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Valued at a market cap of $47.6 billion, Nasdaq, Inc. (NDAQ) is a global financial technology, trading, and market infrastructure provider. Founded in 1971, the New York-based company operates one of the largest stock exchanges globally, the NASDAQ Stock Market, which is renowned for listing major technology and growth-oriented companies. Beyond its role as a stock exchange operator, it delivers a wide array of services, including market data, analytics, trading technology, and corporate solutions like investor relations and governance tools.
Shares of NDAQ have outperformed the broader market considerably over the past year. NDAQ has gained 41.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 20.7%. In 2025 alone, NDAQ stock is up 5%, surpassing SPX’s 3.1% rise on a YTD basis.
Zooming in further, NDAQ lags behind the SPDR S&P Capital Markets ETF’s (KCE) 39.4% returns over the past year and a 4.1% rise in 2025.
On Jan. 29, Nasdaq released its fourth-quarter earnings, and its shares rose marginally. Its adjusted EPS of 76 cents topped Wall Street expectations, and its revenue of $2 billion met Street forecasts. It posted a 9% rise in net revenues for 2024, reaching $4.7 billion, driven by a 10% growth in Solutions revenue.
The company demonstrated strong client engagement, securing 263 new clients, 424 upsells, and 11 cross-sells during the year. Nasdaq also maintained its leadership in listings with 180 IPOs in 2024, raising $23 billion in total proceeds.
For the current fiscal year, ending in December, analysts expect NDAQ’s EPS to improve 12.4% to $3.17 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in three of the last four quarters while missing the forecast on another occasion.
Among the 20 analysts covering NDAQ stock, the consensus is a “Moderate Buy.” That’s based on 11 “Strong Buy” ratings, four “Moderate Buys,” and five “Holds.”
This configuration is more bullish than two months ago, with nine analysts suggesting a “Strong Buy.”
On Feb. 1, UBS Group AG (UBS) raised Nasdaq's price target from $79 to $89, maintaining a "Neutral" rating.
The mean price target of $89.83 represents a 10.6% premium to NDAQ’s current price levels. The Street-high price target of $103 suggests an upside potential of 26.8%.
