares at an average price of $78.68. The insider received around $598,361 from selling those shares.

What's Happening: On June 4, TD Cowen analyst Helane Becker maintained SkyWest ( SKYW ) with a Buy and raised the price target from $85 to $95.

What SkyWest Does: SkyWest Inc ( SKYW ) offers commercial air services in the United States, Canada, Mexico, and the Caribbean.

Toll Brothers

The Trade: Toll Brothers, Inc. ( TOL ) CFO Martin P. Connor sold a total of 16,194 shares at an average price of $ $118.74. The insider received around $1.92 million from selling those shares.

What's Happening: On June 6, Argus Research analyst Chris Graja maintained Toll Brothers ( TOL ) with a Buy and raised the price target from $135 to $140.

What Toll Brothers Does: Toll Brothers ( TOL ) is the leading luxury homebuilder in the United States with an average sale price well above public competitors.

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 $144.42. The insider received around $563,250 from selling those shares.

What's Happening: On May 31, Paycom Software ( PAYC ) announced significant leadership changes. Randy Peck, a 20-year Paycom veteran, has been appointed as the new Chief Operating Officer (COO). Concurrently, Matt Paque has been promoted to Chief Legal Officer (CLO).

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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