Although U.S. stocks closed mostly 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.

Lennar

• The Trade: Lennar Corporation (NYSE:LEN) Director Amy Banse acquired a total of 2,438 shares an average price of $157.00. To acquire these shares, it cost around $247,275.
• What's Happening: LP Building Solutions and Lennar reported a nationwide supply agreement.
• What Lennar Does: Lennar is one of the largest public homebuilders in the United States. The company's homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name.

SMART Global

• The Trade: SMART Global Holdings, Inc. (NASDAQ:SGH) President and CEO Mark Adams acquired a total of 10,000 shares at an average price of
• $18.79. To acquire these shares, it cost around $187,896.
• What's Happening: On April 9, The company reported quarterly earnings of 27 cents per share, beating the analyst consensus estimate of 25 cents by 8%.
• What SMART Global Does: SMART Global Holdings Inc is a designer and manufacturer of electronic products focused on memory and computing technology areas.

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Neogen

• The Trade: Neogen Corporation (NASDAQ:NEOG) Director James C Borel bought a total of 7,500 shares at an average price of $13.06. To acquire these shares, it cost around $97,986.
• What's Happening: On April 9, Neogen reported worse than expected third-quarter FY2024 earnings and cut 2024 guidance.
• What Neogen Does: Neogen Corporation, headquartered in Lansing, Michigan, develops, manufactures, and markets various products for food and animal safety.