Covenant Asset Management LLC Acquires New Shares in HealthEquity, Inc. (NASDAQ:HQY)

Covenant Asset Management LLC acquired a new position in HealthEquity, Inc. (NASDAQ:HQY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 37,909 shares of the company's stock, valued at approximately $3,350,000.

Several other institutional investors have also recently modified their holdings of the company. Transce3nd LLC acquired a new stake in shares of HealthEquity in the fourth quarter worth approximately $29,000. Versant Capital Management Inc acquired a new stake in shares of HealthEquity in the first quarter worth approximately $28,000. Larson Financial Group LLC boosted its stake in shares of HealthEquity by 1,366.0% in the first quarter. Larson Financial Group LLC now owns 689 shares of the company's stock worth $61,000 after acquiring an additional 642 shares during the last quarter. Huntington National Bank boosted its stake in shares of HealthEquity by 89.4% in the fourth quarter. Huntington National Bank now owns 767 shares of the company's stock worth $74,000 after acquiring an additional 362 shares during the last quarter. Finally, Whipplewood Advisors LLC boosted its stake in shares of HealthEquity by 5,060.0% in the first quarter. Whipplewood Advisors LLC now owns 774 shares of the company's stock worth $68,000 after acquiring an additional 759 shares during the last quarter. 99.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at HealthEquity

In other HealthEquity news, EVP Elimelech Rosner sold 58,000 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $112.56, for a total transaction of $6,528,480.00. Following the completion of the sale, the executive vice president directly owned 75,689 shares of the company's stock, valued at approximately $8,519,553.84. This trade represents a 43.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Henry Fiore sold 1,794 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $101.73, for a total value of $182,503.62. Following the sale, the executive vice president directly owned 53,225 shares of the company's stock, valued at $5,414,579.25. The trade was a 3.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 291,744 shares of company stock valued at $32,705,007 in the last three months. 1.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on HQY shares. Royal Bank Of Canada boosted their price objective on HealthEquity from $112.00 to $117.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. The Goldman Sachs Group boosted their price objective on HealthEquity from $94.00 to $104.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. KeyCorp lowered their price objective on HealthEquity from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Raymond James Financial reissued a "strong-buy" rating and set a $120.00 price objective (up previously from $115.00) on shares of HealthEquity in a research note on Tuesday, July 8th. Finally, JMP Securities boosted their price objective on HealthEquity from $110.00 to $117.00 and gave the stock a "market outperform" rating in a research note on Wednesday, June 4th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $118.55.

HealthEquity Trading Up 0.6%

HQY traded up $0.61 during mid-day trading on Tuesday, hitting $97.69. 196,006 shares of the stock were exchanged, compared to its average volume of 868,304. The firm's fifty day moving average is $101.65 and its two-hundred day moving average is $98.49. HealthEquity, Inc. has a 1-year low of $65.01 and a 1-year high of $116.65. The company has a current ratio of 4.06, a quick ratio of 4.06 and a debt-to-equity ratio of 0.50. The company has a market cap of $8.45 billion, a PE ratio of 71.31, a PEG ratio of 1.51 and a beta of 0.49.

HealthEquity (NASDAQ:HQY - Get Free Report) last issued its quarterly earnings results on Tuesday, June 3rd. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.16. HealthEquity had a return on equity of 11.01% and a net margin of 9.80%. The company had revenue of $330.80 million for the quarter, compared to the consensus estimate of $322.25 million. During the same quarter in the prior year, the business earned $0.80 EPS. Equities analysts forecast that HealthEquity, Inc. will post 2.32 earnings per share for the current fiscal year.

HealthEquity Profile

HealthEquity, Inc provides technology-enabled services platforms to consumers and employers in the United States. The company offers cloud-based platforms for individuals to make health saving and spending decisions, pay healthcare bills, receive personalized benefit information, earn wellness incentives, grow their savings, and make investment choices; and health savings accounts.