Nasdaq Announces Annual Reconstitution of Nasdaq-100 Index, Adding Six New Companies

Nasdaq announced the annual reconstitution of the Nasdaq-100 Index, adding six companies and removing six others effective December 22, 2025.

Quiver AI Summary

Nasdaq has announced the results of the annual reconstitution of the Nasdaq-100 Index, effective December 22, 2025. Six companies—Alnylam Pharmaceuticals, Ferrovial SE, Insmed, Monolithic Power Systems, Seagate Technology, and Western Digital—will be added to the Index, which tracks 100 of the largest non-financial companies listed on the Nasdaq. As part of this reconstitution, six companies will be removed: Biogen, CDW, GlobalFoundries, Lululemon, ON Semiconductor, and The Trade Desk. The Nasdaq-100 Index supports over 200 tracking products with more than $600 billion in assets globally, including the Invesco QQQ Trust. Nasdaq continues to create a range of indexes and financial products, enhancing market transparency and efficiency.

Potential Positives

The addition of six companies to the Nasdaq-100 Index highlights the growth and diversification of the index, which includes some of the largest non-financial companies, enhancing its overall market representation.
The Nasdaq-100 Index's substantial asset base, with over $600 billion in assets under management, underscores its importance and influence in the financial markets, potentially attracting more investors and increasing trading activity.
This reconstitution serves as an annual reaffirmation of the Nasdaq-100 Index's relevance, maintaining its status as a key benchmark for performance in diverse industries and sectors.

Potential Negatives

The removal of six companies from the Nasdaq-100 Index may signal weakness or underperformance of those companies, potentially affecting investor sentiment towards them.
The announcement does not provide detailed reasoning behind the inclusion or exclusion of specific companies, which could create uncertainty or concerns among investors about the criteria for index selection.
The statement includes a disclaimer about potential discrepancies between past performance and future results, which may raise questions about the reliability of the index as a performance benchmark.

FAQ

What companies are being added to the Nasdaq-100 Index in December 2025?

The six companies are Alnylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power Systems, Seagate Technology, and Western Digital.

When will the Nasdaq-100 Index reconstitution take effect?

The reconstitution will become effective prior to market open on December 22, 2025.

What is the significance of the Nasdaq-100 Index?

The Nasdaq-100 Index tracks the performance of 100 of the largest non-financial companies on the Nasdaq Stock Market.

Which companies are being removed from the Nasdaq-100 Index?

The companies being removed are Biogen, CDW, GlobalFoundries, Lululemon, ON Semiconductor, and The Trade Desk.

How does the Nasdaq-100 Index support financial products?

The Nasdaq-100 Index underpins over 200 tracking products with more than $600 billion in assets under management globally.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$NDAQ Insider Trading Activity

$NDAQ insiders have traded $NDAQ stock on the open market 9 times in the past 6 months. Of those trades, 0 have been purchases and 9 have been sales.

Here’s a breakdown of recent trading of $NDAQ stock by insiders over the last 6 months:

BRADLEY J PETERSON (EVP, CIO) sold 11,508 shares for an estimated $1,022,715
JEREMY SKULE (EVP, CSO) has made 0 purchases and 5 sales selling 10,525 shares for an estimated $955,354.
MICHELLE LYNN DALY (SVP, Controller & PAO) sold 8,691 shares for an estimated $812,173
BRYAN EVERARD SMITH (EVP, CPO) sold 4,633 shares for an estimated $419,610
CHARLENE T BEGLEY sold 3,000 shares for an estimated $289,800

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$NDAQ Revenue

$NDAQ had revenues of $2B in Q3 2025. This is an increase of 2.94% from the same period in the prior year.

You can track NDAQ financials on Quiver Quantitative's NDAQ stock page.

$NDAQ Congressional Stock Trading

Members of Congress have traded $NDAQ stock 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 have been sales.

Here’s a breakdown of recent trading of $NDAQ stock by members of Congress over the last 6 months:

REPRESENTATIVE APRIL MCCLAIN DELANEY has traded it 3 times. They made 3 purchases worth up to $115,000 on 10/22, 10/09, 09/19 and 0 sales.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$NDAQ Hedge Fund Activity

We have seen 554 institutional investors add shares of $NDAQ stock to their portfolio, and 448 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

THOMA BRAVO, L.P. removed 42,804,207 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $3,827,552,189
JANE STREET GROUP, LLC removed 6,051,447 shares (-84.0%) from their portfolio in Q3 2025, for an estimated $535,250,487
VANGUARD GROUP INC added 3,848,406 shares (+6.9%) to their portfolio in Q3 2025, for an estimated $340,391,510
BLACKROCK, INC. added 3,083,656 shares (+8.3%) to their portfolio in Q3 2025, for an estimated $272,749,373
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC added 2,470,201 shares (+53.8%) to their portfolio in Q3 2025, for an estimated $218,489,278
HARRIS ASSOCIATES L P removed 1,866,321 shares (-24.0%) from their portfolio in Q3 2025, for an estimated $165,076,092
SELECT EQUITY GROUP, L.P. added 1,737,608 shares (+140.9%) to their portfolio in Q3 2025, for an estimated $153,691,427

