What the executives and directors of Nasdaq, Inc. actually did with their own shares, decoded from three years of SEC Form 4 filings.
The tape: three years of insider trades
Every marker sits at the exact price reported on the Form 4. The line is the monthly median of all prices insiders reported, so the chart needs no market feed; the gray strip is routine flow (vestings, tax withholding, gifts) that headlines love to miscount as selling.
Where the shares went, last 12 months
Every Form 4 movement decomposed: what flowed in (grants, vested equity, purchases) and what flowed out (tax withholding, plan sales, discretionary sales, gifts). Counted in shares, because grants carry no price.
Skin in the game
Directly held shares as reported after each trade, indexed to 100 five years back. Direct holdings only: trust and family-entity positions are per-entity in the filings and do not sum honestly, so this chart refuses to guess. The steps are the trades.
Who holds what
| Insider | Role | Shares held | Buys 12 m | Sales 12 m |
|---|---|---|---|---|
| INVESTOR AB | 10% owner | 58.4M | $20.7M | — |
| Innax AB | 10% owner | 58.4M | — | — |
| Borse Dubai LTD | 10% owner | 58.3M | — | — |
| Investment CORP of Dubai | 10% owner | 58.3M | — | — |
| THOMA BRAVO UGP, LLC | 10% owner | 42.8M | — | — |
| Argus Seller, LP | 10% owner | 42.8M | — | — |
| FRIEDMAN ADENA T President and CEO | CEO | 2M | — | $76.1M |
| SPLINTER MICHAEL R | Director | 233.2K | — | — |
| Tal Cohen Pres. Market Platforms | Officer | 215.2K | — | $1.4M |
| Griggs PC Nelson Pres. Capital Access Platforms | Officer | 205K | — | $3.2M |
| Zecca John EVP, Global CLO | Officer | 153.3K | — | $450K |
| Kazim Essa | Director | 146.9K | — | — |
| Peterson Bradley J EVP, CIO | Officer | 128.3K | — | $1.9M |
| SKULE JEREMY EVP, CSO | Officer | 104.6K | — | $752K |
Open-market trade log
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-03 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 1,556 | $95.07 | $148K |
| 2026-07-29 | Griggs PC Nelson (Officer) | Discretionary sale | 11K | $96.35 | $1.1M |
| 2026-07-27 | Griggs PC Nelson (Officer) | Discretionary sale | 11K | $93.96 | $1M |
| 2026-07-24 | Peterson Bradley J (Officer) | Discretionary sale | 13K | $92.61 | $1.2M |
| 2026-07-24 | Griggs PC Nelson (Officer) | Discretionary sale | 6,777 | $92.53 | $627K |
| 2026-07-01 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 3,000 | $80.00 | $240K |
| 2026-06-11 | INVESTOR AB (10% owner) | Open-market buy | 56.8K | $85.98 | $4.9M |
| 2026-06-11 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 3,000 | $86.91 | $261K |
| 2026-05-18 | Griggs PC Nelson (Officer) | Discretionary sale | 5,093 | $92.62 | $472K |
| 2026-04-28 | Peterson Bradley J (Officer) | Discretionary sale | 7,710 | $90.82 | $700K |
| 2026-04-27 | Tal Cohen (Officer) | Discretionary sale | 15.5K | $90.75 | $1.4M |
| 2026-04-24 | Daly Michelle Lynn (Officer) | Discretionary sale | 129 | $88.85 | $11K |
| 2026-04-24 | Daly Michelle Lynn (Officer) | Discretionary sale | 1,194 | $88.82 | $106K |
| 2026-04-01 | FRIEDMAN ADENA T (CEO) | Planned sale (10b5-1) | 113.6K | $85.44 | $9.7M |
| 2026-03-06 | FRIEDMAN ADENA T (CEO) | Planned sale (10b5-1) | 92.8K | $90.08 | $8.4M |
| 2026-03-02 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 6,000 | $87.24 | $523K |
| 2026-02-19 | Daly Michelle Lynn (Officer) | Discretionary sale | 4,339 | $81.34 | $353K |
| 2026-02-17 | Torgeby Johan (Director) | Open-market buy | 12K | $79.86 | $958K |
| 2026-02-13 | INVESTOR AB (10% owner) | Open-market buy | 200K | $79.18 | $15.8M |
| 2026-02-02 | FRIEDMAN ADENA T (CEO) | Planned sale (10b5-1) | 300K | $96.91 | $29.1M |
| 2026-01-06 | Zecca John (Officer) | Planned sale (10b5-1) | 4,500 | $100.01 | $450K |
| 2026-01-02 | FRIEDMAN ADENA T (CEO) | Planned sale (10b5-1) | 300K | $96.39 | $28.9M |
| 2025-12-01 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 2,105 | $90.57 | $191K |
| 2025-12-01 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 4,633 | $90.57 | $420K |
