Fred Alger Management LLC Trims Stake in 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 decreased its holdings in shares of HealthEquity, Inc. (NASDAQ:HQY - Free Report) by 33.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,902 shares of the company's stock after selling 5,595 shares during the quarter. Fred Alger Management LLC's holdings in HealthEquity were worth $963,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in HQY. Invesco Ltd. boosted its holdings in HealthEquity by 50.6% during the first quarter. Invesco Ltd. now owns 2,446,198 shares of the company's stock worth $216,171,000 after purchasing an additional 821,425 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in HealthEquity by 1.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,133,166 shares of the company's stock worth $100,138,000 after buying an additional 15,458 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of HealthEquity by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,100,970 shares of the company's stock worth $97,293,000 after purchasing an additional 14,159 shares during the period. Stephens Investment Management Group LLC lifted its position in shares of HealthEquity by 1.8% in the 1st quarter. Stephens Investment Management Group LLC now owns 1,069,446 shares of the company's stock worth $94,507,000 after purchasing an additional 19,009 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of HealthEquity by 24.9% during the 1st quarter. Wellington Management Group LLP now owns 848,940 shares of the company's stock valued at $75,021,000 after acquiring an additional 169,337 shares during the period. Institutional investors own 99.55% of the company's stock.

Insider Activity

In other news, EVP Michael Henry Fiore sold 1,794 shares of the company's 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 sale, the executive vice president directly owned 53,225 shares of the company's stock, valued at $5,414,579.25. This represents a 3.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of HealthEquity from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. JMP Securities raised their target price on shares of HealthEquity from $110.00 to $117.00 and gave the company a "market outperform" rating in a research note on Wednesday, June 4th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $120.00 target price (up from $115.00) on shares of HealthEquity in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft lifted 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, The Goldman Sachs Group lifted their price target on shares of HealthEquity from $94.00 to $104.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. One equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $119.77.

HealthEquity Stock Performance

Shares of NASDAQ HQY traded up $0.15 during midday trading on Friday, hitting $92.49. 616,085 shares of the company's stock traded hands, compared to its average volume of 1,219,389. HealthEquity, Inc. has a 1 year low of $74.07 and a 1 year high of $116.65. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of 56.05, a price-to-earnings-growth ratio of 1.32 and a beta of 0.50. The company has a debt-to-equity ratio of 0.47, a quick ratio of 4.23 and a current ratio of 4.23. The firm has a fifty day moving average of $93.46 and a 200 day moving average of $94.50.

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.