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$NDAQ Analyst Ratings

Wall Street analysts have issued reports on $NDAQ in the last several months. We have seen 10 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Morgan Stanley issued a "Overweight" rating on 11/20/2025
Barclays issued a "Overweight" rating on 10/22/2025
Keefe, Bruyette & Woods issued a "Outperform" rating on 07/25/2025
UBS issued a "Buy" rating on 07/25/2025
Deutsche Bank issued a "Buy" rating on 07/25/2025
RBC Capital issued a "Outperform" rating on 07/25/2025
Piper Sandler issued a "Overweight" rating on 07/15/2025

To track analyst ratings and price targets for $NDAQ, check out Quiver Quantitative's $NDAQ forecast page.

$NDAQ Price Targets

Multiple analysts have issued price targets for $NDAQ recently. We have seen 11 analysts offer price targets for $NDAQ in the last 6 months, with a median target of $104.0.

Here are some recent targets:

Benjamin Budish from Barclays set a target price of $114.0 on 12/12/2025
Michael Cyprys from Morgan Stanley set a target price of $110.0 on 11/20/2025
Bill Katz from TD Cowen set a target price of $96.0 on 10/22/2025
Patrick O'Shaughnessy from Raymond James set a target price of $100.0 on 10/13/2025
Richard Repetto from Piper Sandler set a target price of $104.0 on 08/04/2025
Kyle Voigt from Keefe, Bruyette & Woods set a target price of $104.0 on 07/25/2025
Alex Kramm from UBS set a target price of $115.0 on 07/25/2025

Full Release

NEW YORK, Dec. 12, 2025 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced the results of the annual reconstitution of the Nasdaq-100 Index® (NDX®), which will become effective prior to market open on Monday, December 22, 2025.

The following six companies will be added to the Index: Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), Ferrovial SE (Nasdaq: FER), Insmed Incorporated (Nasdaq: INSM), Monolithic Power Systems, Inc. (Nasdaq: MPWR), Seagate Technology Holdings plc (Nasdaq: STX), Western Digital Corp. (Nasdaq: WDC).

The Nasdaq-100 Index is a globally recognized index that tracks the performance of 100 of the largest non-financial companies listed on the Nasdaq Stock Market® encompassing a diverse range of industries and sectors. From technology and retail to healthcare, telecommunications, biotechnology, and media, these companies collectively shape the new 21st century economy. The Nasdaq-100® is reconstituted each year in December, timed to coincide with the quadruple witch expiration Friday of the quarter.

As of December 2025, the Nasdaq-100 Index underpins more than 200 tracking products with over $600 billion in assets under management globally, including the Invesco QQQ Trust (QQQ®), which seeks to deliver investment results that, before expenses, correspond to the performance of the Nasdaq-100 Index. In addition to QQQ, a range of derivatives and structured instruments, such as futures, options, and other products based on the Nasdaq-100 Index and the Invesco QQQ Trust trade on various exchanges.

As a result of the reconstitution, the following six companies will be removed from the Index: Biogen Inc. (Nasdaq: BIIB), CDW Corporation (Nasdaq: CDW), GlobalFoundries Inc. (Nasdaq: GFS), Lululemon Athletica Inc. (Nasdaq: LULU), ON Semiconductor Corporation (Nasdaq: ON), The Trade Desk, Inc. (Nasdaq: TTD).

Information

For information about the six companies to be added to the Nasdaq-100 Index, please visit the following respective company websites:

Alnylam Pharmaceuticals, Inc. – https://www.alnylam.com/
Ferrovial SE – https://www.ferrovial.com/
Insmed Incorporated – https://insmed.com/
Monolithic Power Systems, Inc. – https://www.monolithicpower.com/
Seagate Technology Holdings plc – https://www.seagate.com/
Western Digital Corp. – https://www.westerndigital.com/

About Nasdaq Global Indexes

Nasdaq Global Indexes has been creating innovative, market-leading, transparent indexes since 1971. Today, our index offering spans geographies and asset classes and includes diverse families such as the Dividend and Income (includes Dividend Achievers), Dorsey Wright, Fixed Income (includes BulletShares®), Global Equity, Green Economy, Nordic, and Commodity indexes. We continuously offer new opportunities for financial product sponsors across a wide spectrum of investable products and for asset managers to measure risk and performance. Nasdaq also provides exchange listing, custom index, and design solutions to financial organizations worldwide.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com

Nasdaq®, Nasdaq-100 Index®, Nasdaq-100®, NDX®, QQQ®, and Nasdaq Stock Market® are registered trademarks of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

Media Relations Contact		Investor Relations Contact
Name: Maximilian Leitenberger Email: [email protected]		Name: Index Client Services Email: [email protected]

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