Westfield Capital Management Co. LP Takes $49.79 Million Position in HealthEquity, Inc. (NASDAQ:HQY)

Key Points

• Westfield Capital Management Co. LP invested approximately $49.79 million in HealthEquity, acquiring 563,389 shares during the first quarter.
• Several analysts have upgraded HealthEquity's rating, with target prices ranging from $104.00 to $125.00, indicating a general consensus on the stock's positive outlook.
• HealthEquity recently reported earnings of $0.97 per share, exceeding expectations, with revenues of $330.8 million for the quarter, reflecting a strong financial performance.

Westfield Capital Management Co. LP acquired a new stake in HealthEquity, Inc. (NASDAQ:HQY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 563,389 shares of the company's stock, valued at approximately $49,787,000. Westfield Capital Management Co. LP owned 0.65% of HealthEquity as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC boosted its holdings in 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 last quarter. Geode Capital Management LLC boosted its holdings in 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 last quarter. Brown Advisory Inc. boosted its holdings in 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 last quarter. Invesco Ltd. boosted its holdings in 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 last quarter. Finally, Northern Trust Corp boosted its holdings in HealthEquity by 11.7% in the fourth quarter. Northern Trust Corp now owns 1,155,043 shares of the company's stock valued at $110,826,000 after acquiring an additional 121,001 shares during the last quarter. Hedge funds and other institutional investors own 99.55% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Bank of America lifted their target price on HealthEquity from $110.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Raymond James Financial restated 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. 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. Deutsche Bank Aktiengesellschaft boosted their price objective on HealthEquity from $98.00 to $115.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th. Finally, KeyCorp reduced 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. 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. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $118.55.

Insider Activity at HealthEquity

In related news, EVP Elimelech Rosner sold 58,000 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $112.56, for a total value 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 $8,519,553.84. The trade was a 43.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Henry Fiore sold 1,794 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $101.73, for a total value of $182,503.62. Following the completion of the sale, the executive vice president directly owned 53,225 shares of the company's stock, valued at approximately $5,414,579.25. This represents 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 over the last three months. 1.50% of the stock is owned by insiders.

HealthEquity Stock Up 1.3%

Shares of NASDAQ:HQY traded up $1.21 during trading on Friday, hitting $93.05. The company's stock had a trading volume of 616,384 shares, compared to its average volume of 905,203. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.06 and a current ratio of 4.06. HealthEquity, Inc. has a fifty-two week low of $69.52 and a fifty-two week high of $116.65. The stock's 50-day moving average price is $100.26 and its two-hundred day moving average price is $97.88. The company has a market capitalization of $8.05 billion, a PE ratio of 67.92, a PEG ratio of 1.42 and a beta of 0.54.

HealthEquity (NASDAQ:HQY - Get Free Report) last released its quarterly 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. HealthEquity had a return on equity of 11.01% and a net margin of 9.80%. The business had revenue of $330.80 million for the quarter, compared to analysts' expectations of $322.25 million. During the same quarter in the previous year, the firm posted $0.80 earnings per share. As a group, sell-side analysts expect that HealthEquity, Inc. will post 2.32 EPS for the current year.

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.