HQY HEALTHEQUITY, INC. Insider Trading

EVP Delano Ladd sells 7,500 HQY shares at $90.00 under 10b5-1 plan; stock down -22.3% from 52-week high

Delano Ladd, EVP and General Counsel, sold 7,500 shares at $90.00 for a total value of $675,000.00, reducing his holdings from 98,641 to 91,141 shares. This sale is part of a pre-arranged 10b5-1 trading plan adopted on 2025-06-12 and is therefore scheduled rather than discretionary. The stock is currently trading 22.3% below its 52-week high of $116.65, though it has gained 10.0% over the past 30 days and 12.7% over the past 90 days. His prior trades at HQY over three distinct sales showed mixed results, with 30-day returns ranging from -2.6% to -4.4% and 90-day returns from -0.2% to +1.7%.

CTO Rosner Elimelech sold 10,959 shares (11.0K) of HQY at $95.45 on 2025-12-18 for $1.0M, reducing stake 19.3%.

Rosner Elimelech, EVP and Chief Technology Officer, sold 10,959 shares at $95.45, a material 19.3% reduction in his HQY holdings. His prior two HQY sales (June 2025) showed negative 90-day returns of -10.2% and -9.2%, indicating well-timed exits, though his cross-ticker track record shows mixed timing with an average 90-day return of +1.4% across all open-market sells. HealthEquity trades at a P/E of 42.44 with strong fundamentals—$322.2M in quarterly revenue and +20.0% annual revenue growth—yet the stock is -16.6% from its 52-week high and -7.8% over the past 30 days. The substantial share reduction by a technology executive during a period of recent weakness warrants attention to whether near-term operational or market headwinds are driving the decision.

EVP/General Counsel Delano sells 6,000 shares at blended $94.11 for $564.6K, reducing stake to 79.5K shares.

Ladd Delano, as EVP and General Counsel of HealthEquity, executed three separate sales totaling 6,000 shares for $564,647.35 on 2025-09-19. The blended average price of $94.11 sits below the current price of $95.97 and well within the 52-week range of $76.77–$114.51. With annual revenue growth of 20.0% and net income of $59.9M on $325.8M in quarterly revenue, HealthEquity shows solid operational growth, though the P/E of 56.79 reflects a premium valuation. Post-transaction, Delano retains 79.5K shares, representing a 7.0% reduction from his prior 85.5K shares. The sale occurred on a day when the stock was up 6.8% over 30 days but down 7.9% over 90 days, placing it 16.2% below its 52-week high.

Kessler Jon sells 231,950 shares (75.6% of holdings) at $112.06 avg on HQY; 1 of 5 prior same-ticker sales were well-timed

Jon Kessler executed 9 separate sales totaling 231,950 shares for $25,992,976.67 on 2025-06-06, reducing his holdings to 75,000 shares post-transaction and representing a 75.6% reduction in his position. The blended average price of $112.06 sits 1.4% above the current price of $107.22 and 2.1% below the 52-week high of $114.51. His cross-ticker track record shows a 75.00% well-timed rate across 20 prior sells with an average 90-day return of -2.2%, but at HQY specifically, only 1 of 5 prior sales (20%) were well-timed at the 90-day mark, with the September 2024 sales followed by gains of 21.1–22.1% and the June 2024 sale followed by a -4.7% decline. This sale—a substantial liquidation at near-peak valuations—follows a pattern of underperformance in his same-ticker transaction history, providing limited confidence in the timing quality of this position reduction.

HQY CTO Rosner Elimelech sold 71,000 shares (71.0K) for $7,976,299.50 across 2 tranches; holdings cut 53.1%

Rosner Elimelech, EVP and Chief Technology Officer, executed 2 separate sales totaling 71,000 shares (71.0K shares) for $7,976,299.50 ($8.0M) at blended average price $112.34 on 2025-06-06 and 2025-06-09, reducing his holdings from 133,689 shares to 62,689 shares—a net reduction of 53.1% of pre-transaction holdings. The stock is now trading at $107.22, down 6.4% from the 52-week high of $114.51, and the CTO's sale prices of $112.56 and $111.37 sit near recent highs. Examining his same-ticker trade history, prior sells on 2024-09-06 and 2023-06-12 generated positive 90-day returns of 30.9% and 5.8% respectively—the stock rose after both sales, making neither well-timed from a sell perspective. This filing warrants close monitoring given the substantial reduction in the CTO's personal stake in the company he leads technologically, the proximity of sale prices to 52-week highs, and the company's elevated P/E of 76.04 relative to strong but decelerating fundamentals (20.0% annual revenue growth, $330.8M latest quarterly revenue, $53.9M net income).

