Covenant Asset Management LLC Takes $3.35 Million Position in HealthEquity, Inc. (NASDAQ:HQY)

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

Several other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its position in HealthEquity by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 8,976,091 shares of the company's stock valued at $861,256,000 after purchasing an additional 99,624 shares during the last quarter. FMR LLC raised its stake in shares of HealthEquity by 2.4% in the fourth quarter. FMR LLC now owns 5,415,800 shares of the company's stock valued at $519,646,000 after acquiring an additional 125,684 shares during the period. Geode Capital Management LLC raised its stake in shares of HealthEquity by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 2,089,398 shares of the company's stock valued at $200,522,000 after acquiring an additional 10,421 shares during the period. Brown Advisory Inc. raised its stake in shares of HealthEquity by 12.0% in the fourth quarter. Brown Advisory Inc. now owns 2,086,026 shares of the company's stock valued at $200,154,000 after acquiring an additional 224,016 shares during the period. Finally, Invesco Ltd. raised its stake in shares of HealthEquity by 0.8% in the fourth quarter. Invesco Ltd. now owns 1,624,773 shares of the company's stock valued at $155,897,000 after acquiring an additional 12,425 shares during the period. Institutional investors own 99.55% of the company's stock.

Insiders Place Their Bets

In related news, EVP Elimelech Rosner sold 58,000 shares of HealthEquity 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 transaction, the executive vice president owned 75,689 shares in the company, valued at approximately $8,519,553.84. This trade represents a 43.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael Henry Fiore sold 1,794 shares of HealthEquity 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 transaction, the executive vice president owned 53,225 shares in the company, valued at approximately $5,414,579.25. The trade was a 3.26% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 291,744 shares of company stock worth $32,705,007. 1.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

HQY has been the topic of several recent analyst reports. Barrington Research raised their price target on shares of HealthEquity from $112.00 to $125.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. Royal Bank Of Canada raised their price target on shares of HealthEquity from $112.00 to $117.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. KeyCorp reduced their price target on shares of HealthEquity from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft raised their price target on shares of HealthEquity from $98.00 to $115.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $120.00 price target (up previously from $115.00) on shares of HealthEquity in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $118.55.

HealthEquity Stock Performance

Shares of HQY stock traded down $2.42 during mid-day trading on Friday, reaching $97.70. The stock had a trading volume of 623,415 shares, compared to its average volume of 871,681. The business's fifty day moving average is $101.65 and its 200-day moving average is $98.48. 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 firm has a market cap of $8.45 billion, a price-to-earnings ratio of 71.31, a PEG ratio of 1.51 and a beta of 0.49. HealthEquity, Inc. has a 1-year low of $65.01 and a 1-year high of $116.65.

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

About HealthEquity

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.