Connor Clark & Lunn Investment Management Ltd. Invests $1.03 Million in Nasdaq, Inc. (NASDAQ:NDAQ)

Posted by Defense World Staff on Aug 24th, 2023

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Nasdaq, Inc. (NASDAQ:NDAQ – Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,788 shares of the financial services provider’s stock, valued at approximately $1,027,000.

Several other institutional investors also recently added to or reduced their stakes in NDAQ. Norges Bank bought a new stake in Nasdaq during the fourth quarter valued at about $235,218,000. Perpetual Ltd purchased a new position in Nasdaq during the 1st quarter worth approximately $79,253,000. Morgan Stanley raised its stake in shares of Nasdaq by 22.9% during the 4th quarter. Morgan Stanley now owns 4,153,694 shares of the financial services provider’s stock valued at $254,829,000 after buying an additional 775,233 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Nasdaq by 4,336.0% in the 4th quarter. Thrivent Financial for Lutherans now owns 669,613 shares of the financial services provider’s stock valued at $41,080,000 after buying an additional 654,518 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in Nasdaq by 138.6% during the fourth quarter. Alliancebernstein L.P. now owns 1,062,172 shares of the financial services provider’s stock worth $65,164,000 after acquiring an additional 616,967 shares during the period. Hedge funds and other institutional investors own 72.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on NDAQ shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $55.00 price objective on shares of Nasdaq in a research note on Tuesday, July 25th. Bank of America decreased their price objective on shares of Nasdaq from $53.00 to $51.00 in a research report on Tuesday, June 13th. StockNews.com cut Nasdaq from a “hold” rating to a “sell” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft cut their price target on Nasdaq from $56.00 to $53.00 in a research note on Tuesday, June 13th. Finally, UBS Group lowered their price target on Nasdaq from $62.00 to $56.00 in a research report on Tuesday, June 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Nasdaq presently has a consensus rating of “Hold” and a consensus target price of $61.67.

View Our Latest Report on Nasdaq

Nasdaq Trading Up 1.3 %

Shares of NDAQ opened at $52.65 on Thursday. The firm’s fifty day moving average is $50.48 and its two-hundred day moving average is $53.61. The stock has a market cap of $25.87 billion, a PE ratio of 23.72, a price-to-earnings-growth ratio of 5.34 and a beta of 0.92. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.57. Nasdaq, Inc. has a 52-week low of $48.65 and a 52-week high of $69.22.

Nasdaq (NASDAQ:NDAQ – Get Free Report) last posted its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $925.00 million for the quarter, compared to analyst estimates of $914.85 million. Nasdaq had a net margin of 18.08% and a return on equity of 21.92%. Nasdaq’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.69 earnings per share. Research analysts forecast that Nasdaq, Inc. will post 2.74 earnings per share for the current fiscal year.

Nasdaq Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.67%. Nasdaq’s dividend payout ratio (DPR) is presently 39.64%.

Insider Activity at Nasdaq

In related news, Director Steven D. Black acquired 4,000 shares of the stock in a transaction on Tuesday, June 13th. The shares were bought at an average price of $51.46 per share, with a total value of $205,840.00. Following the completion of the purchase, the director now owns 144,469 shares of the company’s stock, valued at approximately $7,434,374.74. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Steven D. Black purchased 4,000 shares of Nasdaq stock in a transaction dated Tuesday, June 13th. The shares were acquired at an average price of $51.46 per share, for a total transaction of $205,840.00. Following the acquisition, the director now directly owns 144,469 shares in the company, valued at $7,434,374.74. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, EVP Ann M. Dennison sold 5,100 shares of the business’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $50.05, for a total transaction of $255,255.00. Following the transaction, the executive vice president now directly owns 64,509 shares in the company, valued at approximately $3,228,675.45. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 14,500 shares of company stock valued at $740,540. 0.75% of the stock is currently owned by insiders.

About Nasdaq

(Free Report)

Nasdaq, Inc operates as a technology company that serves capital markets and other industries worldwide. It operates in three segments: Market Platforms, Capital Access Platforms, and Anti-Financial Crime. The Market Platforms segment trading services, including equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and trade management service businesses.