NEW YORK (CNN/Money) - Martha Stewart insiders are selling their shares in the company that bears the domestic diva's name, a newspaper said Wednesday.

Since mid-November, seven Martha Stewart Living Omnimedia insiders have sold more than 4 million company shares for about $90 million, the Wall Street Journal said, citing data from Washington Service.

A spokeswoman for the company told the Journal, "Our current senior executives continue to hold significant equity in the company, thus aligning their interests with our shareholders."

According to the report, the people selling include jailed founder Martha Stewart, who sold more than $8 million in stock, as well as former Chief Executive Sharon Patrick.

VA Partners LLC, the firm that is the company's second-biggest shareholder, sold 475,000 shares last week, the Journal said. Overall, the firm has sold 70 percent of its Martha Stewart Living holdings for nearly $58 million, slashing the firm's stake to 6.1 from about 21 percent, the newspaper said.

Analysts told the Journal that insiders are culling gains from the recent run-up in the company's share price, which just touched a four-year high.

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Martha Stewart Living's recent rise is unjustified, Dennis McAlpine, founder of McAlpine Associates, told the newspaper.

"At these levels, they should take the money, say 'Merry Christmas' and go home," he told the Journal.