The Nasdaq 100 closed higher by around 0.3% on Tuesday. 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.

Snap

• The Trade: Snap Inc. (NYSE:SNAP) General Counsel Michael J. O'Sullivan sold a total of 18,000 shares at an average price of $15.01. The insider received around $270,241 from selling those shares.
• What's Happening: Snap is investing in artificial intelligence and machine learning to enhance Snapchat, CEO Evan Spiegel recently said, aiming to make the app more engaging.
• What Snap Does: Snap owns one of the most popular social networking apps, Snapchat, claiming more than 400 million daily active users as of the end of 2023.

Have a look at our premarket coverage here

Levi Strauss

• The Trade: Levi Strauss & Co. (NYSE:LEVI) Director David A Friedman sold a total of 16,666 shares at an average price of $23.94. The insider received around $398,984 from selling those shares.
• What's Happening: On April 11, Levi Strauss & Co. named Gianluca Flore as Chief Commercial Officer.
• What Levi Strauss Does: Levi Strauss & Co is involved in designing, marketing, and selling products that include jeans, casual and dresses pants, tops, shorts, skirts, jackets, footwear, and related accessories directly or through third parties and licensees for men, women, and children under Levi's, Dockers, Signature by Levi Strauss & Co. and Denizen brands

Owens & Minor

• The Trade: Owens & Minor, Inc. (NYSE:OMI) EVP, CFO Alexander J Bruni sold a total of 10,568 shares at an average price of $17.76. The insider received around $187,688 from selling those shares.
• What's Happening: On May 3, Owens & Minor reported first-quarter adjusted EPS of 19 cents, up from 5 cents a year ago and beating the consensus of 18 cents.
• What Owens & Minor Does: Owens & Minor Inc distributes consumable medical supplies to a variety of providers.

O'Reilly Automotive

• The Trade: O'Reilly Automotive, Inc. (NASDAQ:ORLY) Director Lawrence P Oreilly sold a total of 3,000 shares at an average price of $962.45. The insider received around $2.89 million from selling those shares.
• What's Happening: On May 14, Evercore ISI Group analyst Greg Melich maintained O'Reilly Automotive with an Outperform and raised the price target from $1,255 to $1,275.
• What O'Reilly Automotive Does: O'Reilly is an aftermarket automotive parts retailer in the United States and Mexico with nearly $16 billion in annual sales.