3 Stocks Insiders Are Buying

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. ASAN President, CEO and Chair Dustin Moskovitz acquired a total of 750000 shares at an average price of $96.49. The insider spent $72,367,611.06 to acquire those shares.

What’s Happening: Asana recently reported better-than-expected Q2 results and issued strong Q3 guidance.

What Asana Does: Asana 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.

Tenneco

The Trade: Tenneco Inc. TEN Director Dennis J Letham acquired a total of 32300 shares at an average price of $13.96. To acquire these shares, it cost $450,908.00.

What’s Happening: Wells Fargo, on Friday, maintained Tenneco with an Overweight and lowered the price target from $25 to $20.

What Tenneco Does: Tenneco's emissions-control products meet strict air-quality legislation, optimize engine performance, improve fuel economy, and acoustically tune engine sound to fit a vehicle's profile.

Myovant Sciences

The Trade: Myovant Sciences Ltd. MYOV 10% owner Sumitomo Chemical Co Ltd, Dainippon Sumitomo Pharma Co Ltd, Sumitovant Biopharma Ltd bought a total of 58902 shares at an average price of $25.60. The insider spent $1,507,810.80 to acquire those shares.

What’s Happening: Myovant Sciences and Pfizer recently announced the FDA accepted for review a supplemental NDA for Myfembree for the management of moderate to severe pain associated with endometriosis.

What Myovant Sciences Does: Myovant Sciences Ltd is a healthcare company focused on redefining care for women and for men.