FolioLantern
NDAQNasdaq, Inc. · Insider ownership research

Nasdaq, Inc. insiders sold $86.8M in the past 12 months. How much of their stake is that?

About 25% overall. As a group they ended with more shares than they started with.

Updated Oct 8, 2026 from SEC filings · covers Oct 9, 2025 to Oct 8, 2026
How this comparesMore of their stake sold than at 291 of the 311 other companies we can measure (#21 of 312)See ranking
1
buyer among officers and directors (1 trade), past 12 months
91%
of sales were under disclosed trading plans, past 12 months
8 of 20
officers and directors sold shares, past 12 months
Recent activity · past 30 days, Sep 9, 2026 to Oct 8, 2026
Oct 1, 2026Jeremy Skule had 1.3K shares ($116K) withheld by the company for taxes (not a market sale). That is 1.3% of the total stake held that day.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Jeremy Skule
EVP, CSO
1,262$92.011.3%99KOct 1, 2026Oct 5, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Sep 22, 2026Jeremy Skule sold 1.1K shares ($107K) under a disclosed trading plan. That is 1.1% of the total stake held that day.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Jeremy Skule
EVP, CSO
1,125$95.001.1%100KSep 22, 2026Sep 24, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Sep 10, 2026Jeremy Skule sold 1.1K shares ($106K) under a disclosed trading plan. That is 1.1% of the total stake held that day.
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Jeremy Skule
EVP, CSO
1,125$94.221.1%101KSep 10, 2026Sep 14, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Is this normal? More than usual: about 7x the 5-year average. 8 insiders sold; the average is 7 a year. Year by year
Latest filing: Filed Oct 5 for a tax withholding on Oct 1. Jeremy Skule had 1.3K shares withheld by the company for taxes. Filing
68 SEC ownership filings in the period · See the evidence

What stands out

Three officers sold $7.4M with no disclosed plan: PC Griggs ($3.5M, 19% of holdings), Bradley Peterson ($2.5M) and Cohen Tal ($1.4M, 8.1%). The filings don't state a reason.PC Griggs: largest such sale, Jul 29, 2026 · Bradley Peterson: largest such sale, Jul 24, 2026 · Cohen Tal: largest such sale, Apr 27, 2026
Five officers sold shares but ended with larger stakes, because more shares came in than were sold: PC Griggs (sold 37K, 19% of starting holdings; 69K added), Cohen Tal (sold 16K, 8.1% of starting holdings; 72K added) and Jeremy Skule (sold 8.7K, 10% of starting holdings; 42K added), plus 2 more.PC Griggs: largest sale, Jul 29, 2026 · Cohen Tal: largest sale, Apr 27, 2026 · Jeremy Skule: largest sale, Aug 10, 2026
Two officers sold more than 25% of vested holdings: Adena Friedman (39% of holdings, $76.1M, all under a disclosed plan) and Bryan Smith (29% of holdings, $1.6M, all under a disclosed plan).Adena Friedman: largest sale, Feb 2, 2026 · Bryan Smith: largest sale, Mar 2, 2026

Percentages cover 19 of 20 officers and directors. Left out: Bradley Peterson (most holdings were last confirmed in 2023). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period
Adena Friedman
Chair and CEO, Director
Sold 39%, but 806K shares were added (mostly vesting), so the stake grew
39% · $76.1MDisclosed plan
PC Griggs
Pres. Capital Access Platforms
19% · $3.5MNo plan disclosed
Bradley Peterson
EVP, CIO
No bar: most holdings were last confirmed in 2023.
$2.5MNo plan disclosed
Bryan Smith
EVP, CPO
29% · $1.6MDisclosed plan
Cohen Tal
Pres. Market Platforms
8.1% · $1.4MNo plan disclosed
All 8 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed
OctNov 2025: $180K under a disclosed planNovDec 2025: $610K under a disclosed planDecJan 2026: $29.4M under a disclosed planJanFeb 2026: $29.1M under a disclosed planFeb 2026: $353K no plan disclosed$29.4MFebMar 2026: $8.9M under a disclosed planMarApr 2026: $9.7M under a disclosed planApr 2026: $2.2M no plan disclosedAprMay 2026: $472K no plan disclosedMayJun 2026: $261K under a disclosed planJunJul 2026: $240K under a disclosed planJul 2026: $3.9M no plan disclosedJulAug 2026: $361K under a disclosed planAug 2026: $884K no plan disclosedAugSep 2026: $213K under a disclosed planSepOct

Outside holders, reported separately

Ab Investor reported no open-market sales in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Nasdaq, Inc. CEO selling stock?

