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TEAM-0.32% 13F +439META+3.01% 13F +2,694RCG-2.04% CLUSTERUTHR-4.03% 13F +425CRWV+4.49% 13F +693CRM+2.92% 13F +1,018CVNA-0.98% 13F +794TPL-0.71% 13F +444NET+4.32% 13F +710MSTR+17.56% 13F +526DELL+4.91% 13F +1,203CRWD+5.68% 13F +1,382ANET+1.22% 13F +1,323COIN+10.14% 13F +475TEAM-0.32% 13F +439META+3.01% 13F +2,694RCG-2.04% CLUSTERUTHR-4.03% 13F +425CRWV+4.49% 13F +693CRM+2.92% 13F +1,018CVNA-0.98% 13F +794TPL-0.71% 13F +444NET+4.32% 13F +710MSTR+17.56% 13F +526DELL+4.91% 13F +1,203CRWD+5.68% 13F +1,382ANET+1.22% 13F +1,323COIN+10.14% 13F +475
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NDAQ

NASDAQ, INC.
FINANCIAL SERVICES · SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES · CIK 0001120193
CONGRESS · 1FORM 144 · 9☆ WATCH
INSIDER NET · 180D
-$13.2M
open-market buys minus sells, Form 4 codes P and S
INSIDER BUYERS · 180D
1
CONGRESS BUYERS · 1Y
1
FUNDS ADDED · QTR
530
13F, latest reported quarter
REVENUE GROWTH
+11.6%
XBRL, annual
NET MARGIN
21.6%
CONVERSIONS · 180D
1
codes C/M, not in net · $2.5M priced
SEVEN FACTS, RANKED AGAINST THE SECTOR · RANK IS NOT A FORECAST
INSIDERS
net -$13.2M over 180 days
-$789.6K over 90 days · +$4.9M of it by a 10%+ holder
below 83% of Financial Services
CONGRESS
1 member bought in the last year
the lowest in Financial Services
FUNDS
530 funds added or opened last quarter
more than 94% of Financial Services
REVENUE
+11.6% year over year
more than 55% of Financial Services
MARGIN
21.6% net margin
more than 72% of Financial Services
BUYBACKS
$903.0M repurchased, FY to 2026-06-30
more than 91% of Financial Services
SHORT
1.5% of shares outstanding short · 2.1 days to cover · settled 2026-07-31
below 52% of Financial Services
THE SITUATION · EVERY LINE IS ONE RULE OVER ONE DATASET
Insiders are net sellers: -$13.2M across 7 people in 180 days.
530 funds added or opened positions in the latest 13F quarter, of 1,085 holders.
1 member of Congress reported buying it this year.
The year, with the filings on it
Total return indexed to 100 over the last 12 months · every marker is a federal filing, placed at its date — hover any marker for the detail
TOTAL 12M RETURN +6.8%
+6.8%12M
