Although U.S. stocks closed higher 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.

Allegion

• The Trade: Allegion plc (NYSE:ALLE) President and CEO John Stone acquired a total of 17,500 shares an average price of 116.62. To acquire these shares, it cost around $2.04 million.
• What’s Happening: Allegion posted mixed results for the second quarter.
• What Allegion Does: Allegion is a global security products company with a portfolio of leading brands such as Schlage, Von Duprin, and LCN.

Asana

• The Trade: Asana, Inc. (NYSE:ASAN) President, CEO and Chair Dustin Moskovitz acquired a total of 160,000 shares at an average price of $22.48. To acquire these shares, it cost around $3.6 million.
• What’s Happening: Asana reported better-than-expected first-quarter financial results.
• 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.

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FB Financial

• The Trade: FB Financial Corporation (NYSE:FBK) 10% owner James Ayers bought a total of 15,800 shares at an average price of $34.94. To acquire these shares, it cost around $552,040.
• What’s Happening: FB Financial reported better-than-expected second-quarter EPS results.
• What FB Financial Does: FB Financial Corp is a bank holding company. The company through its wholly-owned bank subsidiary provides commercial and consumer banking services to clients in select markets in Tennessee, North Alabama, and North Georgia.

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