Yes. Adena Friedman sold 806K shares ($76.1M, 39% of starting holdings) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are Nasdaq, Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 91% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 9% had no disclosed plan. A trading plan schedules sales in advance.

Are any Nasdaq, Inc. insiders buying?

Yes. 1 officer or director reported 1 purchase in the past 12 months (Form 4 code P, which includes private purchases).

How much of their stake did Nasdaq, Inc. insiders sell?

About 25% overall. As a group they ended with more shares than they started with. That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold8 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Adena Friedman
Chair and CEO, Director
$76.1M
806K shares
39%Disclosed plan
PC Griggs
Pres. Capital Access Platforms
$3.5M
37K shares
19%No plan disclosed
Bradley Peterson
EVP, CIO
$2.5M
27K shares
i
No percentage: most holdings were last confirmed in 2023.
No plan disclosed
Bryan Smith
EVP, CPO
$1.6M
18K shares
29%Disclosed plan
Cohen Tal
Pres. Market Platforms
$1.4M
16K shares
8.1%No plan disclosed
Jeremy Skule
EVP, CSO
$796K
8.7K shares
10%Disclosed plan
Michelle Daly
SVP, Controller & PAO
$470K
5.7K shares
64%No plan disclosed
John Zecca
EVP, Global CLO
$450K
4.5K shares
3.5%Disclosed plan

Outside holder, reported separately: Ab Investor (a 10% owner, not part of management). No open-market sales reported in the period. Holds 58.44M shares. Latest filing

The full ownership picture20 of 20 insiders fully reconciled · 20 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 8, 2025SoldHeld Oct 8, 2026Still held
Adena Friedman
i
Includes unvested RSUs, amount not disclosed. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals. New Form 3 filed 2014-06-18; earlier filings set aside.
Chair and CEO, Director
2.07M−806K2.13M+2.8%
Vesting, gifts, unvested awards and holding lines for Adena Friedman
+806Kshares vested or exercised
−114Kgifted (net of own trusts)
−138Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
  • New Form 3 filed 2014-06-18; earlier filings set aside.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share1,924,9031,983,866
A.T. Friedman Irrevocable Trust No.1Common Stock, par value $0.01 per share73,50073,500
A.T. Friedman Irrevocable Trust No.2Common Stock, par value $0.01 per share73,50073,500

Additional holdings last reported Jan 3, 2018, not confirmed since: 652,407 shares. Not included in any total or percentage on this page.

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
306,936$67.48Jan 3, 2032$8.4M

Estimate: options held × ($95.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Michael Splinter
i
Includes unvested RSUs, amount not disclosed.
Director
228K0233Kno sales
Vesting, gifts, unvested awards and holding lines for Michael Splinter
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share217,422217,988
family trustsCommon Stock, par value $0.01 per share10,54515,225
PC Griggs
i
Includes unvested RSUs, amount not disclosed.
Pres. Capital Access Platforms
196K−37K202K+3%
Vesting, gifts, unvested awards and holding lines for PC Griggs
0shares vested or exercised
0gifted (net of own trusts)
−26Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share195,921201,775
Cohen Tal
i
Minor difference of 323 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed.
Pres. Market Platforms
192K−16K215K+12%
Vesting, gifts, unvested awards and holding lines for Cohen Tal
0shares vested or exercised
0gifted (net of own trusts)
−33Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share191,742215,208

Reconciliation: minor difference of 323 shares. Difference is under 0.5% of holdings.

