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Insider Trading Intelligence
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AF

Adena T. Friedman

NDAQ
CHAIR AND CEO · NASDAQ, INC. · CIK 0001240169
FILING MIX · LIFETIME48%/52%
BUYS
23
SELLS
25
TOTAL VALUE
$167.75M
COMPANIES
1
ACTIVE SINCE
Feb 2020
HOLDINGS NOW
1,983,866
AVG SELL PX
$89.45
TRADE KIND
SHOWING 48 / 48
Trades · vs SPY
Loading price series…
Performance · forward returns vs SPY
5 backtested trades · 8 horizons · 11 pendingHow are these numbers computed? →
Forward-return performance of every backtestable P/S trade by Adena T. Friedman, measured at 8 horizons from 7 days to 2 years. Deduped per economic event so co-filings count once. Excess return = trade return minus SPY return over the same window.
HORIZONTRADESWIN RATEINSIDER RETURNSPY RETURNMEAN EXCESSMEDIAN EXCESST-STAT
7d5+40.00%-2.00%+0.30%-2.31%+0.04%—
14d5+60.00%-1.97%+0.12%-2.09%+1.18%—
30d5+60.00%+0.63%+1.36%-0.73%-1.64%—
60d5+40.00%-2.90%-1.19%-4.60%-5.90%—
90d5+60.00%-4.64%+0.86%-7.93%-7.65%—
180d5(3 pending)+100.00%-1.91%+8.29%-10.21%-10.21%—
1y5(4 pending)+100.00%+36.96%+20.05%+16.91%+16.91%—
2y5(4 pending)+100.00%+90.12%+41.86%+48.26%+48.26%—
How to read this: Insider Returnis the average raw return of the filer's trades over the horizon. SPY Return is what SPY did over those same windows — reference only, not a comparison. The headline alpha number is Mean Excess = Insider − SPY; green means the filer beat SPY, red means they trailed it. Win rate is the share of individual trades where the filer beat SPY. T-statvalues above 2 mean the alpha is unlikely to be chance given the sample size. "Pending" counts trades where the horizon hasn't elapsed yet; their stats are not included in the row average.
Holdings over time
NDAQ · 1,983,866 shares · as of Apr 3, 2026
0556,2261,112,4521,668,6772,224,903202120222023202420252026SHARES HELD
Trading cadence · quarterly flow
BUY ● SELL ●
2020
2020
2020
2020
2021
2021
2021
2021
2022
2022
2022
2022
2023
2023
2023
2023
2024
2024
2024
2024
2025
2025
2025
2025
2026
2026
FLOW · 23 buys / 25 sellsCOVERAGE · 26 quarters
Form 4 filings · all activity
COMPANYTYPESHARESPRICEVALUEHELD AFTERTRADE DATEFILEDDETAILS
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
8,075$86.65$699.7K1,983,866Apr 3, 2026Apr 7, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
13,739$84.89$1.17M1,991,941Apr 1, 2026Apr 2, 2026 ↗View →
NDAQ
NASDAQ, INC.
PURCHASE
Chair and CEO
113,611$22.22$2.52M2,079,362Apr 1, 2026Apr 2, 2026 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
39,929——2,005,680Apr 1, 2026Apr 2, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE10b5-1
10b5-1 plan
113,611$85.44$9.71M1,965,751Apr 1, 2026Apr 2, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
113,611——0Apr 1, 2026Apr 2, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALEGRANT
Gift
56,786——1,965,751Mar 11, 2026Mar 13, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALEGRANT
Gift
56,786——2,022,537Mar 11, 2026Mar 13, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE10b5-1
10b5-1 plan
92,840$90.08$8.36M2,079,323Mar 6, 2026Mar 10, 2026 ↗View →
NDAQ
NASDAQ, INC.
PURCHASE
Chair and CEO
92,840$22.22$2.06M2,172,163Mar 6, 2026Mar 10, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
92,840——113,611Mar 6, 2026Mar 10, 2026 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
228,455——2,153,358Feb 12, 2026Feb 17, 2026 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
41,740——2,079,323Feb 12, 2026Feb 17, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
115,775$80.42$9.31M2,037,583Feb 12, 2026Feb 17, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE10b5-1
10b5-1 plan
300,000$96.91$29.07M1,924,903Feb 2, 2026Feb 3, 2026 ↗View →
NDAQ
NASDAQ, INC.
