HEALTHEQUITY INC HQY
COM · Common Stock · CUSIP 42226A107 · ISIN US42226A1079
- SectorIndustrials
- IndustryServices-Business Services, NEC
- HeadquartersDraper, UT
- Founded2002
- Websitehealthequity.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.1m this quarter). Holder counts are more reliable. Shares outstanding: 85.4m as of 2025-11-21, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $91.61. Options: 9 managers hold calls ($20.1m notional), 6 hold puts ($6.9m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 310 |
| Q4 2022 | 323 |
| Q1 2023 | 312 |
| Q2 2023 | 319 |
| Q3 2023 | 344 |
| Q4 2023 | 352 |
| Q1 2024 | 367 |
| Q2 2024 | 386 |
| Q3 2024 | 404 |
| Q4 2024 | 440 |
| Q1 2025 | 466 |
| Q2 2025 | 487 |
| Q3 2025 | 494 |
| Q4 2025 | 512 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 171 | 173 |
| Q2 2024 | 206 | 155 |
| Q3 2024 | 196 | 194 |
| Q4 2024 | 235 | 185 |
| Q1 2025 | 270 | 186 |
| Q2 2025 | 250 | 228 |
| Q3 2025 | 240 | 244 |
| Q4 2025 | 255 | 242 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $27.5m | $28.0m | 1.02 |
| Q2 2025 | $34.4m | $25.2m | 0.73 |
| Q3 2025 | $20.3m | $6.7m | 0.33 |
| Q4 2025 | $20.1m | $6.9m | 0.34 |
Biggest buyers
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | New | +1.9m |
| MILLENNIUM MANAGEMENT LLC | Added | +573.3k |
| CADIAN CAPITAL MANAGEMENT, LP | New | +566.7k |
| Swedbank AB | New | +437.3k |
| WASATCH ADVISORS LP | Added | +282.0k |
| Balyasny Asset Management L.P. | New | +281.6k |
| WESTFIELD CAPITAL MANAGEMENT CO LP | Added | +235.8k |
| BOONE CAPITAL MANAGEMENT LLC | New | +212.9k |
| Trexquant Investment LP | New | +197.9k |
| MORGAN STANLEY | Added | +183.6k |
Biggest sellers
| FMR LLC | Reduced | -1.4m |
| Invesco Ltd. | Reduced | -1.3m |
| JPMORGAN CHASE & CO | Reduced | -1.2m |
| MACQUARIE GROUP LTD | Sold out | -633.1k |
| FRANKLIN RESOURCES INC | Reduced | -498.5k |
| Point72 Asset Management, L.P. | Reduced | -379.0k |
| COMERICA BANK | Reduced | -316.9k |
| Premier Fund Managers Ltd | Reduced | -300.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -216.0k |
| CITADEL ADVISORS LLC | Reduced | -211.5k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $12.7m138.4k shares |
| JANE STREET GROUP, LLC | Reduced | $2.8m30.7k shares |
| CITADEL ADVISORS LLC | Reduced | $1.7m19.1k shares |
| IMC-Chicago, LLC | Reduced | $943.6k10.3k shares |
| UBS Group AG | Unchanged | $732.9k8.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $540.5k5.9k shares |
| GROUP ONE TRADING LLC | Added | $522.2k5.7k shares |
| Beck Bode, LLC | New | $67.8k10.2k shares |
| Walleye Trading LLC | New | $36.6k400 shares |
Biggest puts
| PEAK6 LLC | New | $2.9m32.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $2.2m24.3k shares |
| UBS Group AG | Reduced | $888.6k9.7k shares |
| CITADEL ADVISORS LLC | Reduced | $384.8k4.2k shares |
| JANE STREET GROUP, LLC | Added | $274.8k3.0k shares |
| SIMPLEX TRADING, LLC | Added | $201.5k2.2k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| WASATCH ADVISORS LP 13G · institution -1.0 pts · filed 2026-10-09 | 8.5% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.3% |
Fell to 5% or below in the last year: VANGUARD PORTFOLIO MANAGEMENT LLC (4.9%, 2026-07-31; now reported by VANGUARD CAPITAL MANAGEMENT LLC), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 3 | $5.9m | $592.2k |
| Q2 2024 | 0 | — | 2 | $7.6m | $7.6m |
| Q3 2024 | 0 | — | 4 | $6.5m | $5.1m |
| Q4 2024 | 0 | — | 4 | $4.7m | $1.5m |
| Q1 2025 | 0 | — | 1 | $639.9k | $639.9k |
| Q2 2025 | 0 | — | 3 | $9.1m | $1.1m |
| Q3 2025 | 0 | — | 3 | $1.1m | $564.6k |
| Q4 2025 | 0 | — | 4 | $2.1m | $437.0k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-19 | Ladd Delano EVP, General Counsel | Sold plan | $142.1k1.5k shares |
| 2025-12-18 | Rosner Elimelech EVP, CHIEF TECHNOLOGY OFFICER | Sold | $1.0m11.0k shares |
| 2025-12-12 | Wellborn Gayle Furgurson Director | Sold | $425.4k4.3k shares |
| 2025-11-20 | Ladd Delano EVP, General Counsel | Sold plan | $156.8k1.5k shares |
| 2025-10-20 | Ladd Delano EVP, General Counsel | Sold plan | $138.1k1.5k shares |
| 2025-10-07 | Fiore Michael Henry EVP, CHIEF COMMERCIAL OFFICER | Sold | $157.1k1.8k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.02% of their portfolio | 11.2m $1.0bn | Added +50.0k |
