The Nasdaq 100 closed lower by around 1.5% 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.

Zscaler

• The Trade: Zscaler, Inc. (NASDAQ:ZS) Chief Legal Officer Robert Schlossman sold a total of 3,855 shares at an average price of $149.47. The insider received around $576,191 from selling those shares.
• What’s Happening: Zscaler reported better-than-expected fiscal fourth-quarter results.
• What Zscaler Does: Zscaler is a software-as-a-service, or SaaS, firm focusing on providing cloud-native cybersecurity solutions to primarily enterprise customers.

Have a look at our premarket coverage here

Steelcase

• The Trade: Steelcase Inc. (NYSE:SCS) SVP, CAO, GC and Secretary Lizbeth Oshaughnessy sold a total of 30,000 shares at an average price of $11.02. The insider received around $330,600 from selling those shares.
• What’s Happening: Steelcase reported better-than-expected second-quarter financial results and issued third-quarter and full-year 2024 earnings per share guidance above estimates.
• What Steelcase Does: Steelcase Inc is a furniture company primarily based in the United States and has operations in Europe, the Middle East, and Africa.

Hershey Company

Helmerich & Payne

Check This Out: Top 4 Materials Stocks Which Could Rescue Your Portfolio This Month