Nasdaq, Inc.· NDAQ

🇺🇸 US · LargeSP500NASDAQ

Financial Services Financial - Data & Stock Exchanges Website

Price: $93.54
Day: +2.44%
Mkt Cap: $52.29B
52W Range: $76.55 – $101.79
Volume: 6.45M
Beta: 0.97

D55D FrameworkQuarterly Data

Holdings Analysis

Insider activity, institutional flows, and fund ownership.

Smart Money: 3.0 / 5 (Neutral), from 3 of 3 components
Institutions Q2 2026: 1,114 institutions hold; 529 added, 417 reduced
Insiders Q3 2026: no purchases, 10 sales ($5.5M)

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Nasdaq, Inc.

NDAQ|Financial Services|Financial - Data & Stock Exchanges

Current price: $94

Smart Money

Dimension 5 of 5

Insider selling pace · Q3 2026

0.4x

quarter in progress, filings still arriving

Seller breadth · Q3 2026

4 sellers

vs 4.0 avg per quarter

Institutional net breadth · Q2 2026

+100

648 adding vs 548 reducing

Institutional ownership · Q2 2026

84.3%

1,114 institutions

Insider Selling Pace

Each quarter's selling vs this stock's own trailing 6-quarter average

Light <0.5xRoutineElevated >1.5xHeavy >3xBuying

Institutional Positions

Institutions adding above the line, reducing below, net as a line

NewIncreasedReducedClosedNet

Largest Institutional Holders, Q2 2026

By reported market value, and how each moved in the quarter

Holder

Change

INVESTOR AB

58.4M

+0.6%

BLACKROCK, INC.

37.2M

-2.1%

VANGUARD CAPITAL MANAGEMENT LLC

31.2M

+0.4%

WELLINGTON MANAGEMENT GROUP LLP

30.3M

-16.0%

VANGUARD PORTFOLIO MANAGEMENT LLC

26.1M

+0.4%

MASSACHUSETTS FINANCIAL SERVICES CO /MA/

23.3M

-19.6%

ETF & Fund Activity, Q2 2026

How the covering funds split between buying, holding and selling

123

188

124

123 buying188 unchanged124 selling

430 funds held NDAQ in Q2 2026, holding 230.2M shares between them, up 0.6% on the quarter.

Largest fund holders

SPDR SERIES TRUST1.8M sh

NATIONWIDE MUTUAL FUNDS204.3K sh

GLENMEDE FUND INC34.7K sh

Notable Insider Transactions, Q3 2026

Largest open-market purchases and sales by value in the last eight quarters

Sale · Feb 2

FRIEDMAN ADENA T

$29.1M

Sale · Jan 2

FRIEDMAN ADENA T

$28.9M

Purchase · Feb 13

INVESTOR AB

$15.8M

Insider transactions from SEC Form 4 filings; institutional holdings from quarterly 13F filings, which are reported with a lag and can overlap between filers. 13F: quarterly institutional holdings report · ETF: Exchange-Traded Fund

See the complete picture

The full 5D Framework: Business Quality · Peer Comparison · Valuation · Analyst Sentiment · Smart Money

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Generated September 21, 2026

For educational purposes only. Not financial advice. Data may be delayed or incomplete.

Smart Money Sentiment

NDAQ Smart Money Sentiment Score

A weighted 1-5 sentiment score across three smart money signals.

Smart Money

3.0/5

Neutral

Weighted across 3 components

Component Breakdown (3 of 3 available)

Insider Activity

40% weight

Institutional Flow

50% weight

Fund Flow

10% weight

Overall Smart Money sentiment of 3.0/5 (Neutral) based on a weighted combination of 3 components. Insider activity uses a relative-baseline comparison against the stock's own history; institutional flow tracks position momentum and 13F share changes; fund flow measures ETF / mutual-fund buying vs selling. Higher scores indicate stronger bullish sentiment from professional investors.Last updated September 20, 2026.

Insider Trading Activity

Insider trading analysis comparing the latest quarter against the stock's own historical baseline.

Insider Selling Pace for NDAQ

Each quarter's selling vs the stock's own trailing 6-quarter average; 1.0x is typical for this stock. Green triangles mark quarters with insider buying.

Neutral

Routine insider selling in Q3 2026

10 sales totaling $5.5M (59.0K shares)

Share volume is below the historical pace (0.4x average)