| VANGUARD GROUP INC 0.01% of their portfolio | 8.7m $794.1m | Reduced -77.7k |
| WASATCH ADVISORS LP 3.59% of their portfolio | 6.6m $603.7m | Added +282.0k |
| STATE STREET CORP 0.01% of their portfolio | 3.1m $283.2m | Reduced -59.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.2m $201.7m | Added +5.7k |
| FMR LLC 0.01% of their portfolio | 2.1m $188.0m | Reduced -1.4m |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.75% of their portfolio | 2.0m $178.9m | Added +235.8k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.47% of their portfolio | 1.9m $170.0m | New |
| AQR CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 1.8m $161.4m | Reduced -1.9k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 1.6m $144.9m | Added +22.7k |
| BROWN ADVISORY INC 0.19% of their portfolio | 1.5m $138.8m | Reduced -90.0k |
| MORGAN STANLEY 0.01% of their portfolio | 1.5m $136.1m | Added +183.6k |
| Clearbridge Investments, LLC 0.10% of their portfolio | 1.4m $124.5m | Reduced -899 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 1.3m $120.7m | Reduced -216.0k |
| MACKENZIE FINANCIAL CORP 0.13% of their portfolio | 1.2m $108.2m | Reduced -95.9k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.2m $106.8m | Reduced -1.2m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 1.1m $103.8m | Reduced -9.2k |
| GENEVA CAPITAL MANAGEMENT LLC 1.92% of their portfolio | 1.1m $102.5m | Added +21.0k |
| Greenhouse Funds LLLP 3.82% of their portfolio | 1.1m $98.9m | Added +10.8k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.0m $93.3m | Reduced -61.9k |
| LOOMIS SAYLES & CO L P 0.11% of their portfolio | 953.1k $87.3m | Reduced -32.0k |
| MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio | 951.6k $87.2m | Added +573.3k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 924.2k $84.7m | Added +48.8k |
| Atalan Capital Partners, LP 5.97% of their portfolio | 915.1k $83.8m | Added +3.5k |
| Invesco Ltd. 0.01% of their portfolio | 871.8k $79.9m | Reduced -1.3m |
| JANUS HENDERSON GROUP PLC 0.03% of their portfolio | 820.2k $75.1m | Reduced -19.3k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 767.4k $70.3m | Reduced -28.9k |
| BAMCO INC /NY/ 0.19% of their portfolio | 756.0k $69.3m | Reduced -3.5k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 747.4k $68.5m | Reduced -23.8k |
| NORGES BANK 0.01% of their portfolio | 730.6k $66.9m | Not comparable |
| Allspring Global Investments Holdings, LLC 0.11% of their portfolio | 729.5k $66.4m | Reduced -34.7k |
| Stephens Investment Management Group LLC 0.87% of their portfolio | 726.2k $66.5m | Added +1.9k |
| Nuveen, LLC 0.02% of their portfolio | 674.1k $61.8m | Added +124.1k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 673.2k $61.7m | Reduced -17.4k |
| SEI INVESTMENTS CO 0.06% of their portfolio | 668.9k $61.3m | Added +44.7k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.09% of their portfolio | 634.2k $58.1m | First filing |
| Bank of New York Mellon Corp 0.01% of their portfolio | 621.9k $57.0m | Reduced -24.0k |
| UBS Group AG 0.01% of their portfolio | 617.7k $56.6m | Added +68.5k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 600.9k $55.0m | Reduced -74.7k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 0.14% of their portfolio | 580.1k $53.1m | Reduced -72.2k |
| CADIAN CAPITAL MANAGEMENT, LP 3.75% of their portfolio | 566.7k $51.9m | New |
| Artisan Partners Limited Partnership 0.08% of their portfolio | 542.2k $49.7m | Reduced -55.2k |
| GW&K Investment Management, LLC 0.37% of their portfolio | 462.9k $42.4m | Added +15.9k |
| MARSHALL WACE, LLP 0.04% of their portfolio | 450.3k $41.3m | Added +157.1k |
| Swedbank AB 0.04% of their portfolio | 437.3k $40.1m | New |
| Aristotle Capital Boston, LLC 2.18% of their portfolio | 432.9k $39.7m | Reduced -3.1k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 410.8k $37.8m | Reduced -2.4k |
| DAVENPORT & Co LLC 0.20% of their portfolio | 394.4k $36.4m | Added +8.0k |
| BESSEMER GROUP INC 0.05% of their portfolio | 373.4k $34.2m | Added +24.0k |
| LAZARD ASSET MANAGEMENT LLC 0.05% of their portfolio | 351.3k $32.2m | Reduced -19.6k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 341.7k $31.3m | Reduced -498.5k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 338.5k $31.0m | Reduced -12.6k |
