SEC Filing Analysis: NASDAQ, INC. (NDAQ)

Executive Summary

• Trading Significance: Low
• Key Takeaway: EVP Bryan Smith executed a planned sale of $523K, representing a minor portion of holdings.
• Market Impact: Negligible; transaction volume is immaterial relative to market cap.

Company Information

Field	Value
Company	NASDAQ, INC.
Ticker Symbol	NDAQ
CIK	0001120193
Industry	Security & Commodity Brokers

Insider Information

Field	Value
Name	Smith Bryan Everard
CIK	0001799366
Title/Position	EVP, CPO
Relationship	Officer

Transaction Details

Field	Value
Form Type	4
Transaction Date	2026-03-02
Transaction Code	S (Sale)
Security Type	Common Stock
Shares Involved	6,000
Price Per Share	$87.24
Total Value	$523,440
Shares Owned After	70,860
Ownership Type	Direct

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$523,440
% of Market Cap	~0.001%
Shares Transacted	6,000
% of Shares Outstanding	~0.001%
Materiality Assessment	Low

Impact Evaluation

• Market Cap Context: With a market cap of $49.78 billion, a $523k transaction is statistically insignificant.
• Ownership Concentration: The insider retains 70,860 shares (valued at ~$6.1M), indicating continued alignment with shareholders.
• Transaction Significance: The sale represents approximately 7.8% of the insider's pre-transaction holdings.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: The sale was conducted under a Rule 10b5-1 trading plan adopted in August 2025, removing speculative timing concerns. The volume is too low to impact price action.

Volume & Sentiment

• Expected Volume Impact: None.
• Sentiment Indicator: Neutral.

Additional Context

Transaction Notes

• Special Circumstances: The sale was effected pursuant to a Rule 10b5-1(c) trading plan adopted on August 29, 2025. This indicates the sale was pre-scheduled and not based on current material non-public information.
• Price: Shares were sold in multiple transactions ranging from $85.96 to $87.82.