Nasdaq insider activity
What the executives and directors of Nasdaq actually did with their own shares, decoded from their SEC Form 4 filings. Each figure says the stretch of time it covers.
−$65M
net open-market flow, 12 m
3 open-market buys, 12 m
91%
of sale value on 10b5-1 plans, 12 m
102 days since an insider bought, whole record
The tape: three years of insider trades
Open-market buy
Discretionary sale
Planned sale (10b5-1)
Reported-price path
Routine
Every marker sits at the 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 grey strip is the routine flow (grants, vestings, tax withholding and gifts) that a headline gets wrong by counting it as selling. The share count changed 3-for-1 on Sep 7, 2022, so prices and share counts reported before then are restated to today's basis here; otherwise the tape would show a step the shares never took.
The 109 routine events on the chart, as a list
| Date | Insider | Shares |
|---|---|---|
| Jun 11, 2026 | Kazim Essa | 4,773 |
| Jun 11, 2026 | Torgeby Johan | 3,298 |
| Jun 10, 2026 | SPLINTER MICHAEL R | 5,246 |
| Jun 10, 2026 | ZOLLAR ALFRED W | 4,497 |
| Jun 10, 2026 | YABUKI JEFFERY W | 4,612 |
| Jun 10, 2026 | BEGLEY CHARLENE T | 2,998 |
| Jun 10, 2026 | KLOET THOMAS A | 4,554 |
| Jun 10, 2026 | ARNOLDI MELISSA | 4,324 |
| Jun 10, 2026 | Townes-Whitley Toni | 2,998 |
| Jun 10, 2026 | SPAHT PAUL HOLDEN JR. | 2,998 |
| Jun 10, 2026 | Koch Kathryn A. | 3,171 |
| Apr 3, 2026 | FRIEDMAN ADENA T | 175K |
| Apr 3, 2026 | Peterson Bradley J | 12K |
| Apr 3, 2026 | Griggs PC Nelson | 17K |
| Apr 3, 2026 | SKULE JEREMY | 11K |
| Apr 3, 2026 | Tal Cohen | 28K |
| Apr 3, 2026 | Zecca John | 10K |
| Apr 3, 2026 | Smith Bryan Everard | 10K |
| Apr 3, 2026 | Daly Michelle Lynn | 3,281 |
| Apr 1, 2026 | Youngwood Sarah | 15K |
| Mar 11, 2026 | FRIEDMAN ADENA T | 57K |
| Mar 6, 2026 | FRIEDMAN ADENA T | 93K |
| Feb 12, 2026 | FRIEDMAN ADENA T | 386K |
| Feb 11, 2026 | Peterson Bradley J | 73K |
| Feb 11, 2026 | Griggs PC Nelson | 77K |
| Feb 11, 2026 | SKULE JEREMY | 47K |
| Feb 11, 2026 | Tal Cohen | 77K |
| Feb 11, 2026 | Zecca John | 42K |
| Feb 11, 2026 | Smith Bryan Everard | 39K |
| Feb 11, 2026 | Daly Michelle Lynn | 11K |
| Feb 2, 2026 | FRIEDMAN ADENA T | 300K |
| Jan 30, 2026 | SPLINTER MICHAEL R | 9,360 |
| Jan 2, 2026 | FRIEDMAN ADENA T | 300K |
| Dec 6, 2025 | SKULE JEREMY | 4,127 |
| Dec 6, 2025 | Youngwood Sarah | 17K |
| Oct 1, 2025 | SKULE JEREMY | 1,262 |
| Jul 1, 2025 | Peterson Bradley J | 11K |
| Jul 1, 2025 | Griggs PC Nelson | 11K |
| Jun 11, 2025 | SPLINTER MICHAEL R | 5,241 |
| Jun 11, 2025 | ZOLLAR ALFRED W | 4,491 |
| Jun 11, 2025 | YABUKI JEFFERY W | 4,607 |
| Jun 11, 2025 | BEGLEY CHARLENE T | 2,995 |
| Jun 11, 2025 | Kazim Essa | 4,967 |
| Jun 11, 2025 | KLOET THOMAS A | 4,549 |
| Jun 11, 2025 | ARNOLDI MELISSA | 4,319 |
| Jun 11, 2025 | Townes-Whitley Toni | 2,995 |
