Nasdaq Sees an Insider Buying Post Soft Q3 2023 Results

Established in 1971, Nasdaq Inc (NDAQ:US) operates three US stock exchanges and serves as a global electronic marketplace for securities trading. Originally an acronym for the National Association of Securities Dealers Automated Quotations, Nasdaq first started as a subsidiary of NASD (now FINRA). This was until the SEC urged it to automate the market for securities not listed on any exchanges. Restricted shares of NASDAQ first commenced selling in 2000 but did not begin trading on the NASDAQ stock market until 2005.

Presently, Nasdaq has a market cap of $23.38 billion. In its last trading session, NDAQ stock closed at $49.70, having been on a decline for the past year.

Director’s Investment

Nasdaq Inc has seen a number of investments in stock from insiders. The latest one to report is Director Johan Torgeby’s October 23 purchase. Appointed to the Board in 2022, Torgeby bought 14,000 NDAQ shares, at a price of $50.42 per share.

This trade amounted to a total value of $705,880.

In addition to being a director, Johan Torgeby is the President and Chief Executive at Skandinaviska Enskilda Banken (SEB), a Nordic financial services group, having joined the latter from Morgan Stanley & Co in London.

Bullish Signals

Less than a week prior to the insider buying, Nasdaq reported its Q3 earnings, marking a 6% YoY increase in net revenues. Additionally, Nasdaq’s Annualized SaaS revenues had climbed by 11% year-on-year.

The positive announcements in the report included the acquisition of Adenza. This was a significant milestone with the completion of the antitrust review process, set to finalize in Q4 2023.

Although NDAQ’s stock price continues to swivel downwards, Director Torgeby’s purchase could hint towards this being a dip buy. Hinting to this were the predictions of 13 analysts, stating NDAQ’s median price target would be $56.00 over the next one year. Most analysts have given the stock a ‘Hold’ with others leaning towards a ‘Buy’.