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.

DocuSign

• The Trade: DocuSign, Inc. (NASDAQ:DOCU) President and CEO Daniel Springer acquired a total of 38192 shares at an average price of $130.92. To acquire these shares, it cost $4,999,988.22. The insider also sold a total of 4395 shares.
• What’s Happening: Morgan Stanley, last month, downgraded DocuSign from Overweight to Equal-Weight and lowered the price target from $350 to $165.
• What DocuSign Does: DocuSign offers the Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.

Petco Health and Wellness

• The Trade: Petco Health and Wellness Company, Inc. (NASDAQ:WOOF) CEO and Chairman Ron Coughlin acquired a total of 23290 shares at an average price of $17.21. To acquire these shares, it cost $3,973,716.94.
• What’s Happening: Needham, last month, initiated coverage on Petco Health and Wellness with a Buy rating and announced a price target of $30.
• What Petco Health and Wellness Does: Petco Health and Wellness Co Inc offer pet care products such as puppy food, treats, nutrition, and supplies through retail outlets and online platforms.

Stitch Fix

• The Trade: Stitch Fix, Inc. (NASDAQ:SFIX) 10% owner Chan Kenneth Hsiangtze bought a total of 176279 shares at an average price of $18.03. To acquire these shares, it cost $3,178,938.89.
• What’s Happening: Stitch Fix recently 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. It provides a shipment service called A FIX where the stylist's hand selects items from several merchandises with analysis of client and merchandise data to provide a personalized shipment of apparel, shoes, and accessories suited to the client's needs.