NASDAQ INC NDAQ
COM · Common Stock · CUSIP 631103108 · ISIN US6311031081
American multinational financial technology services corporation
- SectorFinancials
- IndustrySecurity & Commodity Brokers, Dealers, Exchanges & Services
- HeadquartersNew York, NY
- Founded1971
- Websitebusiness.nasdaq.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($124.5m this quarter). Holder counts are more reliable. Shares outstanding: 573.8m as of 2025-07-17, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $89.39. Options: 23 managers hold calls ($120.6m notional), 25 hold puts ($77.5m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 685 |
| Q4 2022 | 717 |
| Q1 2023 | 689 |
| Q2 2023 | 698 |
| Q3 2023 | 702 |
| Q4 2023 | 727 |
| Q1 2024 | 767 |
| Q2 2024 | 759 |
| Q3 2024 | 844 |
| Q4 2024 | 908 |
| Q1 2025 | 934 |
| Q2 2025 | 1,024 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 289 | 361 |
| Q4 2023 | 323 | 346 |
| Q1 2024 | 393 | 308 |
| Q2 2024 | 386 | 331 |
| Q3 2024 | 467 | 294 |
| Q4 2024 | 431 | 354 |
| Q1 2025 | 496 | 375 |
| Q2 2025 | 567 | 377 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $76.8m | $85.1m | 1.11 |
| Q4 2024 | $115.4m | $151.0m | 1.31 |
| Q1 2025 | $111.1m | $89.3m | 0.80 |
| Q2 2025 | $120.6m | $77.5m | 0.64 |
Biggest buyers
| WELLINGTON MANAGEMENT GROUP LLP | Added | +8.5m |
| JANE STREET GROUP, LLC | New | +7.2m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Added | +6.8m |
| VANGUARD GROUP INC | Added | +2.8m |
| NEUBERGER BERMAN GROUP LLC | Added | +1.9m |
| CITADEL ADVISORS LLC | Added | +1.8m |
| Balyasny Asset Management L.P. | Added | +1.6m |
| Amundi | Added | +1.3m |
| Select Equity Group, L.P. | New | +1.2m |
| TWO SIGMA INVESTMENTS, LP | Added | +1.1m |
Biggest sellers
| THOMA BRAVO, L.P. | Sold out | -42.8m |
| Capital World Investors | Reduced | -6.6m |
| Bank Julius Baer & Co. Ltd, Zurich | Reduced | -1.3m |
| Invesco Ltd. | Reduced | -982.5k |
| HARRIS ASSOCIATES L P | Reduced | -921.7k |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | -746.3k |
| Jefferies Financial Group Inc. | Reduced | -679.1k |
| GQG Partners LLC | Sold out | -660.6k |
| SOROS FUND MANAGEMENT LLC | Sold out | -625.6k |
| FRANKLIN RESOURCES INC | Reduced | -574.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $34.6m386.6k shares |
| CITADEL ADVISORS LLC | Reduced | $19.3m216.0k shares |
| PEAK6 LLC | New | $12.3m137.8k shares |
| JPMORGAN CHASE & CO | Added | $11.9m133.0k shares |
| JANE STREET GROUP, LLC | Added | $11.3m126.4k shares |
| WOLVERINE TRADING, LLC | Reduced | $4.6m51.3k shares |
| IMC-Chicago, LLC | Reduced | $4.5m50.1k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $3.9m44.0k shares |
| Walleye Trading LLC | Reduced | $3.5m39.0k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $2.8m31.7k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $12.6m140.6k shares |
| PEAK6 LLC | New | $12.5m140.2k shares |
| JPMORGAN CHASE & CO | Added | $10.7m120.2k shares |
| Prana Capital Management, LP | New | $8.9m100.0k shares |
| CITADEL ADVISORS LLC | Reduced | $7.4m82.2k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $5.8m64.6k shares |
| IMC-Chicago, LLC | Added | $3.4m38.3k shares |
| MILLENNIUM MANAGEMENT LLC | New | $3.3m37.0k shares |
| Baader Bank Aktiengesellschaft | Reduced | $2.8m31.2k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Reduced | $1.4m15.1k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 6.3% |