| Jun 11, 2025 | SPAHT PAUL HOLDEN JR. | 2,995 |
| Jun 11, 2025 | Torgeby Johan | 3,402 |
| Jun 11, 2025 | Koch Kathryn A. | 3,167 |
| Jun 4, 2025 | SPAHT PAUL HOLDEN JR. | 447K |
| Apr 3, 2025 | FRIEDMAN ADENA T | 61K |
| Apr 3, 2025 | Peterson Bradley J | 12K |
| Apr 3, 2025 | Griggs PC Nelson | 16K |
| Apr 3, 2025 | SKULE JEREMY | 9,362 |
| Apr 3, 2025 | Tal Cohen | 75K |
| Apr 3, 2025 | Zecca John | 9,286 |
| Apr 3, 2025 | Smith Bryan Everard | 9,449 |
| Apr 3, 2025 | Daly Michelle Lynn | 2,973 |
| Apr 1, 2025 | Youngwood Sarah | 16K |
| Mar 12, 2025 | FRIEDMAN ADENA T | 253K |
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. The share count changed 3-for-1 on Sep 7, 2022, so share counts reported before then are restated to today's basis here.
The chart, in numbers
| Flow | Shares |
|---|---|
| Granted | 699K |
| Vested / exercised | 806K |
| Bought on market | 269K |
| Withheld for tax | 289K |
| Planned sales (10b5-1) | 839K |
| Discretionary sales | 85K |
| Gifts | 61K |
| Kept | 500K |
Skin in the game
Directly held shares as reported after each trade, indexed to 100 at the start of the window, up to 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. The share count changed 3-for-1 on Sep 7, 2022, so share counts reported before then are restated to today's basis here.
The chart, in numbers
| Insider | Start of the window | Latest reported | Indexed, start = 100 |
|---|---|---|---|
| FRIEDMAN ADENA T | 1.1M | 2.0M | 184.2 |
| SPLINTER MICHAEL R | 208K | 218K | 104.9 |
Who holds what
the 14 largest holdings of 28| Insider | Role | Shares held | Buys 12 m | Sales 12 m | 12 m | Last trade |
|---|---|---|---|---|---|---|
| INVESTOR AB Last trade Jun 11, 2026 | 10% owner | 58M | $21M | – | net buying over the year: 2 months buying, 0 months selling | Jun 11, 2026 |
| Innax AB | 10% owner | 58M | – | – | – | |
| Borse Dubai LTD Last trade Mar 22, 2024 | 10% owner | 58M | – | – | Mar 22, 2024 | |
| Investment CORP of Dubai | 10% owner | 58M | – | – | – | |
| THOMA BRAVO UGP, LLC Last trade Jul 29, 2024 | 10% owner | 43M | – | – | Jul 29, 2024 | |
| Argus Seller, LP | 10% owner | 43M | – | – | – | |
| FRIEDMAN ADENA T President and CEO Last trade Apr 1, 2026 | CEO | 2.0M | – | $76M | net selling over the year: 0 months buying, 4 months selling | Apr 1, 2026 |
| SPLINTER MICHAEL R Last trade Jul 24, 2023 | Director | 233K | – | – | Jul 24, 2023 | |
| Tal Cohen Pres. Market Platforms Last trade Apr 27, 2026 | Officer | 215K | – | $1.4M | net selling over the year: 0 months buying, 1 month selling | Apr 27, 2026 |
| Griggs PC Nelson Pres. Capital Access Platforms Last trade Aug 10, 2026 | Officer | 202K | – | $3.5M | net selling over the year: 0 months buying, 3 months selling | Aug 10, 2026 |
| Zecca John EVP, Global CLO Last trade Jan 6, 2026 | Officer | 153K | – | $450K | net selling over the year: 0 months buying, 1 month selling | Jan 6, 2026 |
