The Nasdaq 100 closed lower by around 0.5% 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.

Sempra

• The Trade: Sempra (NYSE:SRE) Chairman, CEO and President Jeffrey W Martin sold a total of 50,703 shares at an average price of $70.92. The insider received around $3.6 million from selling those shares.

• What's Happening: On Feb. 27, Sempra Energy posted upbeat quarterly earnings.

• What Sempra Does: Sempra Energy serves one of the largest utility customer bases in the United States. It distributes natural gas and electricity in Southern California and owns 80% of Oncor, a transmission and distribution business in Texas.

Owens & Minor

• The Trade: Owens & Minor, Inc. (NYSE:OMI) SVP, Corporate Controller Michael Wayne Lowry sold a total of 10,000 shares at an average price of $25.00. The insider received around $250,000 from selling those shares.

• What's Happening: On Feb. 20, Owens & Minor reported better than expected fourth-quarter earnings.

• What Owens & Minor Does: Owens & Minor Inc distributes consumable medical supplies to a variety of providers.

SoundHound AI

• The Trade: SoundHound AI, Inc. (NASDAQ:SOUN) Director Eric R. Ball sold a total of 90,000 shares at an average price of $5.94. The insider received around $534,810 from selling those shares.

• What's Happening: On Feb. 14, Nvidia reported a 1.73 million share stake in the company.

• What SoundHound AI Does: SoundHound AI Inc is an innovator of conversational intelligence, offering an independent Voice AI platform that enables businesses across industries to deliver high-quality conversational experiences to customers.

Eversource Energy

• The Trade: Eversource Energy (NYSE:ES) Frederica M Williams sold a total of 2,714 shares at an average price of $57.60. The insider received around $156,337 from selling those shares.

• What's Happening: On Feb. 13, Eversource Energy reported fourth-quarter FY23 revenue of $2.69 billion, missing the consensus of $3.24 billion.

• What Eversource Energy Does: Eversource Energy is a diversified holding company with subsidiaries that provide rate-regulated electric, gas, and water distribution service to more than 4 million customers in the Northeast U.S.