Otter Creek Advisors LLC Cuts Holdings in Nasdaq, Inc. $NDAQ

Key Points

• Otter Creek Advisors LLC reduced its holdings in Nasdaq, Inc. by 51.9%, owning 31,724 shares after selling 34,203 shares in the 2nd quarter.
• Nasdaq reported earnings of $0.85 EPS, exceeding analysts' expectations of $0.78, with a revenue increase of 12.7% year-over-year.
• The company declared a quarterly dividend of $0.27 per share, which results in an annualized dividend yield of 1.2%.

Otter Creek Advisors LLC trimmed its holdings in shares of Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 51.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,724 shares of the financial services provider's stock after selling 34,203 shares during the period. Nasdaq makes up about 2.0% of Otter Creek Advisors LLC's investment portfolio, making the stock its 27th largest holding. Otter Creek Advisors LLC's holdings in Nasdaq were worth $2,837,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NDAQ. Nuveen LLC purchased a new stake in Nasdaq during the 1st quarter valued at $241,614,000. Invesco Ltd. boosted its stake in Nasdaq by 40.8% during the 1st quarter. Invesco Ltd. now owns 5,494,271 shares of the financial services provider's stock valued at $416,795,000 after purchasing an additional 1,592,057 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Nasdaq by 5.1% during 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. Lord Abbett & CO. LLC lifted its holdings in shares of Nasdaq by 104.5% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,655,341 shares of the financial services provider's stock valued at $125,574,000 after buying an additional 845,725 shares during the period. Finally, Jefferies Financial Group Inc. lifted its holdings in shares of Nasdaq by 2,462.5% during the 1st quarter. Jefferies Financial Group Inc. now owns 788,249 shares of the financial services provider's stock valued at $59,797,000 after buying an additional 757,488 shares during the period. 72.47% of the stock is currently owned by hedge funds and other institutional investors.

Nasdaq Price Performance

Shares of Nasdaq stock opened at $88.59 on Friday. Nasdaq, Inc. has a one year low of $64.84 and a one year high of $97.63. The stock's fifty day moving average is $91.92 and its 200 day moving average is $86.33. The stock has a market cap of $50.83 billion, a P/E ratio of 34.07, a P/E/G ratio of 1.96 and a beta of 0.98. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.96 and a current ratio of 0.96.

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

Nasdaq Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $1.08 dividend on an annualized basis and a yield of 1.2%. Nasdaq's dividend payout ratio (DPR) is currently 41.54%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Piper Sandler increased their price target on Nasdaq from $97.00 to $104.00 and gave the company an "overweight" rating in a report on Monday, August 4th. Morgan Stanley set a $90.00 price target on Nasdaq and gave the company an "equal weight" rating in a report on Wednesday, October 1st. The Goldman Sachs Group reissued a "buy" rating on shares of Nasdaq in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft increased their price target on Nasdaq from $97.00 to $105.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, Keefe, Bruyette & Woods increased their price target on Nasdaq from $103.00 to $104.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Fifteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $97.50.

Insider Transactions at Nasdaq

In other Nasdaq news, SVP Michelle Lynn Daly sold 8,691 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $93.45, for a total transaction of $812,173.95. Following the sale, the senior vice president directly owned 8,879 shares of the company's stock, valued at $829,742.55. This trade represents a 49.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeremy Skule sold 2,105 shares of the firm's stock in a transaction dated 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 represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.

Nasdaq Company 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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