Nasdaq (NASDAQ:NDAQ) Hits New 1-Year High After Earnings Beat

Nasdaq, Inc. (NASDAQ:NDAQ)’s share price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $102.03 and last traded at $101.1590, with a volume of 522,911 shares changing hands. The stock had previously closed at $96.12.

The financial services provider reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.02. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $1.47 billion. Nasdaq had a net margin of 22.60% and a return on equity of 18.38%. The firm’s revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 EPS.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NDAQ. Keefe, Bruyette & Woods lifted 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. Wells Fargo & Company started coverage on shares of Nasdaq in a research note on Friday, October 2nd. They issued an “equal weight” rating and a $100.00 price objective for the company. Raymond James Financial reduced their price objective on shares of Nasdaq from $119.00 to $109.00 in a research note on Friday, October 9th. Morgan Stanley decreased their price objective on shares of Nasdaq from $120.00 to $118.00 and set an “overweight” rating on the stock in a research report on Friday, October 9th. Finally, Zacks Research cut shares of Nasdaq from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Nasdaq currently has an average rating of “Moderate Buy” and an average target price of $109.24.

Insider Transactions at Nasdaq

In other Nasdaq news, EVP Jeremy Skule sold 1,125 shares of the business’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $94.13, for a total value of $105,896.25. Following the completion of the sale, the executive vice president directly owned 97,686 shares of the company’s stock, valued at $9,195,183.18. The trade was a 1.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nelson Griggs sold 11,010 shares of the firm’s stock in a transaction 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 transaction, the insider owned 205,001 shares in the company, valued at approximately $19,751,846.35. This represents a 5.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 45,172 shares of company stock worth $4,245,088. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nasdaq

A number of hedge funds have recently made changes to their positions in NDAQ. CWA Asset Management Group LLC grew its position in shares of Nasdaq by 2.9% in the 3rd quarter. CWA Asset Management Group LLC now owns 3,831 shares of the financial services provider’s stock worth $353,000 after buying an additional 108 shares during the last quarter. SBI Securities Co. Ltd. raised its stake in shares of Nasdaq by 2.6% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,633 shares of the financial services provider’s stock worth $426,000 after acquiring an additional 118 shares in the last quarter. Quantum Portfolio Management LLC lifted its position in Nasdaq by 1.8% during the first quarter. Quantum Portfolio Management LLC now owns 7,144 shares of the financial services provider’s stock valued at $606,000 after acquiring an additional 123 shares during the last quarter. Arkadios Wealth Advisors lifted its position in Nasdaq by 2.5% during the first quarter. Arkadios Wealth Advisors now owns 5,643 shares of the financial services provider’s stock valued at $479,000 after acquiring an additional 137 shares during the last quarter. Finally, AlphaCentric Advisors LLC lifted its position in Nasdaq by 5.9% during the first quarter. AlphaCentric Advisors LLC now owns 2,603 shares of the financial services provider’s stock valued at $221,000 after acquiring an additional 145 shares during the last quarter. 72.47% of the stock is currently owned by hedge funds and other institutional investors.

Nasdaq Trading Up 6.2%

The company has a market capitalization of $57.08 billion, a price-to-earnings ratio of 29.80, a P/E/G ratio of 1.71 and a beta of 0.99. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.71. The company’s 50 day simple moving average is $94.64 and its two-hundred day simple moving average is $90.85.

About Nasdaq

Nasdaq, Inc is a global financial technology and market infrastructure company best known for operating the Nasdaq Stock Market, one of the world’s largest electronic stock exchanges. The company provides listing services for public companies and operates trading venues for equities, options and other financial products. Its exchange business serves companies, investors and market participants in the United States, as well as through Nasdaq’s Nordic and Baltic market operations.

Beyond its exchange activities, Nasdaq provides market data, analytics, indexes and technology used by exchanges, brokers, banks, asset managers and other financial institutions.