PURCHASE
Chair and CEO
300,000$22.22$6.67M2,224,903Feb 2, 2026Feb 3, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
300,000——206,451Feb 2, 2026Feb 3, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
300,000——506,451Jan 2, 2026Jan 6, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE10b5-1
10b5-1 plan
300,000$96.39$28.92M1,924,903Jan 2, 2026Jan 6, 2026 ↗View →
NDAQ
NASDAQ, INC.
PURCHASE
Chair and CEO
300,000$22.22$6.67M2,224,903Jan 2, 2026Jan 6, 2026 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
8,057$78.30$630.9K1,924,903Apr 3, 2025Apr 7, 2025 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
13,469$75.86$1.02M1,932,960Apr 1, 2025Apr 3, 2025 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
39,452——1,946,429Apr 1, 2025Apr 3, 2025 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
85,011$72.29$6.15M1,906,977Mar 12, 2025Mar 14, 2025 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
168,125——1,991,988Mar 12, 2025Mar 14, 2025 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
23,429$62.29$1.46M1,823,863Apr 1, 2024Apr 3, 2024 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
41,740——1,847,292Apr 1, 2024Apr 3, 2024 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
133,092$56.04$7.46M1,805,552Feb 21, 2024Feb 23, 2024 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
266,326——1,938,644Feb 21, 2024Feb 23, 2024 ↗View →
NDAQ
NASDAQ, INC.
PURCHASE
Chair and CEO
10,000$51.00$510.0K1,672,318Jul 31, 2023Aug 2, 2023 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
47,794——1,678,742Apr 3, 2023Apr 5, 2023 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
16,424$54.40$893.5K1,662,318Apr 3, 2023Apr 5, 2023 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
468,186——1,865,631Feb 23, 2023Feb 27, 2023 ↗View →
NDAQ
NASDAQ, INC.
SALE
Chair and CEO
234,683$57.20$13.42M1,630,948Feb 23, 2023Feb 27, 2023 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
13,192——469,075Apr 1, 2022Apr 5, 2022 ↗View →
NDAQ
NASDAQ, INC.
SALE
President and CEO
3,260$181.92$593.1K465,815Apr 1, 2022Apr 5, 2022 ↗View →
NDAQ
NASDAQ, INC.
SALE
President and CEO
95,502$168.19$16.06M455,883Feb 23, 2022Feb 25, 2022 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
192,306——551,385Feb 23, 2022Feb 25, 2022 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
102,312——102,312Jan 3, 2022Jan 5, 2022 ↗View →
NDAQ
NASDAQ, INC.
SALEGRANT
Gift
49,000——359,079Dec 13, 2021Dec 15, 2021 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Gift
24,500——24,500Dec 13, 2021Dec 15, 2021 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
13,258——408,079Apr 1, 2021Apr 5, 2021 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
131,522——457,902Feb 23, 2021Feb 25, 2021 ↗View →
NDAQ
NASDAQ, INC.
SALE
President and CEO
63,081$140.34$8.85M394,821Feb 23, 2021Feb 25, 2021 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
19,507——326,380Apr 1, 2020Apr 3, 2020 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
101,079——356,174Feb 25, 2020Feb 27, 2020 ↗View →
NDAQ
NASDAQ, INC.
PURCHASEGRANT
Stock grant
89,606——268,817Feb 25, 2020Feb 27, 2020 ↗View →
NDAQ
NASDAQ, INC.
SALE
President and CEO
49,301$112.41$5.54M306,873Feb 25, 2020Feb 27, 2020 ↗View →
Other insiders · NDAQ
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About this filer
CIK 0001240169
ROLE
Chair and CEO
PRIMARY
NDAQ
COMPANIES
1
ACTIVE SINCE
Feb 2020
MARKETPEEL · /INSIDER/0001240169DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE
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