When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

Asana

• The Trade: Asana, Inc. (NYSE:ASAN) President, CEO and Chair Dustin Moskovitz acquired a total of 750000 shares at an average price of $63.83. To acquire these shares, it cost $47,869,247.51.
• What's Happening: DA Davidson recently initiated coverage on Asana with a Neutral rating and announced a price target of $65.
• What Asana Does: Asana Inc is a software company. The company provides a platform for work management that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives.

Warby Parker

• The Trade: Warby Parker Inc. (NYSE:WRBY) 10% owner Durable Capital Partners Lp acquired a total of 407615 shares at an average price of $43.14. To acquire these shares, it cost $17,586,012.26..
• What's Happening: Warby Parker, during November, reported better-than-expected Q3 sales results.
• What Warby Parker Does: Warby Parker Inc is engaged in designing and development of designer prescription glasses and contacts to eye exams and vision tests.

Stitch Fix

• The Trade: Stitch Fix, Inc. (NASDAQ:SFIX) 10% owner Chan Kenneth Hsiangtze bought a total of 77717 shares at an average price of $18.46. To acquire these shares, it cost $1,434,414.90.
• What's Happening: Stitch Fix announced a $150 million share repurchase program.
• What Stitch Fix Does: Stitch Fix Inc offers personal style service for men and women. The company engages in delivering one-to-one personalization to clients through the combination of data science and human judgment.