Although U.S. stocks closed higher on Wednesday, 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.

Snowflake

• The Trade: Snowflake Inc. (NYSE:SNOW) CEO Sridhar Ramaswamy acquired a total of 31,542 shares an average price of $158.52. To acquire these shares, it cost around $5 million.
• What's Happening: On March 19, Redburn Atlantic analyst Alex Haissl downgraded Snowflake from Neutral to Sell and announced a $125 price target.
• What Snowflake Does: Founded in 2012, Snowflake is a data lake, warehousing, and sharing company that came public in 2020. To date, the company has over 3,000 customers, including nearly 30% of the Fortune 500 as its customers.

Legacy Housing

• The Trade: Legacy Housing Corporation (NASDAQ:LEGH) Director Francisco Javier Coll acquired a total of 1,650 shares at an average price of $20.02. To acquire these shares, it cost around $33,033.
• What's Happening: On March 15, Legacy Housing reported worse-than-expected fourth-quarter financial results.
• What Legacy Housing Does: Legacy Housing Corp builds, sell, and finance manufactured homes and tiny houses that are distributed through a network of independent retailers and company-owned stores and also sold directly to manufactured home communities.

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Mistras Group

• The Trade: Mistras Group, Inc. (NYSE:MG) Interim President and CEO Manuel N. Stamatakis bought a total of 15,000 shares at an average price of $6.00. To acquire these shares, it cost around $90,000.
• What's Happening: On March 6, MISTRAS Group reported worse-than-expected fourth-quarter earnings.
• What Mistras Group Does: MISTRAS Group Inc provides asset protection solutions and systems. The company evaluates the structural integrity and reliability of critical energy, industrial, and public infrastructure.

Mirum Pharmaceuticals

• The Trade: Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) CFO Eric Bjerkholt bought a total of 2,000 shares at an average price of $24.80. The insider spent around $49,600 to buy those shares.
• What's Happening: On March 13, The FDA approved the company'sLivmarli (maralixibat) oral solution for cholestatic pruritus in patients five years of age and older with progressive familial intrahepatic cholestasis (PFIC).
• What Mirum Pharmaceuticals Does: Mirum Pharmaceuticals Inc is a biopharmaceutical company focused on the identification, acquisition, development, and commercialization of novel therapies for debilitating rare and orphan diseases.