AQR Capital Management LLC Acquires 168,916 Shares of Nasdaq, Inc. $NDAQ

Key Points

• AQR Capital Management LLC increased its stake in Nasdaq, Inc. by 102.0% during the first quarter, now owning approximately $24.9 million worth of shares.
• Several hedge funds have also adjusted their positions in Nasdaq, with a significant percentage of the stock (72.47%) now owned by institutional investors.
• Despite insider sales, Wall Street analysts remain optimistic, with recommendations suggesting Nasdaq stock is a "Moderate Buy" with price targets ranging from $86.00 to $115.00.

AQR Capital Management LLC grew its stake in Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 102.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 334,533 shares of the financial services provider's stock after purchasing an additional 168,916 shares during the quarter. AQR Capital Management LLC owned approximately 0.06% of Nasdaq worth $24,949,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Nasdaq by 0.8% in the first quarter. Vanguard Group Inc. now owns 52,979,661 shares of the financial services provider's stock valued at $4,019,037,000 after purchasing an additional 403,248 shares during the period. Massachusetts Financial Services Co. MA increased its position in Nasdaq by 5.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 20,433,885 shares of the financial services provider's stock worth $1,550,115,000 after acquiring an additional 993,553 shares during the period. Harris Associates L P increased its position in Nasdaq by 1.2% during the first quarter. Harris Associates L P now owns 8,693,469 shares of the financial services provider's stock worth $659,487,000 after acquiring an additional 101,983 shares during the period. Goldman Sachs Group Inc. increased its position in Nasdaq by 9.1% during the first quarter. Goldman Sachs Group Inc. now owns 5,785,047 shares of the financial services provider's stock worth $438,854,000 after acquiring an additional 484,750 shares during the period. Finally, Invesco Ltd. increased its position in Nasdaq by 40.8% during the first quarter. Invesco Ltd. now owns 5,494,271 shares of the financial services provider's stock worth $416,795,000 after acquiring an additional 1,592,057 shares during the period. 72.47% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Jeremy Skule sold 2,105 shares of the firm's stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Bradley J. Peterson sold 11,508 shares of the firm's stock in a transaction that occurred 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 approximately $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. In the last three months, insiders have sold 24,409 shares of company stock worth $2,223,599. Corporate insiders own 0.70% of the company's stock.

Nasdaq Price Performance

Nasdaq stock traded down $1.93 during trading hours on Friday, reaching $93.95. 2,947,784 shares of the stock were exchanged, compared to its average volume of 2,459,310. The company has a market cap of $53.91 billion, a P/E ratio of 36.13, a price-to-earnings-growth ratio of 2.10 and a beta of 1.02. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.73. Nasdaq, Inc. has a twelve month low of $64.84 and a twelve month high of $97.63. The stock has a 50 day moving average of $93.60 and a two-hundred day moving average of $84.18.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last announced its quarterly earnings data 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. Nasdaq had a net margin of 18.59% and a return on equity of 15.90%. The firm had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the company posted $0.69 earnings per share. The business's revenue for the quarter was up 12.7% on a year-over-year basis. Equities analysts expect that Nasdaq, Inc. will post 3.18 EPS for the current fiscal year.

Nasdaq Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid 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%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Citigroup reaffirmed a "neutral" rating on shares of Nasdaq in a research report on Wednesday, July 9th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Nasdaq in a research report on Friday, July 25th. Raymond James Financial reaffirmed an "outperform" rating and set a $96.00 price target (up from $84.00) on shares of Nasdaq in a research report on Wednesday, July 9th. Morgan Stanley raised their price target on shares of Nasdaq from $75.00 to $86.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Finally, Royal Bank Of Canada increased their price objective on shares of Nasdaq from $95.00 to $108.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $97.06.

About Nasdaq

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.