-17%-8%+0%+9%2025-092025-102025-122026-032026-052026-072026-09 2026-02-02 · FRIEDMAN ADENA T sold $29.1M2026-01-02 · FRIEDMAN ADENA T sold $28.9M2026-02-13 · INVESTOR AB bought $15.8M2026-04-01 · FRIEDMAN ADENA T sold $9.7M2026-03-06 · FRIEDMAN ADENA T sold $8.4M2026-06-11 · INVESTOR AB bought $4.9M2026-04-27 · Tal Cohen sold $1.4M2026-07-24 · Peterson Bradley J sold $1.2M2026-07-29 · Griggs PC Nelson sold $1.1M2026-07-27 · Griggs PC Nelson sold $1.0M2026-02-17 · Torgeby Johan bought $958.3K2026-04-28 · Peterson Bradley J sold $700.2K2026-07-24 · Griggs PC Nelson sold $627.1K2026-08-07 · Peterson Bradley J sold $573.3K2026-03-02 · Smith Bryan Everard sold $523.4K2026-05-18 · Griggs PC Nelson sold $471.7K2026-01-06 · Zecca John sold $450.0K2025-12-01 · Smith Bryan Everard sold $419.6K2026-02-19 · Daly Michelle Lynn sold $352.9K2026-08-10 · Griggs PC Nelson sold $310.2K2026-06-11 · Smith Bryan Everard sold $260.7K2026-07-01 · Smith Bryan Everard sold $240.0K2026-08-10 · SKULE JEREMY sold $213.2K2025-09-02 · SKULE JEREMY sold $196.2K2025-12-01 · SKULE JEREMY sold $190.6K2025-10-01 · SKULE JEREMY sold $185.7K2025-11-03 · SKULE JEREMY sold $179.8K2026-08-03 · Smith Bryan Everard sold $147.9K2026-04-24 · Daly Michelle Lynn sold $106.1K2026-04-24 · Daly Michelle Lynn sold $11.5K2026-08-10 · P C GRIGGS filed to sell $310.2K2026-08-10 · JEREMY SKULE filed to sell $213.2K2026-08-07 · BRADLEY J PETERSON filed to sell $573.3K2026-08-03 · BRYAN SMITH filed to sell $147.9K2026-07-29 · P C GRIGGS filed to sell $1.1M2026-07-27 · P C GRIGGS filed to sell $1.0M2026-07-24 · P C GRIGGS filed to sell $627.1K2026-07-24 · BRADLEY J PETERSON filed to sell $1.2M2026-07-01 · BRYAN SMITH filed to sell $240.0K
INSIDER BUYINSIDER SELLFORM 144
INDEXED RETURN, DIVIDEND-ADJUSTED — NOT A PRICE CHART · LARGE TRADES DRAWN FIRST WHEN A NAME FILES HEAVILY
Live price
Daily candles from TradingView, on their licence — no filings are marked on this one
WHY THIS NAME IS ON THE DESK
Insiders have filed to sell — before selling.
The record shows a net $13.2M sold by insiders over 180 days, 530 funds added last quarter, 1 Congress member(s) bought in 12 months, $5.4M in planned Form 144 sales. Every figure is a federal filing, dated the day it became public.
Backtest this pattern Open the screener
Same sector, ranked by filing activity
Sector from the SEC's own SIC classification
MSTRCOINMORNUPSTIBKRCACCARESHOODRKTSCHWDAVEGS
Insider transactions
Form 4 purchases and sales (codes P and S) — grants, option exercises and preferred conversions excluded

