SCHEDULE: FMR LLC Discloses 4.1% Stake in HealthEquity Inc.

FMR LLC and Abigail P. Johnson report a 4.1% beneficial ownership stake in HealthEquity Inc. common stock as of September 30, 2025.

Summary

• FMR LLC, a Delaware-organized entity, and Abigail P. Johnson, a U.S. citizen, jointly reported beneficial ownership of HealthEquity Inc. common stock.
• As of September 30, 2025, the aggregate amount beneficially owned by each reporting person is 3,489,781.26 shares.
• This represents 4.1% of the class of HealthEquity Inc. common stock.
• FMR LLC holds sole voting power over 3,469,343.00 shares and sole dispositive power over 3,489,781.26 shares.
• Abigail P. Johnson, as a Director, Chairman, and CEO of FMR LLC, and through family ownership of FMR LLC, is deemed to have sole dispositive power over 3,489,781.26 shares.
• The filing is an Amendment No. 2 to Schedule 13G, indicating previous ownership disclosures.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of HealthEquity Inc.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. While the stake is below 5%, the continued presence of a major institutional investor like FMR LLC on the shareholder register is generally viewed favorably, indicating ongoing confidence in the issuer, HealthEquity Inc.

Positives

• A major institutional investor, FMR LLC, continues to hold a significant stake in HealthEquity Inc., which can be interpreted as a vote of confidence in the company's long-term prospects.

Negatives

• The reported beneficial ownership of 4.1% is below the 5% threshold, meaning FMR LLC is no longer required to file annual Schedule 13G amendments unless their ownership changes by more than 1% of the class. This could imply a reduction from a previously higher stake, though the filing does not provide prior percentages.

Risks

• The filing itself does not detail specific risks related to HealthEquity Inc.'s operations or financial health, but rather focuses on the beneficial ownership structure of FMR LLC.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance regarding HealthEquity Inc.'s future performance or FMR LLC's investment strategy beyond the current ownership disclosure.

Industry Context

This filing reflects a routine disclosure by a significant institutional investor, FMR LLC (parent company of Fidelity Investments), regarding its passive ownership stake in HealthEquity Inc. Such disclosures provide transparency into major shareholdings and can influence market perception, particularly when large, reputable funds maintain or adjust their positions in a company within the healthcare financial services sector.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which can influence investor confidence and market perception.
• Company Management: Awareness of major shareholders is crucial for corporate governance and understanding the investor base.

Key Dates

Recommendation

The filing indicates a significant, albeit below 5%, passive stake by a major institutional investor. While this suggests continued confidence, it does not provide new fundamental information about HealthEquity Inc.'s operational or financial performance that would warrant a 'buy' or 'sell' recommendation. The information is primarily an ownership disclosure, supporting a 'hold' stance for existing investors and providing context for potential new investors.

Keywords

HealthEquity Inc., FMR LLC, Abigail P. Johnson, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, Schedule 13G, Equity Stake