Vancity Investment Management Ltd Sells 12,057 Shares of Nasdaq, Inc. $NDAQ

Key Points

• Vancity Investment Management reduced its Nasdaq stake by 7.6%, selling 12,057 shares and retaining 146,127 shares valued at approximately $11.5 million. Institutional investors collectively own 72.47% of Nasdaq.
• Analysts remain broadly positive, with Nasdaq receiving an average “Buy” rating and a consensus price target of $110.30. Recent targets range from $102 to $113.
• Nasdaq reported stronger-than-expected quarterly results, with EPS of $1.07 versus the $0.98 consensus and revenue up 14.9% year over year to $2.53 billion. The company also declared a quarterly dividend of $0.31 per share, yielding about 1.3% annually.

Vancity Investment Management Ltd lowered its stake in Nasdaq, Inc. (NASDAQ:NDAQ - Free Report) by 7.6% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 146,127 shares of the financial services provider's stock after selling 12,057 shares during the period. Nasdaq accounts for about 1.7% of Vancity Investment Management Ltd's holdings, making the stock its 24th largest holding. Vancity Investment Management Ltd's holdings in Nasdaq were worth $11,518,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in shares of Nasdaq by 7,824.5% in the 2nd quarter. California State Teachers Retirement System now owns 51,567,827 shares of the financial services provider's stock worth $4,064,576,000 after purchasing an additional 50,917,084 shares during the last quarter. BlackRock Inc. purchased a new stake in Nasdaq during the 2nd quarter valued at about $2,931,637,000. Bank of America Corp DE bought a new stake in Nasdaq during the 2nd quarter valued at about $603,631,000. Norges Bank bought a new stake in Nasdaq during the 4th quarter valued at about $530,100,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Nasdaq in the second quarter worth about $377,818,000. Institutional investors own 72.47% of the company's stock.

Insider Buying and Selling

In other Nasdaq news, EVP Bradley J. Peterson sold 13,000 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $92.61, for a total value of $1,203,930.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nelson Griggs sold 11,010 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $96.35, for a total value of $1,060,813.50. Following the completion of the transaction, the insider directly owned 205,001 shares in the company, valued at $19,751,846.35. The trade was a 5.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 41,797 shares of company stock valued at $3,926,319 over the last 90 days. Company insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NDAQ. Keefe, Bruyette & Woods increased their price target on shares of Nasdaq from $92.00 to $102.00 and gave the company a "market perform" rating in a report on Friday, July 24th. Rothschild & Co Redburn set a $110.00 price objective on shares of Nasdaq in a report on Thursday, June 11th. Zacks Research raised Nasdaq from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 27th. Raymond James Financial reiterated an "outperform" rating and set a $113.00 target price (up from $111.00) on shares of Nasdaq in a research note on Thursday, July 9th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Nasdaq in a research note on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $110.30.

Nasdaq Price Performance

NDAQ opened at $96.88 on Monday. The stock has a market capitalization of $54.15 billion, a price-to-earnings ratio of 28.24, a PEG ratio of 1.69 and a beta of 0.97. The firm has a 50 day moving average price of $92.89 and a 200-day moving average price of $89.03. Nasdaq, Inc. has a twelve month low of $76.55 and a twelve month high of $101.79. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.71.

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

Nasdaq Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, September 11th. Nasdaq's dividend payout ratio (DPR) is 36.15%.

About Nasdaq

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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