Essa Kazim
i
Includes unvested RSUs, amount not disclosed.
Director
143K0147Kno sales
Vesting, gifts, unvested awards and holding lines for Essa Kazim
0shares vested or exercised
0gifted (net of own trusts)
−622withheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share143,388146,917
John Zecca
i
Includes unvested RSUs, amount not disclosed.
EVP, Global CLO
130K−4.5K153K+18%
Vesting, gifts, unvested awards and holding lines for John Zecca
0shares vested or exercised
0gifted (net of own trusts)
−12Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share130,174153,334
Bradley Peterson
!
Most of this insider's holdings were last confirmed in 2023. Confirmed in the last three years: 122,293 shares. Not confirmed since: 170,521 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.
EVP, CIO
111K−27K122Ksee note
Vesting, gifts, unvested awards and holding lines for Bradley Peterson
0shares vested or exercised
0gifted (net of own trusts)
−24Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share111,035122,293

Additional holdings last reported Jul 3, 2023, not confirmed since: 170,521 shares. Not included in any total or percentage on this page.

Reconciliation: minor difference of 301 shares. Difference is under 0.5% of holdings.

Thomas Kloet
i
Includes unvested RSUs, amount not disclosed.
Director
101K0105Kno sales
Vesting, gifts, unvested awards and holding lines for Thomas Kloet
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share32,00536,559
Thomas A. Kloet TrustCommon Stock, par value $0.01 per share68,70968,709
Jeremy Skule
i
Includes unvested RSUs, amount not disclosed.
EVP, CSO
87K−8.7K99K+13%
Vesting, gifts, unvested awards and holding lines for Jeremy Skule
0shares vested or exercised
0gifted (net of own trusts)
−22Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share87,07998,811
Sarah Youngwood
i
Minor difference of 322 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed.
EVP & CFO
75K075Kno sales
Vesting, gifts, unvested awards and holding lines for Sarah Youngwood
0shares vested or exercised
0gifted (net of own trusts)
−17Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share75,47574,558

Reconciliation: minor difference of 322 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Bryan Smith
i
Minor difference of 582 shares. Small increase from an employee stock purchase plan. Includes unvested RSUs, amount not disclosed. Small increase from an employee stock purchase plan.
EVP, CPO
62K−18K68K+9.1%
Vesting, gifts, unvested awards and holding lines for Bryan Smith
0shares vested or exercised
0gifted (net of own trusts)
−13Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Small increase from an employee stock purchase plan. Filing 1 Filing 2
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share61,98067,647

Reconciliation: minor difference of 582 shares. Small increase from an employee stock purchase plan.

Alfred Zollar
i
Includes unvested RSUs, amount not disclosed.
Director
54K058Kno sales
Vesting, gifts, unvested awards and holding lines for Alfred Zollar
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share53,78458,281
Melissa Arnoldi
i
Includes unvested RSUs, amount not disclosed.
Director
51K056Kno sales
Vesting, gifts, unvested awards and holding lines for Melissa Arnoldi
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share51,19155,515
Charlene Begley
i
Includes unvested RSUs, amount not disclosed.
Director
46K049Kno sales
Vesting, gifts, unvested awards and holding lines for Charlene Begley
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share46,00148,999
Johan Torgeby
i
Includes unvested RSUs, amount not disclosed.
Director
29K043Kno sales
Vesting, gifts, unvested awards and holding lines for Johan Torgeby
0shares vested or exercised
0gifted (net of own trusts)
−300withheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share28,79743,495
Toni Townes-Whitley
i
Includes unvested RSUs, amount not disclosed.
Director
20K023Kno sales
Vesting, gifts, unvested awards and holding lines for Toni Townes-Whitley
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share20,47123,469
Jeffery Yabuki
i
Includes unvested RSUs, amount not disclosed.
Director
18K023Kno sales
Vesting, gifts, unvested awards and holding lines for Jeffery Yabuki
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share18,34722,959
family trustCommon Stock, par value $0.01 per share6060
Paul Spaht Jr.
i
Includes unvested RSUs, amount not disclosed.
Director
10K013Kno sales
Vesting, gifts, unvested awards and holding lines for Paul Spaht Jr.
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share10,40113,399
Michelle Daly
i
Includes unvested RSUs, amount not disclosed.
SVP, Controller & PAO
8.9K−5.7K10K+14%
Vesting, gifts, unvested awards and holding lines for Michelle Daly
0shares vested or exercised
0gifted (net of own trusts)
−3.8Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share8,87910,089
Kathryn Koch
i
Includes unvested RSUs, amount not disclosed.
Director
7.6K011Kno sales
Vesting, gifts, unvested awards and holding lines for Kathryn Koch
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.01 per share7,57210,743

