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    Home ยป Nasdaq CEO Buys Up Shares as Stock Slides
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    Nasdaq CEO Buys Up Shares as Stock Slides

    August 12, 20232 Mins Read
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    The year 2023 has not been kind to Nasdaq (NDAQ). While tech giants like Apple (AAPL) and Nvidia (NVDA) have seen significant gains, Nasdaq shares have taken a hit, losing about a sixth of their value. However, CEO Adena T. Friedman recently made a bold move, purchasing a large block of stock.

    Nasdaq’s Slide Amidst Tech Giant Surge

    It is disheartening to see Nasdaq’s stock slide, especially considering the impressive gains made by tech giants traded on the exchange. Apple and Nvidia have both experienced double and triple-digit percentage gains this year. Meanwhile, Nasdaq shares continue to hover near their 52-week low of $48.65, which was reached on July 7.

    Acquisition of Adenza and Second-Quarter Outlook

    In June, Nasdaq announced its agreement to acquire Adenza, a software maker utilized by banks and brokerages. This deal, valued at $10.5 billion in cash and stock, was expected to close within the next six to nine months. Despite a promising second-quarter report released in mid-July, Nasdaq stock did not experience a sustained increase.

    CEO’s Confident Investment

    CEO Adena T. Friedman demonstrated her faith in the company by purchasing 10,000 shares of Nasdaq stock on July 31. With an average price of $51 per share, the total investment amounted to $510,000. Including both her personal account and shares held through trusts, Friedman now possesses 1,672,318 Nasdaq shares.

    Analyst’s Optimistic Outlook

    Notably, Oppenheimer analyst Owen Lau has emphasized that the acquisition of Adenza could greatly benefit Nasdaq. Lau believes that this move could lead to higher recurring revenue and more stable earnings for the company. Consequently, he has maintained an optimistic Outperform rating on Nasdaq stock, with a $65 price target.

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