The Nasdaq 100 closed lower by over 150 points on Thursday. 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.

Hovnanian Enterprises

The Trade: Hovnanian Enterprises, Inc. ( HOV ) Chairman of Bd., Pres. & CEO Ara K Hovnanian sold a total of 7,360 shares at an average price of $154.27. The insider received around $1.14 million from selling those shares.

What's Happening: On May 22, Hovnanian Enterprises ( HOV ) posted an increase in quarterly sales.

What Hovnanian Enterprises Does: Hovnanian Enterprises Inc ( HOV ) conducts all of its homebuilding and financial services operations.

Have a look at our premarket coverage here

Applied Materials

The Trade: Applied Materials, Inc. ( AMAT ) President and CEO Gary E Dickerson sold a total of 400,000 shares at an average price of $246.45. The insider received around $98.6 million from selling those shares.

What's Happening: On June 20, B. Riley Securities analyst Craig Ellis maintained Applied Materials ( AMAT ) with a Buy and raised the price target from $255 to $300.

What Applied Materials Does: Applied Materials ( AMAT ) is the largest semiconductor wafer fabrication equipment, or WFE, manufacturer in the world.

NVIDIA

The Trade: NVIDIA Corporation ( NVDA ) President and CEO Jen Hsun Huang sold a total of 240,000 shares at an average price of $132.90. The insider received around $31.9 million from selling those shares.

What's Happening: At HPE Discover 2024, Hewlett Packard Enterprise and Nvidia ( NVDA ) unveiled a powerful collaboration aimed at revolutionizing the enterprise AI landscape.

What NVIDIA Does: Nvidia ( NVDA ) is a leading developer of graphics processing units.

Adobe

The Trade: Adobe Inc. ( ADBE ) EVP, Gen. Counsel & Secretary Dana Rao sold a total of 6,765 shares at an average price of $525.51. The insider received around $3.56 million from selling those shares.

What's Happening: Adobe was legally challenged by the U.S. Federal Trade Commission, which is accusing the software giant and two of its executives, Maninder Sawhney and David Wadhwani, of deceptive practices related to its subscription cancellation policies.

What Adobe Does: Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing, and engaging with compelling content multiple operating systems, devices, and media.

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