| Premier Fund Managers Ltd 1.65% of their portfolio | 309.2k $28.6m | Reduced -300.9k |
| Balyasny Asset Management L.P. 0.05% of their portfolio | 281.6k $25.8m | New |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 277.4k $25.4m | Added +23.6k |
| Thrivent Financial for Lutherans 0.05% of their portfolio | 277.3k $25.4m | Reduced -9.9k |
| CIBC Private Wealth Group LLC 0.04% of their portfolio | 276.7k $25.4m | Added +63.3k |
| Man Group plc 0.05% of their portfolio | 276.4k $25.3m | Reduced -30.8k |
| Ranger Investment Management, L.P. 1.72% of their portfolio | 273.3k $25.0m | Reduced -842 |
| ASHFORD CAPITAL MANAGEMENT INC 2.77% of their portfolio | 271.7k $24.9m | Reduced -240 |
| 12th Street Asset Management Company, LLC 3.91% of their portfolio | 259.1k $23.7m | Reduced -12.9k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 248.0k $22.7m | Reduced -24.4k |
| WCM INVESTMENT MANAGEMENT, LLC 0.04% of their portfolio | 234.0k $21.6m | Reduced -14.4k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 226.2k $20.7m | Reduced -1.1k |
| Aureus Asset Management, LLC 1.28% of their portfolio | 219.7k $20.1m | Reduced -72.0k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 216.0k $19.8m | Added +37.7k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 215.3k $19.7m | Reduced -211.5k |
| BOONE CAPITAL MANAGEMENT LLC 6.12% of their portfolio | 212.9k $19.5m | New |
| Retirement Systems of Alabama 0.06% of their portfolio | 212.3k $19.4m | Reduced -1.2k |
| Qube Research & Technologies Ltd 0.03% of their portfolio | 202.4k $18.5m | Added +85.3k |
| GLENMEDE TRUST CO NA 0.09% of their portfolio | 198.9k $18.2m | First filing |
| Trexquant Investment LP 0.16% of their portfolio | 197.9k $18.1m | New |
| Engineers Gate Manager LP 0.21% of their portfolio | 194.4k $17.8m | Added +120.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 190.2k $17.4m | Reduced -3.4k |
| Eversept Partners, LP 0.95% of their portfolio | 185.7k $17.0m | Added +133.4k |
| BARCLAYS PLC 0.01% of their portfolio | 185.1k $17.0m | Reduced -29.2k |
| Summit Creek Advisors LLC 2.66% of their portfolio | 184.8k $16.9m | Reduced -7.7k |
| Point72 Asset Management, L.P. 0.03% of their portfolio | 182.0k $16.7m | Reduced -379.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 178.8k $16.4m | Added +1.7k |
| SEGALL BRYANT & HAMILL, LLC 0.22% of their portfolio | 177.8k $16.3m | Added +8.0k |
| Swiss National Bank 0.01% of their portfolio | 170.0k $15.6m | Added +2.4k |
| ArrowMark Colorado Holdings LLC 0.34% of their portfolio | 169.8k $15.6m | Reduced -62.1k |
| AXIOM INVESTORS LLC /DE 0.14% of their portfolio | 168.2k $15.4m | Added +16.8k |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.18% of their portfolio | 161.7k $14.8m | Added +6.2k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 161.6k $14.8m | Added +10.5k |
| Ensign Peak Advisors, Inc 0.03% of their portfolio | 155.0k $14.2m | Reduced -21.6k |
| California Public Employees Retirement System 0.01% of their portfolio | 152.8k $14.0m | Reduced -1.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.00% of their portfolio | 149.1k $13.7m | Reduced -166.2k |
| LPL Financial LLC 0.00% of their portfolio | 143.8k $13.2m | Reduced -1.5k |
| OBERWEIS ASSET MANAGEMENT INC/ 0.47% of their portfolio | 141.6k $13.0m | Added +1.5k |
| DF DENT & CO INC 0.18% of their portfolio | 140.2k $12.8m | Reduced -65.7k |
| Legal & General Group Plc 0.00% of their portfolio | 135.4k $12.4m | Reduced -22.3k |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.12% of their portfolio | 127.6k $11.7m | Added +12.9k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio | 118.1k $10.8m | Reduced -877 |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 112.3k $10.3m | Added +2.4k |
| GDS Wealth Management 0.63% of their portfolio | 110.1k $10.1m | Added +9.2k |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.31% of their portfolio | 108.8k $10.0m | Added +6.1k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 108.1k $9.9m | Reduced -11.7k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 107.8k $9.9m | Reduced -31.2k |
| B. Metzler seel. Sohn & Co. AG 0.08% of their portfolio | 104.1k $9.5m | Added +19.8k |