Insider trade

Officer sold ~$420K of NDAQ shares in the open market

Traded Dec 1, 2025 · Filed Dec 3, 2025

Nasdaq, Inc.NDAQ

~$420K
Reported value · 4,633 sh @ $90.57: 58K
Holds after · shares reported: +2.6%
stock since the trade · S&P 500 +12.3%, $89.36 → $91.67 on Oct 1

Why it stands out

Nasdaq, Inc.'s CPO sold $420K of Nasdaq, Inc. shares. It was planned long ago, so it says very little.

Written from the filing's own figures. OQRO describes what was reported and never tells you what to buy or sell

View the official recordSEC Form 4 — Statement of Changes in Beneficial Ownership

All the details

Dates, kept separate

Transaction date: Dec 1, 2025
Reporting period: Not applicable
Filed with the SEC: Dec 3, 2025

Officer$100K–$500KPre-arranged plan referenced

Context

Classification

open market sale

Code S — open-market or private sale

Absolute commitment

~$419,611

Shares × reported transaction price

Timing vs results

41 days after results of Oct 21, 2025, 59 days before results of Jan 29, 2026

Results dates are the company's own 8-K (Item 2.02). Many companies only let insiders trade in a window after results

Price at the time

Closed at $89.36 on Dec 1, 2025, 35% above its 52-week low and 8% below its high, little changed over the previous 30 trading days

52-week range $66.40 (Apr 8, 2025) to $96.94 (Aug 11, 2025), 75% of the way up, from 250 adjusted closes. 30 trading days earlier: $88.59 on Oct 17, 2025. Describes the past only, not a forecast

Planned / mechanical clue

Footnote references a pre-arranged trading plan (Rule 10b5-1)

Only flagged when a footnote says so; never inferred

After it was reported

After	Stock	S&P 500	Difference
7 days	+3.9%	+0.7%	+3.2%
30 days	+9.0%	+0.5%	+8.6%
90 days	-1.3%	+0.1%	-1.4%
180 days	-2.6%	+11.0%	-13.6%

Past results only. Not a forecast.

Source receipt

Record ID: 0001193125-25-306668
Filed / recorded: Dec 3, 2025, 9:08 PM UTC
Added to OQRO: Oct 2, 2026, 12:28 PM UTC
Parser: form4-xml-v1
Data quality: Verified: identifiers matched exactly
Issuer: NASDAQ, INC.
Issuer CIK: 1120193
Ticker: NDAQ
Reporting person: Bryan Everard Smith
Relationship: Officer
Officer title: EVP, CPO
Security: Common Stock, par value $0.01 per share
Table: Non-derivative (Table I)
Transaction date: Dec 1, 2025
Transaction code: S
Shares / units: 4,633
Price per share: $90.57
Acquired / disposed: Disposed (D)
Shares owned after: 57,670
Ownership form: Direct
Amendment: No

Footnotes from the filing

The reported sale was effected pursuant to a Rule 10b5-1(c) trading plan adopted on August 29, 2025.
Represents (i) 20,871 shares or units of restricted stock, of which 1,465 are vested, (ii) 32,176 shares of Common Stock underlying PSUs, all of which are vested, and (iii) 4,623 shares of Common Stock purchased under the Issuer's Employee Stock Purchase Plan.

Around the same time

10mo ago

4,127Shares · @ $90.22

Routine share withholding; mechanical by default.

Why it stands out Official record

10mo ago

17KShares · @ $90.22

Routine share withholding; mechanical by default.

Why it stands out Official record

Officer sold ~$191K of Nasdaq, Inc.

Scheduled in advance10mo ago