Princeton Global Asset Management LLC Makes New Investment in Nasdaq, Inc. $NDAQ

Key Points

• Princeton Global Asset Management opened a new position in Nasdaq during the first quarter, buying 41,506 shares worth about $3.52 million.
• Nasdaq reported strong first-quarter results, with EPS of $0.96 topping estimates and revenue of $2.14 billion, up 13.7% year over year.
• The company also raised its quarterly dividend to $0.31 per share, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $106.79.

Princeton Global Asset Management LLC purchased a new stake in Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 41,506 shares of the financial services provider's stock, valued at approximately $3,523,000.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Nasdaq in the 4th quarter valued at approximately $530,100,000. Morgan Stanley lifted its stake in Nasdaq by 62.6% in the 4th quarter. Morgan Stanley now owns 9,266,562 shares of the financial services provider's stock valued at $900,061,000 after acquiring an additional 3,567,843 shares in the last quarter. Nuveen LLC lifted its stake in Nasdaq by 82.0% in the 4th quarter. Nuveen LLC now owns 6,073,271 shares of the financial services provider's stock valued at $589,897,000 after acquiring an additional 2,736,322 shares in the last quarter. Harris Associates L P boosted its position in Nasdaq by 46.0% during the 4th quarter. Harris Associates L P now owns 8,621,689 shares of the financial services provider's stock worth $837,425,000 after acquiring an additional 2,716,280 shares during the last quarter. Finally, State Street Corp boosted its position in Nasdaq by 7.7% during the 3rd quarter. State Street Corp now owns 19,619,192 shares of the financial services provider's stock worth $1,735,318,000 after acquiring an additional 1,404,348 shares during the last quarter. 72.47% of the stock is currently owned by institutional investors.

Nasdaq Stock Performance

Shares of Nasdaq stock opened at $78.56 on Monday. The stock has a market cap of $44.43 billion, a P/E ratio of 23.66, a P/E/G ratio of 1.57 and a beta of 0.97. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.71. Nasdaq, Inc. has a 12-month low of $77.09 and a 12-month high of $101.79. The business's 50 day moving average is $88.21 and its 200-day moving average is $89.65.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last released its earnings results on Thursday, April 23rd. The financial services provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.03. Nasdaq had a net margin of 23.15% and a return on equity of 17.51%. The business had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same period last year, the business earned $0.79 earnings per share. The firm's revenue was up 13.7% on a year-over-year basis. Equities research analysts predict that Nasdaq, Inc. will post 3.87 earnings per share for the current fiscal year.

Nasdaq Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given a $0.31 dividend. This is a boost from Nasdaq's previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.6%. Nasdaq's payout ratio is 37.35%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Wall Street Zen raised shares of Nasdaq from a "sell" rating to a "hold" rating in a research report on Sunday, May 3rd. Barclays lifted their price target on shares of Nasdaq from $115.00 to $116.00 and gave the company an "overweight" rating in a research note on Wednesday, April 8th. Loop Capital set a $113.00 price target on shares of Nasdaq in a research report on Friday, April 24th. Rothschild & Co Redburn set a $110.00 price objective on shares of Nasdaq in a research note on Thursday, June 11th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Nasdaq in a research note on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $106.79.

Insider Buying and Selling

In other news, insider Cohen Tal sold 15,518 shares of the business's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $90.75, for a total transaction of $1,408,258.50. Following the transaction, the insider directly owned 215,208 shares in the company, valued at $19,530,126. The trade was a 6.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Bradley J. Peterson sold 7,710 shares of the company's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $90.82, for a total transaction of $700,222.20. Following the completion of the sale, the executive vice president directly owned 141,035 shares in the company, valued at approximately $12,808,798.70. The trade was a 5.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 138,162 shares of company stock worth $11,932,913. Corporate insiders own 0.60% of the company's stock.

Nasdaq Profile

Nasdaq, Inc is a global financial technology company that operates one of the world's leading electronic securities exchanges and provides a broad array of products and services to capital markets participants. Its core activities include operating the Nasdaq Stock Market and other trading venues, developing and supplying market technology and matching engines to exchanges and trading firms, licensing market data and indices, and offering clearing, trade execution and post-trade solutions. The company also provides market surveillance, risk management and regulatory technology used by exchanges and regulators.

Founded in 1971 by the National Association of Securities Dealers (NASD) as the first electronic stock market, Nasdaq has evolved into a diversified marketplace and technology provider.

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