Investment firm IFP Advisors Inc. has made a remarkable increase in its holdings of Nasdaq, Inc. (NASDAQ:NDAQ) during the second quarter of 2023, boosting its stake by an astonishing 2,307.8%. The firm now owns 11,702 shares of the financial services provider, following the acquisition of an additional 11,216 shares during this period. According to the latest filing with the Securities & Exchange Commission, IFP Advisors Inc.’s total holdings in Nasdaq are valued at approximately $1.06 million.
Other institutional investors have also recently adjusted their stakes in Nasdaq. Grove Bank & Trust increased its holdings by 194.6% in the first quarter, bringing its total to 327 shares, valued at $25,000. Similarly, Bruce G. Allen Investments LLC raised its stake by 72.7% in the second quarter, now owning 285 shares worth $25,000 after acquiring an additional 120 shares.
In the first quarter, Opal Wealth Advisors LLC entered a new position in Nasdaq, valued at approximately $26,000, while Highline Wealth Partners LLC made a significant addition to its holdings, increasing its stake by 1,509.5% to 338 shares, valued at $26,000 after purchasing an additional 317 shares. First Command Advisory Services Inc. also acquired a new stake worth approximately $30,000 during the same period. Overall, institutional investors now hold 72.47% of Nasdaq’s stock.
In addition to these transactions, there have been notable insider trades at Nasdaq. Jeremy Skule, Executive Vice President, sold 2,105 shares on August 1, 2023, at an average price of $95.49, totaling $201,006.45. Following this sale, Skule retains 92,551 shares, valued at about $8.84 million, representing a 2.22% decrease in his ownership. Similarly, Michelle Lynn Daly, Senior Vice President, sold 8,691 shares on July 25, 2023, at an average price of $93.45, resulting in a total of $812,173.95. Post-transaction, Daly holds 8,879 shares valued at approximately $829,742.55, marking a 49.46% decline in her ownership. Currently, corporate insiders possess 0.70% of the stock.
Nasdaq’s financial performance remains strong, with the company reporting its quarterly earnings on July 24, 2023. The firm announced an earnings per share (EPS) of $0.85, surpassing the consensus estimate of $0.78 by $0.07. Revenue for the quarter reached $1.31 billion, outpacing analysts’ expectations of $1.26 billion. Nasdaq achieved a return on equity of 15.90% and a net margin of 18.59%. Year-over-year revenue growth was reported at 12.7%, compared to $0.69 EPS in the same quarter last year. Analysts predict Nasdaq will post an EPS of $3.18 for the current fiscal year.
In addition to these results, Nasdaq has declared a quarterly dividend, which was paid on September 26, 2023. Shareholders of record as of September 12, 2023, received a dividend of $0.27, amounting to an annualized dividend of $1.08 and a dividend yield of 1.2%. Nasdaq’s dividend payout ratio stands at 41.54%.
Wall Street analysts continue to express confidence in Nasdaq’s prospects. Keefe, Bruyette & Woods recently raised their price target on the stock from $103.00 to $104.00 with an “outperform” rating. Royal Bank of Canada maintained an “outperform” rating and set a price target of $108.00. Meanwhile, Weiss Ratings reiterated a “buy (b)” rating for the company.
Analysts have expressed a consensus rating of “Moderate Buy,” with a collective price target estimated at $97.25 based on data from MarketBeat.com. Nasdaq, Inc. operates as a technology company serving capital markets and various industries globally, with segments including Capital Access Platforms, Financial Technology, and Market Services.