| Kazim Essa | Director | 147K | – | – | – | |
| Peterson Bradley J EVP, CIO Last trade Aug 7, 2026 | Officer | 122K | – | $2.5M | net selling over the year: 0 months buying, 3 months selling | Aug 7, 2026 |
| SKULE JEREMY EVP, CSO Last trade Sep 10, 2026 | Officer | 101K | – | $875K | net selling over the year: 0 months buying, 5 months selling | Sep 10, 2026 |
Open-market trade log
the 60 most recent of 1,418| Date | Insider | Type | Shares | Price | Value | Since trade | Filed |
|---|---|---|---|---|---|---|---|
| Sep 10, 2026 | SKULE JEREMY (Officer) 1,125 shares $94.22 +0.0% since trade filed Sep 14, 2026 | Planned sale (10b5-1) | 1,125 | $94.22 | $106K | +0.0% | Sep 14, 2026 |
| Aug 10, 2026 | Griggs PC Nelson (Officer) 3,226 shares $96.16 −2.0% since trade filed Aug 12, 2026 | Discretionary sale | 3,226 | $96.16 | $310K | −2.0% | Aug 12, 2026 |
| Aug 10, 2026 | SKULE JEREMY (Officer) 2,250 shares $94.75 −0.6% since trade filed Aug 12, 2026 | Planned sale (10b5-1) | 2,250 | $94.75 | $213K | −0.6% | Aug 12, 2026 |
| Aug 7, 2026 | Peterson Bradley J (Officer) 6,000 shares $95.55 −1.4% since trade filed Aug 11, 2026 | Discretionary sale | 6,000 | $95.55 | $573K | −1.4% | Aug 11, 2026 |
| Aug 3, 2026 | Smith Bryan Everard (Officer) 1,556 shares $95.07 −0.9% since trade filed Aug 5, 2026 | Planned sale (10b5-1) | 1,556 | $95.07 | $148K | −0.9% | Aug 5, 2026 |
| Jul 29, 2026 | Griggs PC Nelson (Officer) 11K shares $96.35 −2.2% since trade filed Jul 31, 2026 | Discretionary sale | 11K | $96.35 | $1.1M | −2.2% | Jul 31, 2026 |
| Jul 27, 2026 | Griggs PC Nelson (Officer) 11K shares $93.96 +0.3% since trade filed Jul 28, 2026 | Discretionary sale | 11K | $93.96 | $1.0M | +0.3% | Jul 28, 2026 |
| Jul 24, 2026 | Peterson Bradley J (Officer) 13K shares $92.61 +1.7% since trade filed Jul 28, 2026 | Discretionary sale | 13K | $92.61 | $1.2M | +1.7% | Jul 28, 2026 |
| Jul 24, 2026 | Griggs PC Nelson (Officer) 6,777 shares $92.53 +1.8% since trade filed Jul 28, 2026 | Discretionary sale | 6,777 | $92.53 | $627K | +1.8% | Jul 28, 2026 |
| Jul 1, 2026 | Smith Bryan Everard (Officer) 3,000 shares $80.00 +17.8% since trade filed Jul 2, 2026 | Planned sale (10b5-1) | 3,000 | $80.00 | $240K | +17.8% | Jul 2, 2026 |
| Jun 11, 2026 | INVESTOR AB (10% owner) 57K shares $85.98 +9.6% since trade filed Jun 15, 2026 | Open-market buy | 57K | $85.98 | $4.9M | +9.6% | Jun 15, 2026 |
| Jun 11, 2026 | Smith Bryan Everard (Officer) 3,000 shares $86.91 +8.4% since trade filed Jun 15, 2026 | Planned sale (10b5-1) | 3,000 | $86.91 | $261K | +8.4% | Jun 15, 2026 |
| May 18, 2026 | Griggs PC Nelson (Officer) 5,093 shares $92.62 +1.7% since trade filed May 20, 2026 | Discretionary sale | 5,093 | $92.62 | $472K | +1.7% | May 20, 2026 |
