Although U.S. stocks closed higher 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.

Cardlytics

• The Trade: Cardlytics, Inc. (NASDAQ:CDLX) 10% owner Clifford Sosin acquired a total of 350,000 shares an average price of $14.16. To acquire these shares, it cost around $4.96 million.
• What’s Happening: On March 18, Cardlytics entered an Equity Distribution Agreement pursuant to which the Company may issue and sell, from time to time up to $50 million.
• What Cardlytics Does: Cardlytics Inc operates an advertising platform within financial institutions' digital channels, which include online, mobile, email, and various real-time notifications.

Phunware

• The Trade: Phunware, Inc. (NASDAQ:PHUN) CFO Troy Lee Reisner acquired a total of 2,000 shares at an average price of $8.76. To acquire these shares, it cost around $17,514.
• What’s Happening: On March 12, Phunware reported worse-than-expected fourth-quarter EPS results.
• What Phunware Does: Phunware Inc is a software company. It is a cloud platform for mobile that provides companies with the products, solutions, and data and services necessary to engage, manage and monetize its mobile application audiences.

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