Form 4: Tal Cohen Sells NASDAQ Shares

Tal Cohen, President of Market Platforms at NASDAQ, Inc., reported a transaction involving the sale of 1,565 shares of common stock.

Summary

• Tal Cohen, President of Market Platforms at NASDAQ, Inc., reported a transaction on April 3, 2026.
• The transaction involved the sale of 1,565 shares of common stock at a price of $86.65 per share.
• This sale resulted in a reduction of directly held shares, with 230,726 shares remaining.
• The filing also clarifies that 1,565 shares were withheld for taxes related to the settlement of an equity award.
• Additionally, the filing details beneficial ownership including 126,563 shares or units of restricted stock (53,203 vested), 102,535 shares of Common Stock underlying PSUs (89,693 vested), and 1,628 shares purchased under the Employee Stock Purchase Plan.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as the reported stock sale is attributed to tax withholding, a common and expected event for equity award settlements, rather than a discretionary sale indicating a negative outlook on the company's performance.

Positives

• The filing clarifies beneficial ownership details, including vested restricted stock and performance share units (PSUs).
• A portion of the reported shares (1,565) were withheld for tax purposes related to equity awards, which is a standard practice.
• The company continues to have shares purchased under its Employee Stock Purchase Plan, indicating employee participation.

Negatives

• Tal Cohen disposed of 1,565 shares of NASDAQ common stock.
• The sale of shares by a key executive could be perceived negatively by the market, although the reason for the sale is tax withholding.

Risks

• The filing does not explicitly mention any new risks or challenges.
• However, any sale of stock by a high-level executive can introduce market perception risks.

Future Outlook

No specific future outlook or guidance is provided in this Form 4 filing, as it pertains to a change in beneficial ownership.

Management Comments

• The filing is a statement of changes in beneficial ownership and does not contain direct management comments or quotes.
• Explanations clarify that shares were withheld for taxes in connection with equity award settlements and detail various forms of beneficial ownership.

Industry Context

StockSavvy.ai notes that Form 4 filings are standard disclosures for insider transactions within the financial services and technology sectors, including companies like NASDAQ. Such filings are crucial for transparency regarding executive stock holdings and transactions.

Comparison to Industry Standards

• Form 4 filings are a regulatory requirement across all publicly traded companies in the U.S., including those in the financial exchange and technology sectors.
• The reporting of stock sales for tax withholding purposes is a common and accepted practice among executives in the industry.

Stakeholder Impact

• Shareholders: The sale of shares by an executive may lead to short-term market perception shifts, though the tax withholding reason mitigates significant concern.
• Employees: The details on restricted stock and PSUs indicate ongoing equity-based compensation plans.
• Management: The transaction is a routine disclosure for executive compensation and tax management.

Next Steps

• No specific next steps are outlined in this filing.
• Future Form 4 filings will indicate any further changes in Tal Cohen's beneficial ownership.

Key Dates

Keywords

NASDAQ, Form 4, Insider Trading, Stock Sale, Tal Cohen, Executive Compensation, Securities, Market Platforms