20 of 20 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (16 exactly, 4 with a minor or footnoted difference). Percentages cover 19 of 20 officers and directors. Left out: Bradley Peterson (most holdings were last confirmed in 2023). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$86.8M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $86.8M across 922,856 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

The lighter segment is sales with no plan disclosed in the filing ($7.9M), including tax-related sales outside a plan.

No plan disclosed · $7.9M

Sales with no 10b5-1 plan and no tax reference in the filing. $3.5M of it is PC Griggs. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Cohen Tal, Apr 27, 2026

Taxes

288,549 shares ($23.9M) were withheld by the company for taxes, which isn't a market sale.

Purchases · 1 buyer (1 trade)

1 officer or director bought shares in this period, in 1 trade(Form 4 code P). Across all their filings on record there are 6 purchase trades.

Charitable gifts · 114K shares

Gifts the filings describe as charitable. Gifts are not sales and are not included in the sale totals.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Adena Friedman
Chair and CEO, Director
806K$76.1M100%88%Jan 2, 2026 to Apr 1, 2026
PC Griggs
Pres. Capital Access Platforms
37K$3.5M0%4%May 18, 2026 to Aug 10, 2026
Bradley Peterson
EVP, CIO
27K$2.5M0%3%Apr 28, 2026 to Aug 7, 2026
Bryan Smith
EVP, CPO
18K$1.6M100%2%Dec 1, 2025 to Aug 3, 2026
Cohen Tal
Pres. Market Platforms
16K$1.4M0%2%Apr 27, 2026 to Apr 27, 2026
Jeremy Skule
EVP, CSO
8.7K$796K100%0.9%Nov 3, 2025 to Sep 22, 2026
Michelle Daly
SVP, Controller & PAO
5.7K$470K0%0.5%Feb 19, 2026 to Apr 24, 2026
John Zecca
EVP, Global CLO
4.5K$450K100%0.5%Jan 6, 2026 to Jan 6, 2026

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$0$0$0$0
Nov 2025$180K$180K$0$0
Dec 2025$610K$610K$0$0
Jan 2026$29.4M$29.4M$0$0
Feb 2026$29.4M$29.1M$0$353K
Mar 2026$8.9M$8.9M$0$0
Apr 2026$11.9M$9.7M$0$2.2M
May 2026$472K$0$0$472K
Jun 2026$261K$261K$0$0
Jul 2026$4.2M$240K$0$3.9M
Aug 2026$1.2M$361K$0$884K
Sep 2026$213K$213K$0$0
Oct 2026$0$0$0$0
Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 7x the 5-year average. 8 insiders sold; the average is 7 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 8, 2026
Latest 12 months
923K8$86.8M
Oct 8, 2025
1 year earlier
200K8$16.1M
Oct 8, 2024
2 years earlier
69K4$4.5M
Oct 9, 2023
3 years earlier
44K6$2.6M
Oct 9, 2022
4 years earlier
143K8$8.4M
Oct 9, 2021
5 years earlier
216K9$11.2M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertaintyEvery officer and director reconciles

Every officer and director reconciles for this period.

Cohen Tal: minor difference of 323 shares. Difference is under 0.5% of holdings.

Bradley Peterson: minor difference of 301 shares. Difference is under 0.5% of holdings.

Sarah Youngwood: minor difference of 322 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Bryan Smith: minor difference of 582 shares. Small increase from an employee stock purchase plan.

