Morgan Stanley Raises Nasdaq (NDAQ) Price Target to $132

On October 23, 2026, Morgan Stanley maintained its Overweight rating on Nasdaq, Inc. NDAQ and raised its price target from $118.00 to $132.00. The research note arrived alongside a wave of updates from major Wall Street firms evaluating the exchange operator's market position.

NDAQ Nasdaq, Inc.

$103.30 ▲ +7.95% year to date

1M 3M YTD

Daily close · Oct 22, 2026

Morgan Stanley's Call on Nasdaq, Inc.

In its research note published on October 23, 2026, Morgan Stanley kept an Overweight rating on Nasdaq, Inc. while lifting its price target to $132.00 from $118.00. The firm's new target sits near the upper end of analyst expectations for the financial technology and exchange company.

Other Institutional Activity in Nasdaq, Inc.

Large institutional managers adjusted their holdings in Nasdaq ahead of the third quarter reporting period. Investor AB grew its holdings by 58,381 shares, ending with 58,439,208 shares worth about $6.1 billion. Massachusetts Financial Services Co. reduced its stake by 5,800,355 shares, closing the period with 23,259,539 shares valued around $2.4 billion. Franklin Resources, Inc. trimmed its position by 69,724 shares to hold 9,104,529 shares worth roughly $943.4 million.

Nasdaq, Inc. Stock Up 7.5%

Nasdaq, Inc. shares recently traded around $103.30 on October 23, 2026, slipping slightly by 0.3% from an event close of $103.62. The stock continues to trade well above its 50-day moving average of $94.77 and its 200-day moving average of $90.44. The equity sits near its 52-week high of $103.39.

Recent Earnings

Nasdaq, Inc. reported trailing twelve-month revenue of $5.8 billion with earnings of $3.66 per share. The business posts a net profit margin of 36.1% and a return on equity of 17.3%. Revenue grew 12.6% year-over-year. The company is scheduled to release its next financial results on January 28, 2027.

Dividend

The company 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.

Company officers executed routine share sales in recent months. Jeremy Skule sold 1,125 shares on September 10, 2026, at an average price of $94.22 for a total value of $105,998. Skule sold another 1,125 shares on September 22, 2026, at $95.00 per share totaling $106,875. He completed another sale of 1,125 shares on October 12, 2026, at $94.13 worth $105,896, and disposed of 1,125 shares on October 20, 2026, at $95.00 under a planned trading arrangement for $106,875.

Analysts Set New Price Targets

Wall Street firms updated their outlooks on October 23, 2026. TD Cowen maintained a buy rating on October 12, 2026, while lowering its target from $108.00 to $107.00. JP Morgan kept an overweight rating and raised its target from $120.00 to $122.00. Wells Fargo maintained an equal-weight rating while lifting its target from $100.00 to $111.00. Barclays kept an overweight rating and raised its target from $109.00 to $121.00. Across the broader analyst community, the stock holds a consensus buy rating with a mean price target of $112.88 backed by 16 opinions.

About Nasdaq, Inc.

Nasdaq, Inc. operates electronic financial exchanges and provides technology to capital markets globally. The firm structures its operations across Capital Access Platforms, Financial Technology, and Market Services segments, serving institutional clients and public companies.

Bottom Line

Morgan Stanley's higher price target aligns with an optimistic group of analyst revisions following recent market activity. Investors will monitor the company's upcoming earnings release on January 28, 2027, for further indicators on technology segment growth.