"I don't give this too much weight," said Michael Murphy of hedge fund Rosecliff Capital. "I believe this is simply execs trimming their holdings. This doesn't speak bullish or bearish for the market; it speaks more to the recent rally we've had."
Still, Newman said the selling did hold some predictive value in a few instances.
"Insider sales at Apple were one of the reasons we turned bearish on the company late last year," he said. "Clearly, they [executives] made the right call."
Apple's stock is down 30 percent since Newman's sale recommendation in October.
(Read More: What to Expect from Apple Earnings)
He also points to a sale by a Netflix executive at the end of January. The shares are up just 2 percent since that sale and down 5 percent in the past month.
"If the consistent mass exodus of insiders at Nasdaq's darlings tell us anything at all, it screams that the group is hugely overpriced and the future is nowhere near as bright as the Federal Reserve is attempting to engineer," Newman wrote.
Tech investors hope executives are just cashing out for routine life-planning purposes, but this surge seems anything but routine.
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