| BlackRock, Inc. 13G · institution filed 2026-10-27 | 6.2% |
| WELLINGTON MANAGEMENT GROUP LLP 13G · institution -1.8 pts · filed 2026-08-13 | 5.4% |
Fell to 5% or below in the last year: MASSACHUSETTS FINANCIAL SERVICES CO /MA/ (4.1%, 2026-08-12), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 2 | $534.7k | 2 | $314.7k | — |
| Q4 2023 | 1 | $705.9k | 1 | $254.5k | — |
| Q1 2024 | 0 | — | 1 | $116.2k | $116.2k |
| Q2 2024 | 0 | — | 1 | $647.4k | $647.4k |
| Q3 2024 | 0 | — | 2 | $3.5m | $3.5m |
| Q4 2024 | 1 | $204.0k | 4 | $7.6m | $3.8m |
| Q1 2025 | 0 | — | 4 | $3.8m | $3.0m |
| Q2 2025 | 0 | — | 4 | $1.8m | $811.3k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-06-06 | Griggs PC Nelson Pres. Capital Access Platforms | Sold | $340.9k4.0k shares |
| 2025-06-06 | SKULE JEREMY EVP, CSO | Sold plan | $178.8k2.1k shares |
| 2025-06-02 | SKULE JEREMY EVP, CSO | Sold plan | $87.7k1.1k shares |
| 2025-05-27 | Griggs PC Nelson Pres. Capital Access Platforms | Sold | $664.2k8.0k shares |
| 2025-05-12 | SKULE JEREMY EVP, CSO | Sold plan | $85.8k1.1k shares |
| 2025-04-04 | Smith Bryan Everard EVP, CPO | Sold plan | $47.2k657 shares |
| 2025-04-02 | Peterson Bradley J EVP, CIO | Sold plan | $174.6k2.3k shares |
| 2025-04-02 | Smith Bryan Everard EVP, CPO | Sold plan | $85.7k1.1k shares |
| 2025-04-01 | Smith Bryan Everard EVP, CPO | Sold plan | $151.4k2.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| INVESTOR AB 99.54% of their portfolio | 58.2m $5.2bn | Unchanged |
| VANGUARD GROUP INC 0.08% of their portfolio | 55.8m $5.0bn | Added +2.8m |
| WELLINGTON MANAGEMENT GROUP LLP 0.67% of their portfolio | 41.2m $3.7bn | Added +8.5m |
| BlackRock, Inc. 0.06% of their portfolio | 37.1m $3.3bn | Added +866.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.77% of their portfolio | 27.3m $2.4bn | Added +6.8m |
| STATE STREET CORP 0.06% of their portfolio | 18.2m $1.6bn | Reduced -116.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.07% of their portfolio | 11.5m $1.0bn | Added +89.4k |
| FRANKLIN RESOURCES INC 0.25% of their portfolio | 10.7m $960.4m | Reduced -574.3k |
| HARRIS ASSOCIATES L P 1.13% of their portfolio | 7.8m $694.9m | Reduced -921.7k |
| JANE STREET GROUP, LLC 1.04% of their portfolio | 7.2m $644.3m | New |
| BANK OF AMERICA CORP /DE/ 0.05% of their portfolio | 7.1m $632.5m | Reduced -121.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.49% of their portfolio | 6.1m $546.1m | Reduced -505.4k |
| AMERIPRISE FINANCIAL INC 0.13% of their portfolio | 5.9m $529.6m | Reduced -18.5k |
| GOLDMAN SACHS GROUP INC 0.08% of their portfolio | 5.7m $507.0m | Added +287.3k |
| MORGAN STANLEY 0.03% of their portfolio | 5.4m $482.9m | Reduced -252.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.08% of their portfolio | 4.6m $410.3m | Added +607.1k |
| NORGES BANK 0.05% of their portfolio | 4.5m $406.8m | Reduced -207.4k |
| Invesco Ltd. 0.07% of their portfolio | 4.5m $403.4m | Reduced -982.5k |
| UBS Group AG 0.08% of their portfolio | 4.4m $391.4m | Reduced -370.9k |
| FARALLON CAPITAL MANAGEMENT, L.L.C. 1.67% of their portfolio | 4.1m $365.2m | Reduced -376.5k |
| NORTHERN TRUST CORP 0.05% of their portfolio | 4.1m $365.0m | Added +17.5k |
| Amundi 0.11% of their portfolio | 3.5m $316.5m | Added +1.3m |
| BESSEMER GROUP INC 0.47% of their portfolio | 3.2m $289.1m | Reduced -149.7k |