| 2025-11-03 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 2,105 | $85.40 | $180K |
| 2025-10-01 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 2,105 | $88.22 | $186K |
| 2025-09-02 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 2,105 | $93.22 | $196K |
| 2025-08-04 | BEGLEY CHARLENE T (Director) | Discretionary sale | 3,000 | $96.60 | $290K |
| 2025-08-01 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 2,105 | $95.49 | $201K |
| 2025-07-25 | Daly Michelle Lynn (Officer) | Discretionary sale | 8,691 | $93.45 | $812K |
| 2025-07-02 | Peterson Bradley J (Officer) | Planned sale (10b5-1) | 11.5K | $88.87 | $1M |
| 2025-07-01 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 2,105 | $89.17 | $188K |
| 2025-06-06 | Griggs PC Nelson (Officer) | Discretionary sale | 4,000 | $85.22 | $341K |
| 2025-06-06 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 2,104 | $85.00 | $179K |
| 2025-06-02 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 1,053 | $83.28 | $88K |
| 2025-05-27 | Griggs PC Nelson (Officer) | Discretionary sale | 3,000 | $82.63 | $248K |
| 2025-05-27 | Griggs PC Nelson (Officer) | Discretionary sale | 5,000 | $83.27 | $416K |
| 2025-05-12 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 1,053 | $81.52 | $86K |
| 2025-04-04 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 657 | $71.81 | $47K |
| 2025-04-02 | Peterson Bradley J (Officer) | Planned sale (10b5-1) | 2,308 | $75.67 | $175K |
| 2025-04-02 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 1,132 | $75.67 | $86K |
| 2025-04-01 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 2,000 | $75.71 | $151K |
| 2025-03-17 | Youngwood Sarah (Officer) | Planned sale (10b5-1) | 15K | $73.68 | $1.1M |
| 2025-03-03 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 3,500 | $82.78 | $290K |
| 2025-02-26 | Peterson Bradley J (Officer) | Planned sale (10b5-1) | 17.1K | $79.79 | $1.4M |
| 2025-02-06 | Tal Cohen (Officer) | Discretionary sale | 8,955 | $83.75 | $750K |
| 2025-02-03 | Smith Bryan Everard (Officer) | Planned sale (10b5-1) | 3,500 | $81.56 | $285K |
| 2024-12-09 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 6,037 | $80.87 | $488K |
| 2024-12-09 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 6,037 | $80.88 | $488K |
| 2024-11-18 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 12.1K | $78.75 | $951K |
| 2024-11-13 | ZOLLAR ALFRED W (Director) | Open-market buy | 2,542 | $80.24 | $204K |
| 2024-11-13 | Peterson Bradley J (Officer) | Planned sale (10b5-1) | 11.8K | $79.58 | $941K |
| 2024-11-11 | Griggs PC Nelson (Officer) | Discretionary sale | 5,000 | $80.21 | $401K |
| 2024-11-08 | Griggs PC Nelson (Officer) | Discretionary sale | 5,000 | $79.51 | $398K |
| 2024-11-06 | Griggs PC Nelson (Officer) | Discretionary sale | 5,742 | $77.34 | $444K |
| 2024-11-06 | SKULE JEREMY (Officer) | Planned sale (10b5-1) | 12K | $77.92 | $935K |
| 2024-11-01 | Tal Cohen (Officer) | Discretionary sale | 6,900 | $74.00 | $511K |
| 2024-10-31 | Tal Cohen (Officer) | Discretionary sale | 3,984 | $74.31 | $296K |
| 2024-10-29 | Griggs PC Nelson (Officer) | Discretionary sale | 4,000 | $76.05 | $304K |
| 2024-10-28 | Peterson Bradley J (Officer) | Discretionary sale | 6,817 | $75.25 | $513K |
“Since trade” compares with the latest insider-implied price, not a market quote; this site carries no market data by design.
Filing hygiene
How to read this
A Form 4 transaction code decides everything. P is an open-market purchase and S an open-market sale; those two are the only codes where an insider chose to trade. A is a grant, M an option exercise or vesting, F shares withheld to cover tax, G a gift. Most “insiders dumped billions” headlines are code F and M mechanics.
Sales flagged 10b5-1 run on a plan the insider adopted in advance; since 2023 every Form 4 carries that flag. Buys have historically predicted returns, sales mostly have not, and this page states filings, not advice.