| Apr 28, 2026 | Peterson Bradley J (Officer) 7,710 shares $90.82 +3.7% since trade filed Apr 30, 2026 | Discretionary sale | 7,710 | $90.82 | $700K | +3.7% | Apr 30, 2026 |
| Apr 27, 2026 | Tal Cohen (Officer) 16K shares $90.75 +3.8% since trade filed Apr 29, 2026 | Discretionary sale | 16K | $90.75 | $1.4M | +3.8% | Apr 29, 2026 |
| Apr 24, 2026 | Daly Michelle Lynn (Officer) 129 shares $88.85 +6.0% since trade filed Apr 28, 2026 | Discretionary sale | 129 | $88.85 | $11K | +6.0% | Apr 28, 2026 |
| Apr 24, 2026 | Daly Michelle Lynn (Officer) 1,194 shares $88.82 +6.1% since trade filed Apr 28, 2026 | Discretionary sale | 1,194 | $88.82 | $106K | +6.1% | Apr 28, 2026 |
| Apr 1, 2026 | FRIEDMAN ADENA T (CEO) 114K shares $85.44 +10.3% since trade filed Apr 2, 2026 | Planned sale (10b5-1) | 114K | $85.44 | $9.7M | +10.3% | Apr 2, 2026 |
| Mar 6, 2026 | FRIEDMAN ADENA T (CEO) 93K shares $90.08 +4.6% since trade filed Mar 10, 2026 | Planned sale (10b5-1) | 93K | $90.08 | $8.4M | +4.6% | Mar 10, 2026 |
| Mar 2, 2026 | Smith Bryan Everard (Officer) 6,000 shares $87.24 +8.0% since trade filed Mar 4, 2026 | Planned sale (10b5-1) | 6,000 | $87.24 | $523K | +8.0% | Mar 4, 2026 |
| Feb 19, 2026 | Daly Michelle Lynn (Officer) 4,339 shares $81.34 +15.8% since trade filed Feb 23, 2026 | Discretionary sale | 4,339 | $81.34 | $353K | +15.8% | Feb 23, 2026 |
| Feb 17, 2026 | Torgeby Johan (Director) 12K shares $79.86 +18.0% since trade filed Feb 19, 2026 | Open-market buy | 12K | $79.86 | $958K | +18.0% | Feb 19, 2026 |
| Feb 13, 2026 | INVESTOR AB (10% owner) 200K shares $79.18 +19.0% since trade filed Feb 13, 2026 | Open-market buy | 200K | $79.18 | $16M | +19.0% | Feb 13, 2026 |
| Feb 2, 2026 | FRIEDMAN ADENA T (CEO) 300K shares $96.91 −2.8% since trade filed Feb 3, 2026 | Planned sale (10b5-1) | 300K | $96.91 | $29M | −2.8% | Feb 3, 2026 |
| Jan 6, 2026 | Zecca John (Officer) 4,500 shares $100.01 −5.8% since trade filed Jan 8, 2026 | Planned sale (10b5-1) | 4,500 | $100.01 | $450K | −5.8% | Jan 8, 2026 |
| Jan 2, 2026 | FRIEDMAN ADENA T (CEO) 300K shares $96.39 −2.3% since trade filed Jan 6, 2026 | Planned sale (10b5-1) | 300K | $96.39 | $29M | −2.3% | Jan 6, 2026 |
| Dec 1, 2025 | SKULE JEREMY (Officer) 2,105 shares $90.57 +4.0% since trade filed Dec 3, 2025 | Planned sale (10b5-1) | 2,105 | $90.57 | $191K | +4.0% | Dec 3, 2025 |
| Dec 1, 2025 | Smith Bryan Everard (Officer) 4,633 shares $90.57 +4.0% since trade filed Dec 3, 2025 | Planned sale (10b5-1) | 4,633 | $90.57 | $420K | +4.0% | Dec 3, 2025 |
| Nov 3, 2025 | SKULE JEREMY (Officer) 2,105 shares $85.40 +10.3% since trade filed Nov 5, 2025 | Planned sale (10b5-1) | 2,105 | $85.40 | $180K | +10.3% | Nov 5, 2025 |
| Oct 1, 2025 | SKULE JEREMY (Officer) 2,105 shares $88.22 +6.8% since trade filed Oct 3, 2025 | Planned sale (10b5-1) | 2,105 | $88.22 | $186K | +6.8% | Oct 3, 2025 |