Over the last 180 days, NASDAQ, INC. insiders sold a net $13.2M of stock across 119 Form 4 purchases and sales, with 1 insider(s) buying. Source: SEC Form 4 filings, as of 2026-09-05.

INSIDER
FILED
SHARES
VALUE
SKULE JEREMY
EVP, CSO
SELL
2026-08-10
2,250.0
$213.2K
Griggs PC Nelson
Pres. Capital Access Platforms
SELL
2026-08-10
3,226.0
$310.2K
Peterson Bradley J
EVP, CIO
SELL
2026-08-07
6,000.0
$573.3K
Smith Bryan Everard
EVP, CPO
SELL
2026-08-03
1,556.0
$147.9K
Griggs PC Nelson
Pres. Capital Access Platforms
SELL
2026-07-29
11,010.0
$1.1M
119 TRANSACTIONS ON RECORD

Showing the most recent few. Create a free account to see 114 more transactions on record, the cross-source screener and CSV export. We store only your email address, and there is no password to create.

Institutional holders
13F · holdings as of the latest quarter funds have reported
INVESTOR AB
58,439,208.0 sh
$4.6B
BlackRock, Inc.
37,194,072.0 sh
$2.9B
VANGUARD CAPITAL MANAGEMENT LLC
31,225,614.0 sh
$2.5B
WELLINGTON MANAGEMENT GROUP LLP
30,332,286.0 sh
$2.4B
VANGUARD PORTFOLIO MANAGEMENT LLC
26,091,520.0 sh
$2.1B
SCHEDULE 13D/G
No 5%+ ownership filings
Nobody has crossed 5% with a filing obligation. Absence is a fact here, not missing data.
Planned sales · Form 144
Filed before the sale — intent, not a trade
P C GRIGGS
FILED 2026-08-10
$310.2K
JEREMY SKULE
FILED 2026-08-10
$213.2K
BRADLEY J PETERSON
FILED 2026-08-07
$573.3K
BRYAN SMITH
FILED 2026-08-03
$147.9K
P C GRIGGS
FILED 2026-07-29
$1.1M
Fund concentration
N-PORT · funds ranked by how much of THEMSELVES they put in this stock — the conviction number 13F cannot show
Horizon Kinetics Blockchain Development ETF
$981.0K POSITION · AS OF 2026-03-31
4.8%
Invesco Bloomberg Financial Data Providers ETF
$2.3M POSITION · AS OF 2026-02-28
4.2%
iShares U.S. Broker-Dealers & Securities Exchanges ETF
$61.0M POSITION · AS OF 2026-03-31
4.0%
WarCap Unconstrained Equity ETF
$2.2M POSITION · AS OF 2026-04-30
3.6%
Eventide Dividend Opportunities Fund
$41.4M POSITION · AS OF 2026-03-31
3.4%
Fundamental Large Cap Value Trust
$27.1M POSITION · AS OF 2026-03-31
3.3%
SEC N-PORT, MONTHLY WITH A ~60-DAY PUBLIC LAG · FUNDS ≥ $10M · % = SHARE OF THE FUND'S OWN BOOK
Corporate PAC
FEC · the company-connected political action committee's own receipts and spending — committee totals only, never individual donors
Nasdaq, Inc. Pac (Nasdaq Pac)
CYCLE 2026 · $181K SPENT
$154.8K
FEDERAL ELECTION COMMISSION · MATCHED BY THE PAC'S CONNECTED ORGANISATION
Executive pay vs shareholder return · Adena T. Friedman
DEF 14A pay-versus-performance disclosure · both the headline pay and the SEC's mark-to-market figure, beside the return the company delivered and the return of the peer group it chose itself
FY
CEO TOTAL
ACTUALLY PAID
OTHER NEOs AVG
TSR
PEER TSR
2025
$25.0M
$59.1M
$10.4M
+135%
+97%
2024
$21.5M
$51.1M
$5.9M
+85%
+79%
2023
$18.5M
$9.8M
$6.5M
+37%
+39%
2022
$28.0M
$25.9M
$6.4M
+42%
+21%
2021
$20.0M
$69.0M
$3.4M
+60%
+36%
TAGGED BY THE COMPANY UNDER SEC ITEM 402(v) · RETURN IS CUMULATIVE FROM THE START OF THE DISCLOSURE PERIOD · GREEN WHERE THE COMPANY BEAT ITS OWN PEER GROUP
Fundamentals
Annual figures from XBRL filings · pick a past date to see them exactly as the market knew them then — restatements and all
2025-122024-122023-122022-12
REVENUE$8.3B$7.4B$6.1B$6.2B
GROSS PROFIT$5.2B$4.6B$3.9B$3.6B
OPERATING INCOME$2.3B$1.8B$1.6B$1.6B
NET INCOME$1.8B$1.1B$1.1B$1.1B
EPS (DILUTED)3.091.932.082.26
OPERATING CASH FLOW$2.3B$1.9B$1.7B$1.7B
CASH$604.0M$592.0M$453.0M$502.0M
LONG-TERM DEBT$8.6B$9.1B$10.2B$4.7B
BUYBACKS$616.0M$145.0M$269.0M$308.0M
DIVIDENDS PAID$601.0M$541.0M$441.0M$383.0M
SEC XBRL · FISCAL-YEAR PERIODS · AS KNOWN ON 2026-09-05 · NOBODY ELSE SHOWS FUNDAMENTALS AS OF A PAST DATE
W WAVEMAN

Public filings, honestly analyzed. Official US government sources in one desk — every figure carries the date it was filed, and the methodology is published, backtest included.

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© 2026 WAVEMAN · SOURCE: SEC EDGAR & OFFICIAL GOVERNMENT DATA · NOT INVESTMENT ADVICE · CHART BY TRADINGVIEW · UPDATED 2026-09-05 ALL SYSTEMS LIVE FOR MACHINES →