The Nasdaq 100 closed higher by around 1.5% 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.

Progress Software

• The Trade: Progress Software Corporation (NASDAQ:PRGS) EVP/GM App & Data Platform John Ainsworth sold a total of 30,631 shares at an average price of $51.03. The insider received around $1.56 million from selling those shares.
• What's Happening: Progress Software, earlier during the month, said it has no intention to make offer for MariaDB.
• What Progress Software Does: Progress Software Corporation is a provider of cloud-based security solutions to large-and mid-sized organizations in a wide range of industries.

Have a look at our premarket coverage here

Visa

• The Trade: Visa Inc. (NYSE:V) Chief Risk Officer Paul D Fabara sold a total of 25,293 shares at an average price of $277.15. The insider received around $7 million from selling those shares.
• What's Happening: Visa unveiled new products and services at the Annual Visa Payments Forum in San Francisco.
• What Visa Does: Visa is the largest payment processor in the world.

Hubbell

• The Trade: Hubbell Incorporated (NYSE:HUBB) President Electrical Solutions Mark Eugene Mikes sold a total of 1,942 shares at an average price of $401.34. The insider received around $779,410 from selling those shares.
• What's Happening: On April 30, Hubbell posted upbeat quarterly results.
• What Hubbell Does: Hubbell is a diversified conglomerate industrial company that mostly competes in the electrical components market.

NetApp

• The Trade: NetApp, Inc. (NASDAQ:NTAP) CEO George Kurian sold a total of 8,500 shares at an average price of $108.57. The insider received around $922,845 from selling those shares.
• What's Happening: NetApp is expected to announce financial results for the fourth quarter, after the closing bell on Thursday, May 30.
• What NetApp Does: NetApp Inc is a leading provider of enterprise data management and storage solutions.