| Sep 2, 2025 | SKULE JEREMY (Officer) 2,105 shares $93.22 +1.1% since trade filed Sep 4, 2025 | Planned sale (10b5-1) | 2,105 | $93.22 | $196K | +1.1% | Sep 4, 2025 |
| Aug 4, 2025 | BEGLEY CHARLENE T (Director) 3,000 shares $96.60 −2.5% since trade filed Aug 6, 2025 | Discretionary sale | 3,000 | $96.60 | $290K | −2.5% | Aug 6, 2025 |
| Aug 1, 2025 | SKULE JEREMY (Officer) 2,105 shares $95.49 −1.3% since trade filed Aug 5, 2025 | Planned sale (10b5-1) | 2,105 | $95.49 | $201K | −1.3% | Aug 5, 2025 |
| Jul 25, 2025 | Daly Michelle Lynn (Officer) 8,691 shares $93.45 +0.8% since trade filed Jul 29, 2025 | Discretionary sale | 8,691 | $93.45 | $812K | +0.8% | Jul 29, 2025 |
| Jul 2, 2025 | Peterson Bradley J (Officer) 12K shares $88.87 +6.0% since trade filed Jul 3, 2025 | Planned sale (10b5-1) | 12K | $88.87 | $1.0M | +6.0% | Jul 3, 2025 |
| Jul 1, 2025 | SKULE JEREMY (Officer) 2,105 shares $89.17 +5.7% since trade filed Jul 3, 2025 | Planned sale (10b5-1) | 2,105 | $89.17 | $188K | +5.7% | Jul 3, 2025 |
| Jun 6, 2025 | Griggs PC Nelson (Officer) 4,000 shares $85.22 +10.6% since trade filed Jun 9, 2025 | Discretionary sale | 4,000 | $85.22 | $341K | +10.6% | Jun 9, 2025 |
| Jun 6, 2025 | SKULE JEREMY (Officer) 2,104 shares $85.00 +10.9% since trade filed Jun 9, 2025 | Planned sale (10b5-1) | 2,104 | $85.00 | $179K | +10.9% | Jun 9, 2025 |
| Jun 2, 2025 | SKULE JEREMY (Officer) 1,053 shares $83.28 +13.1% since trade filed Jun 4, 2025 | Planned sale (10b5-1) | 1,053 | $83.28 | $88K | +13.1% | Jun 4, 2025 |
| May 27, 2025 | Griggs PC Nelson (Officer) 3,000 shares $82.63 +14.0% since trade filed May 29, 2025 | Discretionary sale | 3,000 | $82.63 | $248K | +14.0% | May 29, 2025 |
| May 27, 2025 | Griggs PC Nelson (Officer) 5,000 shares $83.27 +13.2% since trade filed May 29, 2025 | Discretionary sale | 5,000 | $83.27 | $416K | +13.2% | May 29, 2025 |
| May 12, 2025 | SKULE JEREMY (Officer) 1,053 shares $81.52 +15.6% since trade filed May 14, 2025 | Planned sale (10b5-1) | 1,053 | $81.52 | $86K | +15.6% | May 14, 2025 |
| Apr 4, 2025 | Smith Bryan Everard (Officer) 657 shares $71.81 +31.2% since trade filed Apr 7, 2025 | Planned sale (10b5-1) | 657 | $71.81 | $47K | +31.2% | Apr 7, 2025 |
| Apr 2, 2025 | Peterson Bradley J (Officer) 2,308 shares $75.67 +24.5% since trade filed Apr 3, 2025 | Planned sale (10b5-1) | 2,308 | $75.67 | $175K | +24.5% | Apr 3, 2025 |
| Apr 2, 2025 | Smith Bryan Everard (Officer) 1,132 shares $75.67 +24.5% since trade filed Apr 3, 2025 | Planned sale (10b5-1) | 1,132 | $75.67 | $86K | +24.5% | Apr 3, 2025 |
| Apr 1, 2025 | Smith Bryan Everard (Officer) 2,000 shares $75.71 +24.5% since trade filed Apr 3, 2025 | Planned sale (10b5-1) | 2,000 | $75.71 | $151K | +24.5% | Apr 3, 2025 |
| Mar 17, 2025 | Youngwood Sarah (Officer) 15K shares $73.68 +27.9% since trade filed Mar 19, 2025 | Planned sale (10b5-1) | 15K | $73.68 | $1.1M | +27.9% | Mar 19, 2025 |
