Nasdaq (NASDAQ:NDAQ) Hits New 12-Month High on Strong Earnings

Nasdaq, Inc. (NASDAQ:NDAQ)’s stock price hit a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $102.03 and last traded at $101.1590, with a volume of 522,911 shares. The stock had previously closed at $96.12.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NDAQ shares. The Goldman Sachs Group lifted their price objective on shares of Nasdaq from $108.00 to $109.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. TD Cowen dropped their target price on Nasdaq from $108.00 to $107.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. Rothschild & Co Redburn cut their price target on Nasdaq from $110.00 to $107.00 and set a “buy” rating for the company in a report on Thursday, September 10th. Wells Fargo & Company initiated coverage on Nasdaq in a report on Friday, October 2nd. They issued an “equal weight” rating and a $100.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price target on Nasdaq from $114.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Nasdaq presently has an average rating of “Moderate Buy” and a consensus price target of $109.24.

Insiders Place Their Bets

In other Nasdaq news, insider Nelson Griggs sold 11,010 shares of the business’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $96.35, for a total transaction of $1,060,813.50. Following the transaction, the insider directly owned 205,001 shares of the company’s stock, valued at approximately $19,751,846.35. The trade was a 5.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $105,896.25. Following the transaction, the executive vice president owned 97,686 shares in the company, valued at $9,195,183.18. This represents a 1.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 45,172 shares of company stock valued at $4,245,088 in the last quarter. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Nasdaq

A number of institutional investors and hedge funds have recently made changes to their positions in NDAQ. BlackRock Inc. purchased a new stake in Nasdaq during the 2nd quarter valued at about $2,931,637,000. Bank of America Corp DE purchased a new position in Nasdaq in the second quarter worth about $603,631,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Nasdaq during the second quarter valued at approximately $377,818,000. Legal & General Group Plc bought a new stake in shares of Nasdaq during the second quarter valued at approximately $220,130,000. Finally, Deutsche Bank AG bought a new stake in shares of Nasdaq during the second quarter valued at approximately $180,099,000. Institutional investors own 72.47% of the company’s stock.

Nasdaq Stock Performance

The company has a market capitalization of $57.08 billion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 1.71 and a beta of 0.99. The business’s fifty day moving average is $94.64 and its two-hundred day moving average is $90.85. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.71.

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.