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

Domo

• The Trade: Domo, Inc. (NASDAQ:DOMO) CFO David R Jolley acquired a total of 10,000 shares at an average price of $6.99. To acquire these shares, it cost around $69,875.
• What's Happening: On Aug. 29, Domo posted better-than-expected quarterly results.
• What Domo Does: Domo Inc provides a cloud-based platform that digitally connects all the data, systems and people in an organization, giving them access to real-time data and insights and allowing them to manage their business from their smartphones.

Phibro Animal Health

• The Trade: Phibro Animal Health Corporation (NASDAQ:PAHC) Director E Thomas Corcoran acquired a total of 5,000 shares at an average price of $20.02. To acquire these shares, it cost around $100,100.
• What's Happening: On Aug. 28, Phibro Animal Health posted upbeat quarterly earnings.
• What Phibro Animal Health Does: Phibro Animal Health Corp operates as a diversified animal health and mineral nutrition company.

BJ's Restaurants

• The Trade: BJ's Restaurants, Inc. (NASDAQ:BJRI) Interim CEO C Bradford Richmond bought a total of 2,500 shares at an average price of $29.40. To acquire these shares, it cost around $73,500.
• What's Happening: On Sept. 3, BJ's Restaurants announced appointment of President & Chief Concept Officer.
• What BJ's Restaurants Does: BJ's Restaurants Inc is involved in the business of owning and operating restaurants.

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