Inferred rename: "See" is treated as the same holder as "See Note", because the old name was never reported again and the new one opened with the same balance (1,500,000 shares). Old name, new name

Inferred rename: "Investor Trading AB" is treated as the same holder as "Patricia Holding AB", because the old name was never reported again and the new one opened with the same balance (54,012,426 shares). Old name, new name

Inferred rename: "Patricia Holding AB" is treated as the same holder as "Innax AB", because the old name was never reported again and the new one opened with the same balance (58,182,426 shares). Old name, new name

Inferred typo: the share class "Comm Stock, par value $0.01 per share" is treated as the same class as "Common Stock, par value $0.01 per share" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (NATIONAL ASSOCIATION OF SECURITIES DEALERS INC, 129,550,188 shares): old title, new title

Inferred typo: the share class "Common Stock, par value $0.01per share ("Common Stock")" is treated as the same class as "Common Stock, par value $0.01 per share ("Common Stock")" on 4 holding lines, because the two spellings are nearly identical and each balance carried over exactly. Example (Steven Randich, 41,550 shares): old title, new title

Inferred typo: the share class "Common Stock, par value $0.01 per share ("Common Stock")" is treated as the same class as "Common Stock, par value $0.01per share ("Common Stock")" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (David Warren, 40,731 shares): old title, new title

Inferred typo: the share class "Common Stock, par value $0.01per share (Common Stock)" is treated as the same class as "Common Stock, par value $0.01per share ("Common Stock")" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Robert Greifeld, 600,000 shares): old title, new title

Inferred typo: the share class "Common Stock, par value $0.01 per share" is treated as the same class as "Common Stock, par value $0.01 pershare" on 2 holding lines, because the two spellings are nearly identical and each balance carried over exactly. Example (Bradley Peterson, 148,745 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,357 filings from SEC EDGAR, and how we read them

All 1,357 Forms 3, 4 and 5 filed for Nasdaq, Inc. (SEC CIK 1120193) from Mar 8, 2002 to Oct 5, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages. 3 older filings exist only on paper and could not be read.

