The Nasdaq settled higher by 2% on Thursday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it indicates their concern in the company's prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. 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.

BJ's Wholesale Club

• The Trade: BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) President and CEO Robert Eddy sold a total of 5,400 shares at an average price of $70.08. The insider received around $98.11 thousand from selling those shares.
• What's Happening: UBS recently maintained BJ's Wholesale Club with a Buy and lowered the price target from $85 to $80.
• What BJ's Wholesale Club Does: BJ's Wholesale Club Holdings Inc is a warehouse club and gas station operator.

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Dropbox

• The Trade: Dropbox, Inc. (NASDAQ:DBX) President Timothy Young sold a total of 15,000 shares at an average price of $23.07. The insider received around $346.04 thousand as a result of the transaction.
• What's Happening: Dropbox said Timothy Young has given notice of his decision to resign as Dropbox president, effective Feb. 1.
• What Dropbox Does: Dropbox is a leading provider of cloud-storage and content collaboration tools with an emphasis on individuals and SMB.

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Kinder Morgan

• The Trade: Kinder Morgan, Inc. (NYSE:KMI) V.P. (President, Terminals) John W Schlosser sold a total of 1,500 shares at an average price of $18.44. The insider received around $27.66 thousand from selling those shares.
• What's Happening: The company recently posted upbeat quarterly earnings.
• What Kinder Morgan Does: Kinder Morgan is one of the largest midstream energy firms in North America, with an interest in or an operator on about 83,000 miles in pipelines and over 140 storage terminals.

Signet Jewelers

• The Trade: Signet Jewelers Limited (NYSE:SIG) CEO Virginia Drosos sold a total of 10,000 shares at an average price of $75.88. The insider received around $758.78 thousand from selling those shares.
• What's Happening: Signet Jewelers, last month, reported third-quarter FY23 sales growth of 2.9% year-on-year to $1.58 billion, beating the consensus of $1.50 billion.
• What Signet Jewelers Does: Signet Jewelers Ltd is a retailer of diamond jewelry. Its merchandise mix includes bridal, fashion, watches and others.