More Than $17M Bet On Asana? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed slightly lower on Thursday, 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 Chair Dustin Moskovitz acquired a total of 1,015,000 shares an average price of $17.53. To acquire these shares, it cost around $17.79 million.
• What’s Happening: Frontier Communications Parent reported a second-quarter FY23 revenue decline of 0.7% year-on-year to $1.45 billion, beating the consensus of $1.44 billion.
• 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.

Red Robin Gourmet Burgers

• The Trade: Red Robin Gourmet Burgers, Inc. RRGB 10% owner Constantinos Christofilis acquired a total of 56,000 shares at an average price of $7.45. To acquire these shares, it cost around $416,920.
• What’s Happening: Red Robin posted better-than-expected quarterly results.
• What Red Robin Gourmet Burgers Does: Red Robin Gourmet Burgers Inc is a restaurant operator. The company develops, operates, and franchises casual-dining restaurants and fast-casual restaurants in North America.

Don’t forget to check out our premarket coverage here

United Natural Foods

• The Trade: United Natural Foods, Inc. UNFI CEO Alexander Douglas Jr bought a total of 11,265 shares at an average price of $13.32. To acquire these shares, it cost around $150,050.
• What’s Happening: United Natural Foods said Christopher Testa will no longer serve as company's President, Services and Company President, effective Oct. 13.
• What United Natural Foods Does: United Natural Foods Inc is a wholesale distributor of natural, organic and specialty foods and nonfood products across North America.

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