New York-based Nasdaq, Inc. (NDAQ) is a global financial technology and exchange operator best known for running the Nasdaq stock market, one of the world’s largest electronic trading platforms. Valued at $50.5 billion by market cap, the company provides marketplace services, data and analytics, index solutions, and financial technology to exchanges, brokers, asset managers, and corporations worldwide.
Shares of this leading global technology company have underperformed the broader market over the past year. NDAQ has gained 3.2% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 12.2%. In 2026, NDAQ stock is down 12%, compared to the SPX’s marginal dip on a YTD basis.
Narrowing the focus, NDAQ has surpassed the State Street SPDR S&P Capital Markets ETF (KCE). The exchange-traded fund has gained about 1.2% over the past year and has trailed the ETF’s 12% on a YTD basis.
Nasdaq delivered strong Q4 2025 on Jan. 29, with net revenue rising 13% to $1.4 billion, supported by solid momentum in Financial Technology, which grew 14%, and Index revenue, which surged 23% amid strong fund inflows. Recurring revenue remained robust, with ARR reaching $3.1 billion, up 10%, and SaaS revenue accounting for 38% of total ARR. Profitability improved significantly, as non-GAAP EPS climbed 27% year over year to $0.96. The company also strengthened shareholder returns in Q4 through dividends and share buybacks totaling $439 million, while reducing debt with a $100 million repayment. Despite the stellar earnings, its shares dipped marginally.
For the current fiscal year, ending in December, analysts expect NDAQ’s EPS to grow 8.9% to $3.79 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 18 analysts covering NDAQ stock, the consensus is a “Moderate Buy.” That’s based on 11 “Strong Buy” ratings, three “Moderate Buys,” and four “Holds.”
The configuration is bearish than three months ago when 13 analysts had suggested “Strong Buy” for the stock.
On Jan. 30, TD Cowen analyst Bill Katz reiterated a “Hold” rating on Nasdaq, while slightly raising the price target from $104 to $105, reflecting a cautious but stable outlook on the stock.
The mean price target of $111.62 represents a 30.5% premium to NDAQ’s current price levels. The Street-high price target of $123 suggests an ambitious upside potential of 43.8%.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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