Insider trade

CEO sold ~$28.9M of NDAQ shares in the open market

Traded Jan 2, 2026 · Filed Jan 6, 2026

Nasdaq, Inc.NDAQ

~$28.9M
Reported value · 300K sh @ $96.39: 1.92M
Holds after · shares reported: -5.2%
stock since the trade · S&P 500 +11.8%, $96.66 → $91.67 on Oct 1

Why it stands out

The boss of Nasdaq, Inc. sold $28.9M 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: Jan 2, 2026
Reporting period: Not applicable
Filed with the SEC: Jan 6, 2026

CEO$1M+Pre-arranged plan referenced

Context

Classification

open market sale

Code S — open-market or private sale

Absolute commitment

~$28,917,000

Shares × reported transaction price

Timing vs results

73 days after results of Oct 21, 2025, 27 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 $96.66 on Jan 2, 2026, within 3% of its 52-week high, after a 13% rise over the previous 30 trading days

52-week range $66.40 (Apr 8, 2025) to $99.35 (Dec 26, 2025), 92% of the way up, from 250 adjusted closes. 30 trading days earlier: $85.54 on Nov 18, 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	-0.3%	+0.1%	-0.4%
30 days	-15.5%	+0.1%	-15.7%
90 days	-13.9%	-4.4%	-9.5%
180 days	-15.9%	+8.9%	-24.8%

Past results only. Not a forecast.

Source receipt

Record ID: 0001193125-26-004362
Filed / recorded: Jan 6, 2026, 9:00 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: Adena T Friedman
Relationship: Director, Officer
Officer title: Chair and CEO
Security: Common Stock, par value $0.01 per share
Table: Non-derivative (Table I)
Transaction date: Jan 2, 2026
Transaction code: S
Shares / units: 300,000
Price per share: $96.39
Acquired / disposed: Disposed (D)
Shares owned after: 1,924,903
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 September 11, 2025.
The price reported in this box is a weighted average price. These shares were sold in multiple transactions at prices ranging from $95.82 to $97.07, inclusive. The reporting person undertakes to provide to Nasdaq, any security holder of Nasdaq or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
Represents (i) 440,450 shares or units of restricted stock, of which 314,204 are vested, (ii) 1,371,100 shares of Common Stock underlying PSUs, all of which are vested, (iii) 10,000 shares of Common Stock acquired through open market purchases, and (iv) 103,353 shares granted under the Issuer's Equity Incentive Plan or the Issuer's Employee Stock Purchase Plan when the reporting person was an employee of the Issuer prior to returning as President in 2014.