Goldman Sachs Raises Nasdaq (NDAQ) Price Target to $120

Goldman Sachs maintained its Buy rating on Nasdaq, Inc. NDAQ on October 23, 2026, while raising its price target to $120.00 from $109.00. The update from Goldman Sachs is part of a broader wave of research notes issued by major financial institutions on the same day, reflecting strong sentiment across the exchange operator's business lines.

NDAQ Nasdaq, Inc.

$102.56 ▲ +7.18% year to date

1M 3M YTD

Daily close · Oct 23, 2026

Goldman Sachs's Call on Nasdaq, Inc.

On October 23, 2026, Goldman Sachs reiterated its Buy rating on Nasdaq, Inc. and lifted its price target to $120.00 from $109.00. The new target sits comfortably above where the shares currently change hands, pointing to continued upside potential in the view of the firm's analysts.

Other Institutional Activity in Nasdaq, Inc.

Large investment firms have adjusted their positions in the exchange operator over recent quarters. Investor AB grew its holdings by 58,381 shares, ending with 58,439,208 shares worth about $5.99 billion. On the other hand, Massachusetts Financial Services Co. reduced its stake by 5,800,355 shares, leaving it with 23,259,539 shares valued at roughly $2.39 billion. Franklin Resources, Inc. trimmed its position by 69,724 shares to finish with 9,104,529 shares worth about $933.8 million.

Nasdaq, Inc. Stock Up 7.5%

Nasdaq, Inc. closed at $102.56 on October 23, 2026, and recently traded around $103.30 as of October 23, 2026. The stock sits just below its 52-week high of $103.39 while holding well above its 50-day moving average of $94.77.

Recent Earnings

Nasdaq, Inc. reported $5.80 billion in trailing twelve-month revenue with an EPS of $3.66. The firm achieved a net margin of 36.1% and a return on equity of 17.3%. Investors will look toward the next earnings release on January 28, 2027, for further details on operational results.

Dividend

Nasdaq, Inc. pays an annual dividend of $1.16 per share, which translates to a dividend yield of 1.12% based on a payout ratio of 32.7%.

Insider Buying and Selling at Nasdaq, Inc.

Executive insider activity featured four separate transactions by Jeremy Skule, who serves as EVP and CSO. On September 10, 2026, Skule sold 1,125 shares at an average price of $94.22, totaling $105,998. He sold another 1,125 shares on September 22, 2026, at $95.00 per share for a total of $106,875. A third sale took place on October 12, 2026, when he disposed of 1,125 shares at $94.13 for $105,896. Finally, on October 20, 2026, Skule sold 1,125 shares under a planned transaction at $95.00, totaling $106,875.

Analysts Set New Price Targets

Wall Street firms updated their views on October 23, 2026. Morgan Stanley maintained an Overweight rating and raised its target from $118.00 to $132.00. JP Morgan kept an Overweight rating and lifted its target from $120.00 to $122.00. Wells Fargo maintained an Equal-Weight rating and raised its target from $100.00 to $111.00. Barclays kept an Overweight rating and lifted its target from $109.00 to $121.00. The stock holds a consensus Buy recommendation with a mean price target of $112.89 across 16 analyst opinions.

About Nasdaq, Inc.

Nasdaq, Inc. operates technology platforms that power financial markets around the globe. The company provides trading, clearing, exchange technology, regulatory, and public listing services across multiple asset classes. Its operations help connect companies with capital while supplying market data to institutional participants worldwide.

Bottom Line

Goldman Sachs's decision to lift its target to $120.00 underscores strong confidence from the sell-side. Market participants will monitor upcoming earnings and institutional filing updates to see if the share price bridges the gap toward these higher targets.