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DELAFIELD, Wis. (Stockpickr) -- Corporate insiders sell their own companies' stock for a number of reasons.

They might need the cash for a big personal purchase such as a new house or yacht, or they might need the cash to fund a charity. Sometimes they sell as part of a planned selling program that they have put in place for diversification purposes, which allows them to sell stock in stages instead of selling all at one price.

Other times they sell because they think their stock is overvalued and the risk/reward is no longer attractive. Some even dump their own stock because they have inside knowledge that a competitor is eating their lunch and stealing market share.

But insiders usually buy their own shares for one reason: They think the stock is a bargain and has tremendous upside.

The key word in that last statement is "think." Just because a corporate insider thinks his or her stock is going to trade higher, that doesn't mean it will play out that way. Insiders can have all the conviction in the world that their stock is a buy, but if the market doesn't agree with them, the stock could end up going nowhere. Also, I say "usually" because sometimes insiders are loaned money by the company to buy their own stock. Those loans are often sweetheart deals and shouldn't be viewed as organic insider buying.

At the end of the day, it's institutional money managers running big mutual funds and hedge funds that drive stock prices, not insiders. That said, many of these savvy stock operators will follow insider buying activity when they agree with the insider that the stock is undervalued and has upside potential. This is why it's so important to always be monitoring insider activity but twice as important to make sure the trend of the stock coincides with the insider buying.

Recently, a number of companies' corporate insiders have bought large amounts of stock. These insiders are finding some value in the market, which warrants a closer look at these stocks. Here's a look five stocks whose insiders have been doing some big buying per SEC filings.

Entegris

One technology player that insiders are active in here is Entegris (ENTG) - Get Entegris, Inc. Report , which develops, manufactures and supplies products and materials that are used in processing and manufacturing in the microelectronics and other high-technology industries worldwide Insiders are buying this stock into notable weakness, since shares are off by 11.8% over the last three months.

Entegris has a market cap of $1.6 billion and an enterprise value of $2 billion. This stock trades at a reasonable valuation, with a trailing price-to-earnings of 43.4 and a forward price-to-earnings of 12.9. Its estimated growth rate for this year is 15.3%, and for next year it's pegged at 32.4%. This is not a cash-rich company, since the total cash position on its balance sheet is $377.94 million and its total debt is $817.70 million.

A beneficial owner just bought 477,700 shares, or about $5.34 million worth of stock, at $11.19 per share.

From a technical perspective, ENTG is currently trending below both its 50-day and 200-day moving averages, which is bearish. This stock recently formed a double bottom chart pattern at $10.69 to $10.67 a share. Following that bottom, shares of ENTG have now started to uptrend and the stock is quickly moving within range of triggering a major breakout trade above some key near-term overhead resistance levels.

If you're bullish on ENTG, then I would look for long-biased trades as long as this stock is trending above some near-term support at $11.25 a share or above those double bottom support levels and then once it breaks out above some near-term overhead resistance levels at $11.90 to $12.31 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 819,820 shares. If that breakout triggers soon, then ENTG will set up to re-test or possibly take out its next major overhead resistance level at its 52-week high of $14.05 a share.

Devon Energy

Another independent energy player that insiders are jumping into here is Devon Energy (DVN) - Get Devon Energy Corporation Report , which is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. Insiders are buying this stock into major weakness, since shares have traded off sharply over the last three months by 21%.

Devon Energy has a market cap of $24.9 billion and an enterprise value of $35.2 billion. This stock trades at a reasonable valuation, with a trailing price-to-earnings of 15.2 and a forward price-to-earnings of 10.4. Its estimated growth rate for this year is 26.1%, and for next year it's pegged at 8.8%. This is not a cash-rich company, since the total cash position on its balance sheet is $1.71 billion and its total debt is a whopping $12.36 billion. This stock currently sports a dividend yield of 1.7%.

TheStreet Recommends

A director just bought 9,150 shares, or around $499,000 worth of stock, at $54.64 per share.

From a technical perspective, DVN is currently trending well below both its 50-day and 200-day moving averages, which is bearish. This stock has been downtrending badly for the last four months, with shares dropping from its high of $80.36 to its new 52-week low of $53.34 a share. During that downtrend, shares of DVN have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of DVN have now started to rebound off its 52-week low with strong upside volume flows.

If you're in the bull camp on DVN, then I would look for long-biased trades as long as this stock is trending above some near-term support at $57.50 a share and then once it takes out Wednesday's intraday high of $61.15 a share with high volume. Look for a sustained move or close above that level with volume that hits near or above its three-month average action of 3.28 million shares. If that move gets started soon, then DVN will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day moving average of $68.39 a share to its 200-day moving average of $68.92 a share.

