Nasdaq, Inc. (NASDAQ: NDAQ) operates one of the world’s most important financial market infrastructures, spanning stock exchanges, data, analytics, and market technology. Shares recently traded around $98 per share, giving the company a market value of roughly $56.1 billion.
Once known primarily as an exchange operator, Nasdaq has steadily expanded into data, analytics, and market technology, with recurring revenue now playing a larger role in earnings stability. Looking at who owns Nasdaq and recent insider trades helps show how large institutions and company leadership appear to be positioning today.
Who Are Nasdaq’s Top Shareholders?
Nasdaq’s shareholder base is led by major institutional investors. Many of these firms tend to hold through market cycles, which can support long-term ownership stability, while changes among active managers show selective positioning rather than broad shifts.
- The Vanguard Group: 59,451,754 shares (10.41%), ~$5.84B value. Added 3,844,669 shares (+6.91%).
- Borse Dubai, Ltd.: 58,341,545 shares (10.22%), ~$5.73B value. No reported change.
- Investor AB: 58,182,426 shares (10.19%), ~$5.71B value. No reported change.
- Wellington Management Company: 39,802,892 shares (6.97%), ~$3.91B value. Cut 1,434,233 shares (3.48%).
- MFS Investment Management: 25,851,033 shares (4.53%), ~$2.54B value. Cut 958,987 shares (3.58%).
- BlackRock Institutional Trust Company: 24,854,732 shares (4.35%), ~$2.44B value. Added 1,993,585 shares (+8.72%).
- State Street Investment Management: 19,619,192 shares (3.44%), ~$1.93B value. Added 1,404,348 shares (+7.71%).
- Geode Capital Management: 12,473,317 shares (2.18%), ~$1.22B value. Added 1,016,618 shares (+8.87%).
- Franklin Advisers: 7,827,429 shares (1.37%), ~$769M value. Cut 179,798 shares (2.25%).
- Harris Associates: 5,905,409 shares (1.03%), ~$580M value. Cut 1,866,321 shares (24.01%).
These holdings show Nasdaq remains heavily institutionally owned, with passive leaders adding exposure while some active managers trimmed positions, which may reflect valuation considerations rather than concerns about the business, a dynamic that supports ownership stability for investors.
Hedge Fund Highlights
Squarepoint Ops LLC, founded by Ankur Jain, sharply increased its Nasdaq position by over 2,000% last quarter and now holds roughly $27M value of shares. The move appears to reflect renewed interest as Nasdaq continues to expand its data and market technology offerings.
Polar Asset Management, led by Brian Ashford-Russell, boosted its stake by more than 1,700% to approximately $19M value, which may suggest a more constructive view following earlier share price volatility.
D.E. Shaw & Co., founded by David Shaw, raised its holdings by about 117%, bringing its position to roughly $193M value, a move that appears consistent with systematic models responding to changes in valuation or forward expectations.
AQR Capital Management, led by Cliff Asness, doubled its exposure with a 100% increase, resulting in a position worth around $181M value, and for investors suggests Nasdaq continues to screen favorably across multiple quantitative and multi-strategy frameworks.
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Nasdaq’s Recent Insider Trades
Insider trades can offer context into how executives and directors may be managing personal exposure to the stock, though individual transactions do not necessarily signal changes in business outlook.
- Jeremy Skule (Officer): Sold shares across multiple transactions between $85 and $95, totaling several thousand shares.
- Sarah Youngwood (Officer): Sold 16,506 shares at $90.22, ~$1.49M.
- Bryan Everard Smith (Officer): Sold 4,633 shares at $90.57, ~$420K.
- Charlene T. Begley (Director): Sold 3,000 shares at $96.60, ~$290K.
Each transaction represented 0.00% of shares outstanding, and while activity leans toward selling, it appears small and spread out, suggesting personal portfolio management rather than a strong directional signal for investors.
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What the Ownership & Insider Trade Data Tell Us
Nasdaq’s ownership remains anchored by long-term institutional investors, with several major holders adding shares over the past year. Hedge fund activity looks selectively constructive, while insider selling has been modest and gradual.
For investors, the combined data suggest Nasdaq continues to be viewed as a durable market infrastructure and financial technology business, supported by stable institutional ownership, with insider activity that appears measured rather than concerning.
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