The Nasdaq 100 closed slightly higher by over 60 points on Monday. 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.

Steven Madden

• The Trade: Steven Madden Ltd (NASDAQ:SHOO) Chief Merchandising Officer Karla Frieders sold a total of 12,176 shares at an average price of $44.82. The insider received around $545,775 from selling those shares.
• What's Happening: On May 1, Steven Madden posted upbeat quarterly earnings.
• What Steven Madden Does: Steven Madden Ltd designs and sells brand-name and private-label footwear and accessories. Its products are geared toward fashion-conscious adults and children.

Have a look at our premarket coverage here

Best Buy

• The Trade: Best Buy Co Inc (NYSE:BBY) Richard M Schulze sold a total of 3,000,000 shares at an average price of $81.32. The insider received around $246.7 million from selling those shares.
• What's Happening: On June 3, Citigroup analyst Steven Zaccone upgraded Best Buy from Sell to Buy and raised the price target from $67 to $100.
• What Best Buy Does: With $43.5 billion in consolidated 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., 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.

McKesson

Mastercard

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