The Nasdaq 100 closed lower by around 150 points on Wednesday. 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.

Docusign

• The Trade: Docusign Inc (NASDAQ:DOCU) Director Peter Solvik sold a total of 15,000 shares at an average price of $60.00. The insider received around $900,000 from selling those shares.
• What's Happening: On March 11, Baird maintained a Neutral rating on the stock and raised its price target from $50 to $65.
• What Docusign Does: DocuSign offers the Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.

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Designer Brands

• The Trade: Designer Brands Inc (NYSE:DBI) EVP, CFO & CAO Jared A. Poff sold a total of 15,000 shares at an average price of $9.76. The insider received around $146,430 from selling those shares.
• What's Happening: On March 21, Designer Brands reported fourth-quarter financial results and said its total comparable sales decreased by 7.3%.
• What Designer Brands Does: Designer Brands Inc is a designer, producer, and retailer of footwear and accessories. The company operates in three reportable segments: the U.S. Retail segment, the Canada Retail segment, and the Brand Portfolio segment.

Caleres

• The Trade: Caleres Inc (NYSE:CAL) Chief Sourcing Officer Daniel R Freidman sold a total of 15,000 shares at an average price of $37.00. The insider received around $555,000 from selling those shares.
• What's Happening: On March 19, Caleres reported fourth-quarter FY23 sales growth of 0.1% year-on-year to $697.12 million, beating the analyst consensus estimate of $694.33 million.
• What Caleres Does: Caleres Inc is a footwear retailer in the United States. The Company's business are organized into two reportable segments are famous Footwear and Brand Portfolio.

Dell Technologies

• The Trade: Dell Technologies Inc (NYSE:DELL) General Counsel & Secretary Richard J Rothberg sold a total of 93,954 shares at an average price of $132.95. The insider received around $12.49 million from selling those shares.
• What's Happening: The company said last week it is using AI to innovate and strengthen patient care to deliver significant advancements in medicine, along with Northwestern Medicine.
• What Dell Technologies Does: Dell Technologies is a broad information technology vendor, primarily supplying hardware to enterprises. It is focused on premium personal computers and enterprise on-premises data center hardware.