4 different insiders sold this quarter

Buying seen in 6 of 15 quarters

0.4x

Selling pace

quarter in progress, filings still arriving

0.04%

Stake sold

of active insiders' holdings

4 sellers

Seller breadth

vs 4.0 avg per quarter

Q2 2026

Last insider purchase

buying in 6 of 16 quarters

Notable Recent Transactions, NDAQ

Top 8 highest-value insider trades from the last 8 quarters

FRIEDMAN ADENA T

CEO

Sell

300,000 shares at $96.91

≈13.5% of their stake at the time

Feb 2, 2026$29.07M

FRIEDMAN ADENA T

CEO

Sell

300,000 shares at $96.39

≈13.5% of their stake at the time

Jan 2, 2026$28.92M

INVESTOR AB

10% Owner

Buy

200,000 shares at $79.18

≈0.3% of their stake after buying

Feb 13, 2026$15.84M

FRIEDMAN ADENA T

CEO

Sell

113,611 shares at $85.44

≈5.5% of their stake at the time

Apr 1, 2026$9.71M

FRIEDMAN ADENA T

CEO

Sell

92,840 shares at $90.08

≈4.3% of their stake at the time

Mar 6, 2026$8.36M

INVESTOR AB

10% Owner

Buy

56,782 shares at $85.98

≈0.1% of their stake after buying

Jun 11, 2026$4.88M

Tal Cohen

Pres. Market Platforms

Sell

15,518 shares at $90.75

≈6.7% of their stake at the time

Apr 27, 2026$1.41M

Peterson Bradley J

EVP

Sell

17,056 shares at $79.79

≈11.5% of their stake at the time

Feb 26, 2025$1.36M

Institutional Ownership Analysis

Institutional ownership analysis with position momentum, 13F share flow, and ownership percentage trends.

Institutional Positions for NDAQ

Institutions adding (new + increased) above zero, reducing (reduced + closed) below, net as a line

New Increased Reduced Closed Net (adding − reducing)

Neutral

Mixed institutional activity in Q2 2026

84.3% institutional ownership

Balanced activity: 648 adding vs 548 reducing

13F shares increased by 1.6%, a modest change

+100

Net breadth

648 adding vs 548 reducing

Balanced

1.18

Add / reduce ratio

in Q2 2026

-12

New − closed

119 initiated, 131 exited

6 of 10

Top holders adding

largest holders with a known change

Position Changes

Q2 2026: how are institutions adjusting their positions?

+648 growing-548 shrinkingNet: +100

119

529

417

131

New (119)

Increased (529)

Reduced (417)

Closed (131)

Top Institutional Holders, NDAQ

Largest 8 institutional positions by ownership percentage as of Q2 2026

INVESTOR AB

58.4M

$4.6B

Ownership

10.36%

+0.6%

BLACKROCK, INC.

37.2M

$2.9B

Ownership

6.59%

-2.1%

VANGUARD CAPITAL MANAGEMENT LLC

31.2M

$2.5B

Ownership

5.53%

+0.4%

WELLINGTON MANAGEMENT GROUP LLP

30.3M

$2.4B

Ownership

5.38%

-16.0%

VANGUARD PORTFOLIO MANAGEMENT LLC

26.1M

$2.1B

Ownership

4.62%

+0.4%

MASSACHUSETTS FINANCIAL SERVICES CO /MA/

23.3M

$1.8B

Ownership

4.12%

-19.6%

STATE STREET CORP

20.2M

$1.6B

Ownership

3.58%

+2.8%

GEODE CAPITAL MANAGEMENT, LLC

13.1M

$1.0B

Ownership

2.33%

+1.6%

ETF and Mutual Fund Holdings

ETF and mutual fund activity breakdown showing buying vs selling funds, top fund holders, and detailed holdings.

Fund Activity

Q2 2026: 435 ETFs and mutual funds reporting

123 buying124 sellingNet: -1

123

188

124

Buying (123)

Unchanged (188)

Selling (124)

In total, funds bought 9.5M shares and sold 8.2M this quarter. Each fund counts once in the bar above, whatever the size of its move.

Neutral

Mixed fund activity in Q2 2026

435 ETFs and mutual funds reporting

123 buying vs 124 selling (balanced)

Top Fund Holders, NDAQ

Largest 8 ETF and mutual fund positions by shares held, each fund's latest filing

SPDR SERIES TRUST

1.8M

Weight

8.97%

Jul 31, 2026No change

NATIONWIDE MUTUAL FUNDS

204.3K

Weight

0.03%

Jul 31, 2026Increased

GLENMEDE FUND INC

34.7K

Weight

2.11%

Jul 31, 2026No change

Northern Lights Fund Trust

18.4K

Weight

0.04%

Jul 31, 2026No change

Listed Funds Trust

12.4K

Weight

—

Jul 31, 2026No change

KINETICS PORTFOLIOS TRUST

9.3K

Weight

0.88%

Jun 30, 2026No change

TIAA SEPARATE ACCOUNT VA 1

8.9K

Weight

5.46%

Jun 30, 2026No change

Series Portfolios Trust

7.8K

Weight

4.94%

Jul 31, 2026No change

Nasdaq, Inc.· NDAQ

Holdings Analysis

Insider Trading Activity

1.3Transaction History131Real market purchases and sales onlyShow All Types

Institutional Ownership Analysis

2.4Detailed Holdings166Most recent institutional positions with changes and valuations

ETF and Mutual Fund Holdings

3.3Fund Holdings Details25Most recent ETF and mutual fund holdings with share counts and weights

Search stocks

Holdings Analysis

Insider Trading Activity

1.3Transaction History131Real market purchases and sales onlyShow All Types

Institutional Ownership Analysis

2.4Detailed Holdings166Most recent institutional positions with changes and valuations

ETF and Mutual Fund Holdings

3.3Fund Holdings Details25Most recent ETF and mutual fund holdings with share counts and weights