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.

Smartsheet

• The Trade: Smartsheet Inc. (NYSE:SMAR) Director James White acquired a total of 150000 shares at an average price of $63.07. To acquire these shares, it cost $9,460,455.00.
• What’s Happening: RBC Capital recently maintained Smartsheet with a Sector Perform and lowered the price target from $73 to $63.
• What Smartsheet Does: Smartsheet Inc provides a cloud-based platform for work execution, that enables teams and organizations to plan, capture, manage, automate, and report on work at a scale which results in more efficient processes and better business outcomes.

Duolingo

• The Trade: Duolingo, Inc. (NASDAQ:DUOL) 10% owner Durable Capital Partners Lp acquired a total of 112111 shares at an average price of $102.13. To acquire these shares, it cost $11,450,188.62.
• What’s Happening: The company’s shares gained around 7% over the previous month.
• What Duolingo Does: Duolingo Inc is a mobile learning platform to learn languages and the top-grossing app in the Education category on both Google Play and the Apple App Store.

Bed Bath & Beyond

• The Trade: Bed Bath & Beyond Inc. (NASDAQ:BBBY) EVP, CFO Gustavo Arnal bought a total of 15000 shares at an average price of $13.81. To acquire these shares, it cost $207,150.00.
• What’s Happening: Bed Bath & Beyond recently reported worse-than-expected Q3 sales and announced planned 2022 store closing.
• What Bed Bath & Beyond Does: Bed Bath & Beyond is a home furnishings retailer, operating around 1,000 stores in all 50 states, Puerto Rico, Canada, and Mexico. Stores carry an assortment of branded bed and bath accessories, kitchen textiles, and cooking supplies.