| Mar 3, 2025 | Smith Bryan Everard (Officer) 3,500 shares $82.78 +13.8% since trade filed Mar 5, 2025 | Planned sale (10b5-1) | 3,500 | $82.78 | $290K | +13.8% | Mar 5, 2025 |
| Feb 26, 2025 | Peterson Bradley J (Officer) 17K shares $79.79 +18.1% since trade filed Feb 27, 2025 | Planned sale (10b5-1) | 17K | $79.79 | $1.4M | +18.1% | Feb 27, 2025 |
| Feb 6, 2025 | Tal Cohen (Officer) 8,955 shares $83.75 +12.5% since trade filed Feb 10, 2025 | Discretionary sale | 8,955 | $83.75 | $750K | +12.5% | Feb 10, 2025 |
| Feb 3, 2025 | Smith Bryan Everard (Officer) 3,500 shares $81.56 +15.5% since trade filed Feb 4, 2025 | Planned sale (10b5-1) | 3,500 | $81.56 | $285K | +15.5% | Feb 4, 2025 |
| Dec 9, 2024 | SKULE JEREMY (Officer) 6,037 shares $80.87 +16.5% since trade filed Dec 10, 2024 | Planned sale (10b5-1) | 6,037 | $80.87 | $488K | +16.5% | Dec 10, 2024 |
| Dec 9, 2024 | SKULE JEREMY (Officer) 6,037 shares $80.88 +16.5% since trade filed Dec 10, 2024 | Planned sale (10b5-1) | 6,037 | $80.88 | $488K | +16.5% | Dec 10, 2024 |
| Nov 18, 2024 | SKULE JEREMY (Officer) 12K shares $78.75 +19.6% since trade filed Nov 20, 2024 | Planned sale (10b5-1) | 12K | $78.75 | $951K | +19.6% | Nov 20, 2024 |
| Nov 13, 2024 | ZOLLAR ALFRED W (Director) 2,542 shares $80.24 +17.4% since trade filed Nov 14, 2024 | Open-market buy | 2,542 | $80.24 | $204K | +17.4% | Nov 14, 2024 |
| Nov 13, 2024 | Peterson Bradley J (Officer) 12K shares $79.58 +18.4% since trade filed Nov 14, 2024 | Planned sale (10b5-1) | 12K | $79.58 | $941K | +18.4% | Nov 14, 2024 |
| Nov 11, 2024 | Griggs PC Nelson (Officer) 5,000 shares $80.21 +17.5% since trade filed Nov 12, 2024 | Discretionary sale | 5,000 | $80.21 | $401K | +17.5% | Nov 12, 2024 |
| Nov 8, 2024 | Griggs PC Nelson (Officer) 5,000 shares $79.51 +18.5% since trade filed Nov 12, 2024 | Discretionary sale | 5,000 | $79.51 | $398K | +18.5% | Nov 12, 2024 |
| Nov 6, 2024 | Griggs PC Nelson (Officer) 5,742 shares $77.34 +21.8% since trade filed Nov 8, 2024 | Discretionary sale | 5,742 | $77.34 | $444K | +21.8% | Nov 8, 2024 |
| Nov 6, 2024 | SKULE JEREMY (Officer) 12K shares $77.92 +20.9% since trade filed Nov 8, 2024 | Planned sale (10b5-1) | 12K | $77.92 | $935K | +20.9% | Nov 8, 2024 |
“Since trade” compares with the latest insider-implied price, not a market quote: these pages are built from filings alone. A role here is the one on that day's Form 4, so somebody promoted since appears under both titles. The share count changed 3-for-1 on Sep 7, 2022. This table prints prices and share counts as they were filed, on the basis of the day, while the charts above are on today's; “Since trade” puts the filed price on today's basis first, which is why it does not divide into the price beside it.
Filing hygiene
186 Forms 4, 3 years
1 filed late
1 amendments
1.9 avg. days to file
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.