Over $2M Bet On Safety Insurance Group? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed mixed on Friday, there were a few notable insider trades.

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 Chairman Dustin Moskovitz acquired a total of 240,000 shares an average price of $22.90. To acquire these shares, it cost around $5.5 million.
• What’s Happening: Citigroup recently maintained Asana with a Neutral and raised the price target from $24 to $26.
• 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.

Safety Insurance Group

• The Trade: Safety Insurance Group, Inc. SAFT 10% owner Plymouth Rock Co Inc acquired a total of 32,384 shares at an average price of $67.24. To acquire these shares, it cost around $2.18 million
• What’s Happening: The company posted net loss of $12.3 million, or $0.84 per diluted share for the quarter ended March 31, 2023, versus year-ago net income of $7.8 million, or $0.53 per diluted share.
• What Safety Insurance Group Does: Safety Insurance Group Inc is a provider of private passenger automobile insurance in Massachusetts.

Don’t forget to check out our premarket coverage here

Culp

• The Trade: Culp, Inc. CULP Director Allen John Baugh bought a total of 4,500 shares at an average price of $5.50. To acquire these shares, it cost around $24,750.
• What’s Happening: Culp posted a narrower-than-expected fourth-quarter loss.
• What Culp Does: Culp Inc manufactures, sources, and markets mattress fabrics and sewn covers used for covering mattresses and box springs and upholstery fabrics including cut and sewn kits used in the production of upholstered furniture.

Check This Out: Top 4 Tech & Telecom Stocks That May Rocket Higher In July