Probable 3-for-1 stock split on or before Aug 26, 2022 (split date stated in a footnote). Splits aren't reported as transactions; 17 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (62)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
Argus Seller, LPJul 30, 202442,804,207 shares, last reported balance as of Jul 29, 2024
Brendan BrothersApr 15, 202448,860 shares, last reported balance as of Apr 3, 2024
Borse Dubai LTDMar 22, 2024547,412,624 shares, last reported balance as of Mar 22, 2024
Ann DennisonNov 3, 202377,764 shares, last reported balance as of Nov 1, 2023
Steven BlackJun 23, 2023152,083 shares, last reported balance as of Jun 21, 2023
Oliver AlbersJan 4, 202358,917 shares, last reported balance as of Dec 31, 2022
Bjorn SibbernDec 8, 202279,809 shares, last reported balance as of Dec 6, 2022
Roland ChaiDec 8, 202237,894 shares, last reported balance as of Dec 6, 2022
John RaineyJun 24, 202251,795 shares, last reported balance as of Jun 22, 2022
Jacob WallenbergJun 17, 202227,381 shares, last reported balance as of Jun 15, 2022
Jamie KingApr 13, 20223,897 shares, last reported balance as of Apr 4, 2022
Lars OttersgardApr 5, 202266,999 shares, last reported balance as of Apr 1, 2022
Lauren DillardApr 5, 2022146,763 shares, last reported balance as of Apr 1, 2022
Michael PtasznikFeb 25, 2021140,025 shares, last reported balance as of Feb 23, 2021
Lars WedenbornApr 27, 202072,885 shares, last reported balance as of Apr 23, 2020
Edward KnightJan 16, 2020418,503 shares, last reported balance as of Jul 25, 2019
Thomas WittmanApr 3, 2019222,099 shares, last reported balance as of Apr 1, 2019
Stacie SwanstromJan 4, 201863,588 shares, last reported balance as of Jan 3, 2018
Glenn HutchinsMay 12, 20173,703,428 shares, last reported balance as of May 10, 2017
Glenn HutchinsMay 12, 2017No balance on record
Robert GreifeldFeb 14, 20178,452,563 shares, last reported balance as of Jan 30, 2017
Ellyn McColganFeb 14, 201779,638 shares, last reported balance as of Aug 16, 2016
Borje EkholmMay 9, 2016148,938 shares, last reported balance as of May 5, 2016
Ronald HassenMar 1, 2016222,075 shares, last reported balance as of Feb 26, 2016
Hans-Ole JochumsenMar 1, 2016124,362 shares, last reported balance as of Feb 26, 2016
Salil DondeFeb 9, 201641,967 shares, last reported balance as of Feb 5, 2016
Lee ShavelJan 6, 2016225,504 shares, last reported balance as of Jan 4, 2016
Anna EwingJun 16, 2015405,117 shares, last reported balance as of Jun 15, 2015
John MarkeseMay 8, 2015265,791 shares, last reported balance as of May 6, 2015
John JacobsJan 5, 2015478,383 shares, last reported balance as of Dec 31, 2014
Bruce AustSep 16, 2014238,050 shares, last reported balance as of Sep 12, 2014
Thomas OneillJun 4, 201455,392 shares, last reported balance as of Jun 2, 2014
Eric NollOct 30, 2013150,384 shares, last reported balance as of Oct 28, 2013
James RiepeMay 24, 2013104,394 shares, last reported balance as of May 22, 2013
Martin CaseyOct 31, 2011220,461 shares, last reported balance as of Oct 27, 2011
Furlong BaldwinOct 24, 2011223,185 shares, last reported balance as of Oct 20, 2011
Deborah Wince-SmithMay 31, 2011102,039 shares, last reported balance as of May 26, 2011
Lon GormanMay 31, 201171,583 shares, last reported balance as of May 26, 2011
Urban BackstromMay 31, 201154,087 shares, last reported balance as of May 26, 2011
Birgitta KantolaMay 31, 201145,453 shares, last reported balance as of May 26, 2011
Hans NielsenMay 31, 201170,953 shares, last reported balance as of May 26, 2011
Soud Ba'alawiMay 22, 200938,838 shares, last reported balance as of May 20, 2009
David WarrenFeb 27, 2009127,920 shares, last reported balance as of Feb 25, 2009
Christopher ConcannonFeb 27, 200995,628 shares, last reported balance as of Feb 25, 2009
Magnus BockerFeb 27, 2009135,999 shares, last reported balance as of Feb 25, 2009
Carl-Magnus HallbergDec 19, 200813,341 shares, last reported balance as of Dec 17, 2008
Markus GerdienMar 26, 2008No balance on record
James Johnson Jr.Mar 10, 200819,455 shares, last reported balance as of Feb 27, 2008
Patrick HealyNov 16, 200775,168,762 shares, last reported balance as of Nov 14, 2007
H&F INVESTORS IV LLCNov 16, 200770,636,104 shares, last reported balance as of Nov 8, 2007
Ab OmxJun 4, 2007No balance on record
Thomas StembergMay 25, 2007168,912 shares, last reported balance as of May 23, 2007
Merit JanowMay 25, 200732,490 shares, last reported balance as of May 23, 2007
NATIONAL ASSOCIATION OF SECURITIES DEALERS INCJul 24, 200652,715,193 shares, last reported balance as of Jul 21, 2006
Jeffrey EdwardsMay 25, 200636,492 shares, last reported balance as of May 23, 2006
Steven RandichNov 10, 2005421,095 shares, last reported balance as of Nov 10, 2005
Fred ThompsonMay 27, 200531,719 shares, last reported balance as of May 25, 2005
Michael CaseyJun 29, 200441,373 shares, last reported balance as of Jun 25, 2004
Thomas WeiselJun 29, 2004211,131 shares, last reported balance as of Jun 25, 2004
Thomas JoyceJun 29, 200411,310 shares, last reported balance as of Jun 25, 2004
Daniel ColemanNo balance on record
Jukka RuuskaNo balance on record