Fred Alger Management LLC Sells 5,595 Shares of HealthEquity, Inc. $HQY

Key Points

• Fred Alger Management LLC reduced its stake in HealthEquity, Inc. by 33.9% in the first quarter, holding 10,902 shares valued at approximately $963,000.
• Various institutional investors, including Goldman Sachs and AQR Capital Management, have significantly adjusted their positions in HealthEquity, with AQR increasing its holdings by 89.9%.
• Recent analyst reports indicate a positive outlook for HealthEquity, with multiple firms raising their target prices and maintaining "buy" ratings, leading to a consensus rating of "Buy" with an average target price of $119.77.

Fred Alger Management LLC lessened its position in HealthEquity, Inc. (NASDAQ:HQY - Free Report) by 33.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,902 shares of the company's stock after selling 5,595 shares during the period. Fred Alger Management LLC's holdings in HealthEquity were worth $963,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of HQY. Versant Capital Management Inc bought a new stake in shares of HealthEquity in the 1st quarter worth $28,000. WPG Advisers LLC bought a new stake in shares of HealthEquity in the 1st quarter worth $28,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of HealthEquity by 176.4% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 655 shares of the company's stock worth $58,000 after buying an additional 418 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of HealthEquity by 1,366.0% in the 1st quarter. Larson Financial Group LLC now owns 689 shares of the company's stock worth $61,000 after buying an additional 642 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of HealthEquity in the 1st quarter worth $65,000. Institutional investors own 99.55% of the company's stock.

Insiders Place Their Bets

In related news, 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 transaction of $182,503.62. Following the completion of the sale, the executive vice president owned 53,225 shares in the company, valued at $5,414,579.25. This represents a 3.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HQY. Jefferies Financial Group boosted their target price on HealthEquity from $130.00 to $134.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Bank of America boosted their target price on HealthEquity from $110.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Deutsche Bank Aktiengesellschaft boosted their target price on HealthEquity from $98.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, June 5th. Wall Street Zen raised HealthEquity from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Finally, JMP Securities upped their price target on HealthEquity from $110.00 to $117.00 and gave the company a "market outperform" rating in a research report on Wednesday, June 4th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $119.77.

HealthEquity Stock Performance

NASDAQ:HQY traded up $1.40 during mid-day trading on Monday, hitting $93.89. 131,146 shares of the company's stock traded hands, compared to its average volume of 1,035,754. The firm has a 50 day moving average of $93.46 and a two-hundred day moving average of $94.33. HealthEquity, Inc. has a 12 month low of $74.07 and a 12 month high of $116.65. The firm has a market capitalization of $8.09 billion, a price-to-earnings ratio of 56.74, a price-to-earnings-growth ratio of 1.33 and a beta of 0.50. The company has a current ratio of 4.23, a quick ratio of 4.23 and a debt-to-equity ratio of 0.47.

HealthEquity Company 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.