Form 4: NASDAQ Executive Sells Shares

NASDAQ SVP, Controller & PAO Michelle Lynn Daly reported a transaction involving the sale of common stock.

Summary

• Michelle Lynn Daly, SVP, Controller & PAO of NASDAQ, Inc., reported a transaction on April 3, 2026.
• The transaction involved the withholding of 424 shares of Common Stock for tax purposes, valued at $86.65 per share.
• Following this transaction, Ms. Daly beneficially owns 11,412 shares of NASDAQ common stock.
• The filing also clarifies beneficial ownership, including 7,981 shares or units of restricted stock (1,194 vested), 1,764 shares of Common Stock underlying PSUs (none vested), and 1,667 shares purchased under the Employee Stock Purchase Plan.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it represents a routine tax-related transaction for an executive and does not indicate a significant change in the executive's investment thesis or the company's performance.

Positives

• The transaction was a withholding of shares for taxes, which is a standard procedure for equity awards and not necessarily a sale of shares for personal gain.
• Ms. Daly continues to hold a significant number of shares (11,412) after the tax withholding.
• The filing details a diversified beneficial ownership, including vested restricted stock and shares from the employee stock purchase plan.

Negatives

• A portion of the reporting person's equity award was used to cover tax obligations, reducing the immediate net shares received.

Future Outlook

No specific future outlook or guidance is provided in this Form 4 filing.

Industry Context

StockSavvy.ai notes that Form 4 filings are routine disclosures for public company insiders and are essential for transparency regarding changes in beneficial ownership. This filing indicates a standard tax withholding event related to equity compensation for a NASDAQ executive.

Stakeholder Impact

• Shareholders: The transaction is a standard tax withholding and does not inherently signal a change in the executive's confidence in the company. The continued beneficial ownership by the executive is noted.

Key Dates

Keywords

NASDAQ, NDAQ, Form 4, Insider Trading, Stock Transaction, Executive Compensation, Beneficial Ownership, Securities Exchange Act