Acuity Brands

One diversified electronics player that insiders are loading up on here is Acuity Brands (AYI) - Get Acuity Brands, Inc. Report , which designs, produces and distributes lighting solutions, components, and services for commercial, institutional, industrial, infrastructure and residential applications in North America and internationally. Insiders are buying this stock into solid strength, since shares have ripped higher by 22% so far in 2014.

Acuity Brands has a market cap of $5.7 billion and an enterprise value of $5.5 billion. This stock trades at a reasonable valuation, with a trailing price-to-earnings of 33 and a forward price-to-earnings of 21.9. Its estimated growth rate for this year is 24.9%, and for next year it's pegged at 23.6%. This is a cash-rich company, since the total cash position on its balance sheet is $552.50 million and its total debt is $353.60 million.

A director just bought 8,000 shares, or about $983,000 worth of stock, at $122.94 per share.

From a technical perspective, AYI is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock recently pulled back right to its 50-day moving average and then subsequently bounced off that level and trended back above its 200-day moving average. That move is now starting to push shares of AYI within range of triggering a big breakout trade above some key overhead resistance levels.

If you're bullish on AYI, then I would look for long-biased trades as long as this stock is trending above its 200-day moving average of $126.02 a share or its 50-day moving average of $124.43 a share and then once it breaks out above some key overhead resistance levels at $135.57 to $138.16 a share and then above some past resistance at $140.20 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 375,008 shares. If that breakout materializes soon, then AYI will set up to re-test or possibly take out its 52-week high of $146.28 a share.

Elizabeth Arden

One beauty products player that insiders are snapping up a large amount of stock in here is Elizabeth Arden (RDEN) , which is engaged in the manufacture, distribution, marketing and sale of fragrances, skin care and cosmetic products worldwide. Insiders are buying this stock into massive weakness, since shares have plunged sharply in 2014 by 51%.

Elizabeth Arden has a market cap of $511 million and an enterprise value of $893 million. This stock trades at a cheap valuation, with a forward price-to-earnings of 29. Its estimated growth rate for this year is 25.5%, and for next year it's pegged at 243.9%. This is not a cash-rich company, since the total cash position on its balance sheet is $56.31 million and its total debt is $436.85 million.

A beneficial owner just bought 100,019 shares, or about $1.58 million worth of stock, at $15.83 per share. That same beneficial owner also just bought 559,684 shares, or about $9.50 million worth of stock, at $16.90 per share.

From a technical perspective, RDEN is currently trending below both its 50-day and 200-day moving averages, which is bearish. This stock recently formed a double bottom chart pattern, since shares found buying interest over the last two months at $14.65 to $15.63 a share. Following that bottom, shares of RDEN have started to bounce higher and it's now quickly moving within range of triggering a major breakout trade.

If you're bullish on RDEN, then I would look for long-biased trades as long as this stock is trending above some near-term support at $15.63 a share and then once it breaks out above some key near-term overhead resistance levels at $17.89 to $18.60 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 582,318 shares. If that breakout hits soon, then RDEN will set up to re-fill some of its previous gap-down-day zone from August that started near $21 a share.

Sears Holdings

One final stock with some large insider buying is Sears Holdings (SHLD) , which operates as a retailer in the U.S. and Canada. Insiders are buying this stock into major weakness, since shares traded down sharply in 2014 by 28%.

Sears Holdings has a market cap of $3.7 billion and an enterprise value of $7.1 billion. This stock trades at a reasonable valuation, with a price-to-sales of 0.11 and a price-to-book of 7.20. Its estimated growth rate for this year is -63.9%, and for next year it's pegged at 6.1%. This is not a cash-rich company, since the total cash position on its balance sheet is $829 million and its total debt is a whopping $4.30 billion.

A beneficial owner just bought 144,500 shares, or about $4.73 million worth of stock, at $32.29 per share.

From a technical perspective, SHLD is currently trending above its 50-day moving average and just below its 200-day moving average, which is neutral trendwise. This stock recently broke out and exploded higher back above its 50-day moving average with monster upside volume flows. That move has now pushed shares of SHLD within range of triggering another big breakout trade.

If you're bullish on SHLD, then I would look for long-biased trades as long as this stock is trending above its 50-day moving average of $31.10 a share and then once it breaks out above some key overhead resistance levels at $37.13 to $38.39 a share and then above more resistance at $39.54 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 1.31 million shares. If that breakout kicks off soon, then SHLD will set up to re-test or possibly take out its next major overhead resistance levels at $42.48 to $46 a share.

To see more stocks with notable insider buying, check out the Stocks With Big Insider Buying portfolio on Stockpickr.

-- Written by Roberto Pedone in Delafield, Wis.

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At the time of publication, author had no positions in stocks mentioned. Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.