Saudi Central Bank Increases Holdings in Nasdaq, Inc. $NDAQ

Key Points

• Saudi Central Bank increased its Nasdaq stake by 88.8% in the second quarter, owning 31,833 shares valued at approximately $2.5 million. Institutional investors collectively own 72.47% of Nasdaq’s stock.
• Nasdaq reported quarterly EPS of $1.07, beating estimates of $0.98, while revenue rose 14.9% year over year to $2.53 billion. The company also declared a quarterly dividend of $0.31 per share, representing a 1.3% annualized yield.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $110.30, compared with shares opening at $96.88. Meanwhile, insiders sold 41,797 shares worth roughly $3.93 million during the quarter.

Saudi Central Bank grew its stake in Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 88.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,833 shares of the financial services provider's stock after acquiring an additional 14,972 shares during the quarter. Saudi Central Bank's holdings in Nasdaq were worth $2,509,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. AlphaGrep UK Ltd purchased a new stake in shares of Nasdaq in the second quarter worth $522,000. Oakmont Investment Advisors Inc. purchased a new position in shares of Nasdaq in the 2nd quarter worth about $1,547,000. Munich Reinsurance Co Stock Corp in Munich boosted its stake in Nasdaq by 3.0% in the 2nd quarter. Munich Reinsurance Co Stock Corp in Munich now owns 889,447 shares of the financial services provider's stock worth $70,106,000 after purchasing an additional 25,524 shares in the last quarter. Syon Capital LLC boosted its stake in Nasdaq by 4.1% in the 2nd quarter. Syon Capital LLC now owns 7,866 shares of the financial services provider's stock worth $620,000 after purchasing an additional 312 shares in the last quarter. Finally, NEOS Investment Management LLC grew its position in Nasdaq by 13.6% during the 2nd quarter. NEOS Investment Management LLC now owns 72,836 shares of the financial services provider's stock valued at $5,741,000 after purchasing an additional 8,730 shares during the last quarter. 72.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Nelson Griggs sold 11,010 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $96.35, for a total value of $1,060,813.50. Following the sale, the insider owned 205,001 shares in the company, valued at approximately $19,751,846.35. This trade represents a 5.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Bradley J. Peterson sold 13,000 shares of the business's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $92.61, for a total transaction of $1,203,930.00. Following the sale, the executive vice president owned 128,293 shares of the company's stock, valued at approximately $11,881,214.73. This represents a 9.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 41,797 shares of company stock worth $3,926,319. 0.60% of the stock is owned by insiders.

Nasdaq Price Performance

Shares of NASDAQ:NDAQ opened at $96.88 on Tuesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $54.15 billion, a price-to-earnings ratio of 28.24, a price-to-earnings-growth ratio of 1.69 and a beta of 0.97. The business has a 50-day simple moving average of $93.29 and a two-hundred day simple moving average of $89.14. Nasdaq, Inc. has a fifty-two week low of $76.55 and a fifty-two week high of $101.79.

Nasdaq (NASDAQ:NDAQ - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.09. Nasdaq had a net margin of 22.60% and a return on equity of 18.38%. The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the firm posted $0.85 EPS. The business's quarterly revenue was up 14.9% compared to the same quarter last year. On average, analysts expect that Nasdaq, Inc. will post 4.15 earnings per share for the current year.

Nasdaq Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a dividend of $0.31 per share. The ex-dividend date is Friday, September 11th. This represents a $1.24 dividend on an annualized basis and a yield of 1.3%. Nasdaq's dividend payout ratio is 36.15%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NDAQ shares. Zacks Research raised shares of Nasdaq from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Rothschild & Co Redburn set a $110.00 price target on shares of Nasdaq in a report on Thursday, June 11th. Keefe, Bruyette & Woods raised their price target on shares of Nasdaq from $92.00 to $102.00 and gave the company a "market perform" rating in a research report on Friday, July 24th. Barclays restated an "overweight" rating and issued a $111.00 price objective (up from $108.00) on shares of Nasdaq in a report on Friday, July 24th. Finally, TD Cowen reaffirmed a "buy" rating and issued a $105.00 price objective (up from $101.00) on shares of Nasdaq in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $110.30.

Nasdaq Company 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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