| Nuveen, LLC 0.08% of their portfolio | 3.2m $284.5m | Reduced -3.5k |
| Legal & General Group Plc 0.06% of their portfolio | 2.7m $243.6m | Reduced -24.8k |
| NEUBERGER BERMAN GROUP LLC 0.19% of their portfolio | 2.7m $240.6m | Added +1.9m |
| ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio | 2.7m $240.5m | Added +952.4k |
| Mariner, LLC 0.34% of their portfolio | 2.7m $238.4m | Added +118.7k |
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 2.6m $236.9m | Added +15.3k |
| Bank of New York Mellon Corp 0.04% of their portfolio | 2.6m $235.2m | Reduced -177.4k |
| Bank Julius Baer & Co. Ltd, Zurich 0.68% of their portfolio | 2.6m $230.3m | Reduced -1.3m |
| Diamond Hill Capital Management, LLC (Investment Advisor) 1.05% of their portfolio | 2.6m $228.7m | Reduced -165.2k |
| AMERICAN CENTURY COMPANIES INC 0.12% of their portfolio | 2.5m $222.8m | Added +8.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 2.5m $220.2m | Added +45.6k |
| PRINCIPAL FINANCIAL GROUP INC 0.11% of their portfolio | 2.4m $211.1m | Added +91.8k |
| DEUTSCHE BANK AG\ 0.07% of their portfolio | 2.0m $181.1m | Added +195.4k |
| CITADEL ADVISORS LLC 0.15% of their portfolio | 2.0m $176.9m | Added +1.8m |
| FMR LLC 0.01% of their portfolio | 1.9m $172.2m | Added +470.6k |
| JOHNSON INVESTMENT COUNSEL INC 1.50% of their portfolio | 1.9m $167.0m | Reduced -5.7k |
| TWO SIGMA ADVISERS, LP 0.33% of their portfolio | 1.8m $162.1m | Added +1.5k |
| LORD, ABBETT & CO. LLC 0.52% of their portfolio | 1.8m $161.1m | Added +145.9k |
| TWO SIGMA INVESTMENTS, LP 0.29% of their portfolio | 1.8m $159.6m | Added +1.1m |
| CANADA LIFE ASSURANCE Co 0.23% of their portfolio | 1.7m $148.1m | Added +116.0k |
| Balyasny Asset Management L.P. 0.33% of their portfolio | 1.6m $146.7m | Added +1.6m |
| Liontrust Investment Partners LLP 2.08% of their portfolio | 1.6m $145.6m | Reduced -436.0k |
| BARCLAYS PLC 0.05% of their portfolio | 1.5m $136.1m | Reduced -37.0k |
| California Public Employees Retirement System 0.08% of their portfolio | 1.4m $128.2m | Reduced -252.4k |
| Union Bancaire Privee, UBP SA 1.69% of their portfolio | 1.4m $116.4m | Reduced -74.4k |
| PRUDENTIAL FINANCIAL INC 0.16% of their portfolio | 1.4m $122.1m | Added +778.3k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 1.3m $117.2m | Added +723.8k |
| RAYMOND JAMES FINANCIAL INC 0.04% of their portfolio | 1.3m $114.8m | Reduced -35.7k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.3m $114.4m | Added +213.6k |
| Select Equity Group, L.P. 0.47% of their portfolio | 1.2m $110.3m | New |
| FLOSSBACH VON STORCH SE 0.43% of their portfolio | 1.2m $104.9m | Added +14.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.14% of their portfolio | 1.1m $101.6m | Reduced -80.7k |
| Sumitomo Mitsui Trust Group, Inc. 0.06% of their portfolio | 1.1m $101.6m | Added +17.4k |
| Handelsbanken Fonder AB 0.35% of their portfolio | 1.1m $98.4m | Reduced -253.6k |
| Rockefeller Capital Management L.P. 0.11% of their portfolio | 1.1m $97.8m | Added +589.9k |
| HSBC HOLDINGS PLC 0.06% of their portfolio | 1.1m $96.0m | Added +147.6k |
| Chevy Chase Trust Holdings, LLC 0.27% of their portfolio | 1.0m $91.9m | Added +14.4k |
| AQR CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 1.0m $91.3m | Added +686.2k |
| D. E. Shaw & Co., Inc. 0.09% of their portfolio | 1.0m $89.7m | Added +926.1k |
