Monitor for additional selling in coming weeks — if no further sales occur, this is likely a planned compensation-related transaction. No immediate negative signal, but watch for deviations from historical patterns.
Price Chart
Executive Summary
NASDAQ CEO Adena Friedman exercised stock options and sold 92,840 shares in the open market for $8.36 million. The exercise involved two tranches of options, one at $0 and one at $22.22 per share, with the sale occurring at $90.08 per share.
Key Financial Metrics
Key Facts
- CEO Adena Friedman exercised 185,680 stock options (92,840 at $0 and 92,840 at $22.22) on March 6, 2026.
- She sold 92,840 shares in the open market at $90.08, generating $8.36 million in proceeds.
- The sale represents approximately 0.017% of Nasdaq's $50.1B market cap — below the 0.1% threshold for materiality.
- This appears to be a routine stock option exercise and partial monetization, not an outright net share sale beyond tax-related or diversification motives.
Financial Impact
$8.36 million in open-market sales; $2.06 million in option cost; $0 cash outlay for half the options.
Risk Factors
- Perception of insider selling could weigh on sentiment if misinterpreted, despite being part of routine option exercise.
- If future clusters show broader executive selling, it could signal weakening confidence.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CONTEXT: Insider Cluster Data (3 trades, 7d window) | cluster-NDAQ-1773172934111 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | Press Release | $99.35 $94.55 | ▼ −4.83% | ▼ −4.32% | $90.33 (−9.08%) |
Aug 12, 2026 7w ago | Insider Cluster | $97.59 $91.19 | ▼ −6.56% | ▼ −4.81% | $90.33 (−7.44%) |
Aug 11, 2026 7w ago | Insider Cluster | $95.66 $92.01 | ▼ −3.82% | ▼ −1.92% | $90.33 (−5.57%) |
Aug 5, 2026 8w ago | Insider Cluster | $94.56 $95.72 | ▲ +1.23% | ▲ +1.83% | $90.33 (−4.47%) |
Aug 3, 2026 8w ago | Press Release | $93.62 $97.54 | ▲ +4.19% | ▲ +5.43% | $90.33 (−3.51%) |
Aug 3, 2026 8w ago | Press Release | $93.62 $97.54 | ▲ +4.19% | ▲ +5.43% | $90.33 (−3.51%) |
Jul 31, 2026 9w ago | Insider Cluster | $94.19 $99.31 | ▲ +5.44% | ▲ +2.45% | $90.33 (−4.10%) |
Jul 28, 2026 9w ago | Insider Cluster | $95.96 $98.73 | ▲ +2.89% | ▼ −0.49% | $90.33 (−5.87%) |
Jul 23, 2026 10w ago | 8-K | $90.42 $97.55 | ▲ +7.89% | ▲ +4.58% | $90.33 (−0.10%) |
Jul 20, 2026 10w ago | Press Release | $91.87 $96.68 | ▲ +5.24% | ▲ +1.11% | $90.33 (−1.68%) |
US Market Status
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