Director Parker Stuart B. sells 25,000 HQY shares (25.0K shares) for $2,417,900.17 in 2 transactions at $96.70–$97.30.

Director Parker Stuart B. executed 2 separate sales totaling 25,000 shares (25.0K shares) for $2,417,900.17 on 2024-12-12, reducing his holdings from 44,061 shares (44.1K shares) to 19,061 shares (19.1K shares)—a -56.7% reduction in his stake. The blended average transaction price of $96.72 sits within the 52-week range of $62.44–$104.65 and is currently 1.1% above the current price of $95.62. His cross-ticker track record shows 1 prior sell with an average 90-day return of +0.6% and a well-timed rate of 0.00%, indicating past sales were not well-timed (stock generally rose post-sale). The company's fundamentals show strong annual revenue growth of +16.0% and a quarterly revenue base of $300,432,000.00 ($300.4M), though the P/E ratio of 85.38 reflects elevated valuation relative to the net income of $5,703,000.00 ($5.7M). The substantial reduction in holdings warrants examination into whether this reflects a liquidity need, portfolio rebalancing, or a change in the insider's position outlook.

HQY CEO Jon Kessler sells 29,749 shares for $2.3M via scheduled 10b5-1 plan

CEO Jon Kessler executed 4 separate sales totaling 29,749 shares for $2,332,992.92 on 2024-09-16 at a blended average price of $78.42, reducing his holdings from 131.0K shares to 101.2K shares (a 22.7% reduction). The sales were conducted under a pre-arranged 10b5-1 trading plan adopted on 2024-03-25, meaning the transaction was scheduled rather than discretionary. This systematic liquidation represents a material reduction in CEO stake but does not carry directional conviction signals given its predetermined nature under Rule 10b5-1.

CTO Rosner Elimelech sold 12,296 shares of HQY at $77.02 ($947.1K); post-sale holdings: 62,520 shares

Rosner Elimelech, EVP and Chief Technology Officer, executed an open-market sale of 12,296 shares on 2024-09-06 at $77.02 per share, reducing his stake by 16.4% to 62,520 shares post-transaction. At the transaction price of $77.02, the stock was trading near the midpoint of its 52-week range and 14.1% below its 52-week high of $86.94; the current price of $74.69 is 3.0% lower than the transaction price. Examining the insider's prior transaction at HQY (a sale on 2023-06-12), that trade saw a 90-day return of +5.8%, meaning the stock subsequently rose after the sale—not a well-timed signal. The insider's cross-ticker track record shows a 90-day well-timed rate of 0.00% across 1 prior open-market sell, indicating sell timing has not been a distinguishing feature of this executive's transaction history.

Neeleman sells 35,000 HQY shares for $2.8M via scheduled 10b5-1 plan; holds 89.8K remaining.

Stephen Neeleman, Founder and Vice Chairman, executed 2 separate sales on 2024-07-25 totaling 35,000 shares for $2,795,130.31 at a blended average price of $79.86 per share. The transaction is part of a pre-arranged 10b5-1 trading plan adopted on 2023-12-08, meaning the sales were scheduled and not discretionary. Post-transaction, Neeleman holds 89,769 shares, representing a -28.1% reduction in his holdings from the pre-transaction level of 124,769 shares. As a scheduled trade under a pre-arranged plan, this sale reflects a predetermined portfolio management framework rather than a discretionary decision point in time.

HQY CEO Jon Kessler sells 55,251 shares for $4,578,579.37 under pre-arranged 10b5-1 plan, reducing stake 33.4%

Jon Kessler, President and CEO of HealthEquity, executed 6 separate sales totaling 55,251 shares for $4,578,579.37 on June 24-25, 2024. This transaction represents a reduction of 33.4% in his holdings, from 165,236 shares to 109,985 shares. Critically, this sale was executed under a pre-arranged 10b5-1 trading plan adopted on 2024-03-25, meaning the timing and volume were determined in advance and do not reflect real-time trading decisions or current market assessments. The scheduled nature of this transaction limits its interpretive value as a signal of executive conviction or concern.