The Nasdaq 100 closed lower by around 0.4% 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.

QuinStreet

The Trade: QuinStreet, Inc. (NASDAQ:QNST) CFO Gregory Wong sold a total of 8,407 shares at an average price of $15.03. The insider received over $126,357 from selling those shares.

What's Happening: QuinStreet reported better-than-expected second-quarter financial results.

What QuinStreet Does: QuinStreet Inc focuses on serving clients in large, information-intensive industries, where the company has pioneered a broad range of Internet marketing tools.

Have a look at our premarket coverage here

Xylem

• The Trade: Xylem Inc. (NYSE:XYL) VP, Controller & CAO Geri-Michelle McShane sold a total of 1,000 shares at an average price of $122.89. The insider received around $122,890 from selling those shares.
• What's Happening: Xylem reported better-than-expected fourth-quarter financial results and issued FY24 guidance.
• What Xylem Does: Xylem is a global leader in water technology and offers a wide range of solutions, including the transport, treatment, testing, and efficient use of water for customers in the utility, industrial, commercial, and residential sectors.

Moelis & Company

• The Trade: Moelis & Company (NYSE:MC) Co-President, MD Navid Mahmoodzadegan sold a total of 65,954 shares at an average price of $55.26. The insider received around $3.64 million from selling those shares.
• What's Happening: Moelis posted a narrower-than-expected quarterly loss.
• What Moelis & Company Does: Moelis & Co is an independent investment bank that provides strategic and financial advice to a diverse client base, including corporations, financial sponsors, governments, and sovereign wealth funds.

DexCom

• The Trade: DexCom, Inc. (NASDAQ:DXCM) EVP, CFO Jereme M Sylvain sold a total of 3,363 shares at an average price of $116.73. The insider received around $392,563 from selling those shares.
• What's Happening: DexCom posted upbeat quarterly earnings.
• What DexCom Does: Dexcom designs and commercializes continuous glucose monitoring systems for diabetic patients.