Over $2M Bet On Workday? Check Out These 4 Stocks Insiders Are Buying

Although U.S. stocks closed mostly 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.

Workday

• The Trade: Workday, Inc. WDAY Co-CEO Carl Eschenbach acquired a total of 8,676 shares shares an average price of $240.44. To acquire these shares, it cost around $2.09 million.
• What’s Happening: Inhibrx announced a $200 million private placement financing.
• What Workday Does: Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions.

Impinj

• The Trade: Impinj, Inc. PI Director Patrick Daniel Gibson acquired a total of 28,579 shares at an average price of $63.27. To acquire these shares, it cost around $1.81 million.
• What’s Happening: Impinj posted upbeat second-quarter results.
• What Impinj Does: Impinj Inc operates a platform that enables wireless connectivity to everyday items by delivering each item's identity, location, and authenticity to business and consumer applications.

Don’t forget to check out our premarket coverage here

Valvoline

• The Trade: Valvoline Inc. VVV Director Joseph Richard Freeland bought a total of 2,960 shares at an average price of $33.97. To acquire these shares, it cost around $100,563.
• What’s Happening: Valvoline reported third-quarter FY23 sales growth of 19% year-on-year to $376.20 million, beating the analyst consensus of $366.58 million.
• What Valvoline Does: Valvoline Inc produces, markets, and sells automotive maintenance products, particularly lubricants, to retail outlets and installers, and customers.

Check This Out: Investor Sentiment Declines After US Stocks Record Losses For August

Sun Country Airlines

• The Trade: Sun Country Airlines Holdings, Inc. SNCY Director Jennifer Vogel bought a total 13,520 shares at an average price of $14.83. The insider spent around $200,458 to buy those shares.
• What’s Happening: Sun Country Airlines posted downbeat quarterly earnings.
• What Sun Country Airlines Does: Sun Country Airlines Holdings Inc operates low-cost air carriers. The business has two operating segments: Passenger and Cargo.