| Ghisallo Capital Management LLC 2.39% of their portfolio | 1.0m $89.4m | Added +900.0k |
| MILLENNIUM MANAGEMENT LLC 0.08% of their portfolio | 969.4k $86.7m | Added +838.9k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 952.2k $85.1m | Reduced -2.8k |
| Qube Research & Technologies Ltd 0.12% of their portfolio | 943.8k $84.4m | Added +310.6k |
| RHUMBLINE ADVISERS 0.07% of their portfolio | 942.2k $84.2m | Reduced -1.1k |
| MANNING & NAPIER ADVISORS LLC 0.97% of their portfolio | 914.1k $81.7m | Added +52.7k |
| Man Group plc 0.17% of their portfolio | 877.3k $78.4m | Added +67.8k |
| LAZARD ASSET MANAGEMENT LLC 0.10% of their portfolio | 814.2k $72.8m | Added +807.6k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.06% of their portfolio | 800.7k $71.6m | Added +72.0k |
| Robeco Institutional Asset Management B.V. 0.11% of their portfolio | 776.0k $69.4m | Added +134.8k |
| SHAPIRO CAPITAL MANAGEMENT LLC 3.03% of their portfolio | 771.0k $68.9m | Reduced -174.6k |
| MEAG MUNICH ERGO, Kapitalanlagegesellschaft mbH 1.88% of their portfolio | 743.5k $66.5m | Added +81.6k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.32% of their portfolio | 723.0k $64.7m | New |
| NATIXIS ADVISORS, LLC 0.10% of their portfolio | 707.8k $63.3m | Added +53.5k |
| Prana Capital Management, LP 2.28% of their portfolio | 704.5k $63.0m | Reduced -499.8k |
| Stony Point Capital LLC 4.82% of their portfolio | 683.1k $61.1m | New |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.22% of their portfolio | 676.3k $60.5m | Added +271.8k |
| LGT CAPITAL PARTNERS LTD. 2.57% of their portfolio | 649.6k $58.1m | Reduced -137.2k |
| Bain Capital Public Equity Management II, LLC 2.75% of their portfolio | 649.4k $58.1m | New |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 641.9k $57.4m | Added +465.5k |
| Hudson Bay Capital Management LP 0.37% of their portfolio | 637.1k $57.0m | Added +494.2k |
| Walleye Capital LLC 0.51% of their portfolio | 618.2k $55.3m | Reduced -79.3k |
| TrinityBridge Ltd 1.60% of their portfolio | 611.7k $54.7m | Added +5.6k |
| FIL Ltd 0.05% of their portfolio | 609.2k $54.5m | Added +102.0k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.06% of their portfolio | 608.4k $54.4m | Reduced -24.9k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.10% of their portfolio | 605.8k $54.2m | Reduced -42.3k |
| Artisan Partners Limited Partnership 0.08% of their portfolio | 603.4k $54.0m | Reduced -280.4k |
| 1832 Asset Management L.P. 0.09% of their portfolio | 602.8k $53.9m | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 596.1k $53.3m | Added +2.0k |
| National Pension Service 0.05% of their portfolio | 586.5k $52.4m | Added +4.8k |
| BLAIR WILLIAM & CO/IL 0.14% of their portfolio | 582.1k $52.1m | Added +41.1k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.09% of their portfolio | 578.6k $51.7m | Reduced -109.0k |
| EVENTIDE ASSET MANAGEMENT, LLC 0.85% of their portfolio | 544.9k $48.7m | Added +73.4k |
| Railway Pension Investments Ltd 0.68% of their portfolio | 535.2k $47.9m | Unchanged |
| LBP AM SA 0.65% of their portfolio | 514.9k $46.0m | Reduced -34.8k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio | 514.5k $46.0m | Added +213.6k |
| LPL Financial LLC 0.02% of their portfolio | 513.8k $45.9m | Added +48.2k |
| Sterling Capital Management LLC 0.65% of their portfolio | 513.7k $45.9m | Reduced -28.3k |