Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Nasdaq, Inc. (NASDAQ:NDAQ)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired a new stake in Nasdaq, Inc., purchasing 107,381 shares valued at approximately $8.1 million.
• Several large investors have increased their stakes in Nasdaq, with Ameriprise Financial growing its holding by 37.9% and GAMMA Investing LLC by 7,367.6%.
• Nasdaq recently announced a quarterly dividend of $0.27 per share, representing a 1.1% dividend yield for shareholders.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 107,381 shares of the financial services provider's stock, valued at approximately $8,146,000.

Several other large investors also recently bought and sold shares of NDAQ. Ameriprise Financial Inc. grew its stake in shares of Nasdaq by 37.9% in the 4th quarter. Ameriprise Financial Inc. now owns 6,005,047 shares of the financial services provider's stock valued at $464,676,000 after buying an additional 1,650,201 shares during the period. GAMMA Investing LLC grew its stake in shares of Nasdaq by 7,367.6% in the 1st quarter. GAMMA Investing LLC now owns 1,129,328 shares of the financial services provider's stock valued at $85,671,000 after buying an additional 1,114,205 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Nasdaq by 5.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 20,433,885 shares of the financial services provider's stock valued at $1,550,115,000 after buying an additional 993,553 shares during the period. Balyasny Asset Management L.P. grew its stake in shares of Nasdaq by 8,704.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 825,900 shares of the financial services provider's stock valued at $63,850,000 after buying an additional 816,519 shares during the period. Finally, Prana Capital Management LP grew its stake in shares of Nasdaq by 128.8% in the 4th quarter. Prana Capital Management LP now owns 1,351,248 shares of the financial services provider's stock valued at $104,465,000 after buying an additional 760,711 shares during the period. Hedge funds and other institutional investors own 72.47% of the company's stock.

Insider Activity

In other news, EVP Jeremy Skule sold 2,105 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $95.49, for a total value of $201,006.45. Following the sale, the executive vice president directly owned 92,551 shares in the company, valued at approximately $8,837,694.99. This trade represents a 2.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Bradley J. Peterson sold 11,508 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $88.87, for a total transaction of $1,022,715.96. Following the completion of the sale, the executive vice president owned 111,035 shares in the company, valued at $9,867,680.45. The trade was a 9.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,409 shares of company stock valued at $2,887,839 over the last quarter. Company insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on NDAQ. Morgan Stanley increased their price target on shares of Nasdaq from $75.00 to $86.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Barclays increased their price target on shares of Nasdaq from $101.00 to $109.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. The Goldman Sachs Group restated a "buy" rating on shares of Nasdaq in a report on Friday, July 25th. Redburn Atlantic upgraded shares of Nasdaq from a "neutral" rating to a "buy" rating and set a $91.00 price objective on the stock in a report on Thursday, April 17th. Finally, Piper Sandler upped their price objective on shares of Nasdaq from $97.00 to $104.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, Nasdaq has a consensus rating of "Moderate Buy" and a consensus target price of $97.06.

Nasdaq Price Performance

Nasdaq stock opened at $96.94 on Tuesday. The firm has a market cap of $55.62 billion, a PE ratio of 37.28, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. Nasdaq, Inc. has a 52-week low of $64.84 and a 52-week high of $97.63. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.73. The company's 50 day moving average is $89.93 and its two-hundred day moving average is $81.99.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.07. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.26 billion. Nasdaq had a net margin of 18.59% and a return on equity of 15.90%. The firm's quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.69 EPS. On average, research analysts expect that Nasdaq, Inc. will post 3.18 EPS for the current fiscal year.

Nasdaq Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, September 12th. Nasdaq's dividend payout ratio (DPR) is presently 41.54%.

Nasdaq Profile

Nasdaq, Inc operates as a technology company that serves capital markets and other industries worldwide. It operates in three segments: Capital Access Platforms, Financial Technology, and Market Services. The Capital Access Platforms segment sells and distributes historical and real-time market data; and develops and licenses Nasdaq-branded indices and financial products.

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