Although U.S. stocks closed lower on Monday, 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.

Walgreens Boots Alliance

The Trade: Walgreens Boots Alliance, Inc. ( WBA ) Director Inderpal S Bhandari acquired a total of 3,000 shares an average price of $18.05. To acquire these shares, it cost around $54,150..

What's Happening: On March 28, Walgreens reported better than expected second-quarter earnings and tightened FY24 guidance.

What Walgreens Does: Walgreens Boots Alliance ( WBA ) is one of the largest retail pharmacy chains in the U.S., with over 8,500 locations.

authID

The Trade: authID Inc. 10% owner Stephen Jeffrey Garchik acquired a total of 10,500 shares at an average price of $7.69. To acquire these shares, it cost around $80,745.

What's Happening: On March 20, authID posted a narrower FY23 loss.

What authID Does: AuthID Inc ( AUID ) is a company engaged in ensuring cyber-savvy enterprises "Know Who's Behind the Device" for every customer or employee login and transaction.

Don't forget to check out our premarket coverage here

America's Car-Mart

The Trade: America's Car-Mart, Inc. 10% owner Magnolia Group, LLC bought a total of 13,550 shares at an average price of $57.87. To acquire these shares, it cost around $784,139.

What's Happening: On April 10, B of A Securities analyst John Murphy maintained America's Car-Mart with an Underperform and lowered the price target from $55 to $50.

What America's Car-Mart Does: America's Car-Mart Inc is an automotive retailer in us focused exclusively on the Integrated Auto Sales and Finance segment of the used car market.

Check This Out: Fear & Greed Index Moves To 'Fear' Zone; S&P 500 Down Over 1%