1832 Asset Management L.P. Invests $53.90 Million in Nasdaq, Inc. $NDAQ

1832 Asset Management L.P. bought a new stake in shares of Nasdaq, Inc. (NASDAQ:NDAQ) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 602,800 shares of the financial services provider’s stock, valued at approximately $53,902,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NDAQ. Leavell Investment Management Inc. grew its position in Nasdaq by 0.4% in the 2nd quarter. Leavell Investment Management Inc. now owns 26,156 shares of the financial services provider’s stock valued at $2,339,000 after acquiring an additional 116 shares during the last quarter. Bruce G. Allen Investments LLC grew its holdings in shares of Nasdaq by 72.7% in the second quarter. Bruce G. Allen Investments LLC now owns 285 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 120 shares during the last quarter. Fielder Capital Group LLC grew its holdings in shares of Nasdaq by 3.0% in the second quarter. Fielder Capital Group LLC now owns 4,253 shares of the financial services provider’s stock worth $380,000 after purchasing an additional 122 shares during the last quarter. Freedom Investment Management Inc. increased its stake in Nasdaq by 2.3% in the 2nd quarter. Freedom Investment Management Inc. now owns 5,684 shares of the financial services provider’s stock worth $508,000 after buying an additional 128 shares during the period. Finally, Advisors Capital Management LLC lifted its holdings in Nasdaq by 3.4% during the 2nd quarter. Advisors Capital Management LLC now owns 3,968 shares of the financial services provider’s stock valued at $355,000 after buying an additional 129 shares in the last quarter. 72.47% of the stock is owned by institutional investors.

Insider Transactions at Nasdaq

In other Nasdaq news, EVP Jeremy Skule sold 2,105 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $85.40, for a total value of $179,767.00. Following the completion of the sale, the executive vice president directly owned 84,974 shares in the company, valued at approximately $7,256,779.60. This trade represents a 2.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on NDAQ. Morgan Stanley upgraded shares of Nasdaq from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $97.00 to $110.00 in a research note on Thursday, November 20th. Raymond James Financial reissued an “outperform” rating and issued a $100.00 price objective (up previously from $99.00) on shares of Nasdaq in a research note on Monday, October 13th. Royal Bank Of Canada restated an “outperform” rating and set a $108.00 price objective on shares of Nasdaq in a report on Thursday, October 9th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Nasdaq in a report on Tuesday, October 14th. Finally, Cowen reissued a “hold” rating on shares of Nasdaq in a research report on Wednesday, October 22nd. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.00.

Nasdaq Stock Down 0.2%

Shares of Nasdaq stock opened at $88.32 on Thursday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.72. The company has a market cap of $50.43 billion, a P/E ratio of 31.54, a PEG ratio of 1.63 and a beta of 1.02. The firm’s 50 day moving average price is $87.98 and its 200-day moving average price is $89.48. Nasdaq, Inc. has a 52-week low of $64.84 and a 52-week high of $97.63.

Nasdaq (NASDAQ:NDAQ) last announced its earnings results on Tuesday, October 21st. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. Nasdaq had a net margin of 19.90% and a return on equity of 16.28%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period last year, the firm earned $0.74 earnings per share. Nasdaq’s revenue was up 14.7% compared to the same quarter last year. On average, sell-side analysts predict that Nasdaq, Inc. will post 3.18 EPS for the current fiscal year.

Nasdaq Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, December 5th. Nasdaq’s payout ratio is 38.57%.

About Nasdaq

Nasdaq, Inc operates as a technology company that serves capital markets and other industries worldwide. It operates in three segments: Capital Access Platforms, Financial Technology, and Market Services. The Capital Access Platforms segment sells and distributes historical and real-time market data; and develops and licenses Nasdaq-branded indices and financial products.