BMO Capital Raises HealthEquity (HQY) Price Target to $125

On October 21, 2026, BMO Capital reiterated its Outperform rating on HealthEquity, Inc. (NasdaqGS: HQY) while lifting its price target from $105 to $125. The firm released its research note on a day the stock closed at $97.88. BMO Capital's higher target suggests room for growth compared to where shares recently changed hands.

HQY HealthEquity, Inc.

$99.79 ▲ +9.58% year to date

1M 3M YTD

Daily close · Oct 22, 2026

BMO Capital's Call on HealthEquity

BMO Capital kept an upbeat stance on the healthcare technology platform, pushing its target higher by $20. A price target is a firm's forward-looking projection of where shares could trade. This adjustment reflects growing confidence in the business without altering the fundamental Outperform view.

Other Institutional Activity in HealthEquity

Large investment firms have shifted their holdings in the company during recent reporting periods. Wasatch Advisors LP reduced its stake by 948,873 shares, ending with 7,011,469 shares worth about $698.69 million as of September 30, 2026. AQR Capital Management, LLC cut its position by 4,3%, dropping 93,108 shares to hold 1,999,209 shares valued at roughly $199.22 million on June 30, 2026. William Blair Investment Management, LLC grew its holdings by 6.9%, adding 113,679 shares to finish with 1,773,227 shares worth about $176.70 million on June 30, 2026.

HealthEquity, Inc. Stock Up 8.2%

HealthEquity recently traded around $99.59, which is 1.7% above its event closing price. The stock trades about 3.7% above its 50-day moving average of $96.02 and roughly 12.4% above its 200-day moving average of $88.59. Shares sit 7.5% below their 52-week high of $107.62 and 36.9% above their 52-week low of $72.76.

Recent Earnings

HealthEquity reported trailing twelve-month revenue of $1.36 billion alongside earnings of $2.77 per share. The company posted a net profit margin of 17.4% and a return on equity of 11.4%. Investors look ahead to the next earnings report scheduled for December 2, 2026.

Insider Buying and Selling at HealthEquity, Inc.

Company insiders have transacted in shares over recent months. Michael Henry Fiore sold 2,354 shares on July 10, 2026, at an average price of $95.00 for a total value of $223,630. Sunil Rajasekar sold 131 shares on August 24, 2026, worth $13,309, and later bought 131 shares on October 15, 2026, valued at $11,942. Adrian T Dillon sold 7,632 shares on August 25, 2026, for a total of $798,373.

Analysts Set New Price Targets

Wall Street firms have adjusted views on the stock through the summer and fall. BTIG maintained a Buy rating and raised its target from $110 to $115 on July 24, 2026, and later reiterated that Buy rating at $115 on August 28, 2026. Deutsche Bank maintained a Buy rating while lifting its target from $135 to $142 on August 31, 2026. Barclays maintained an Overweight rating and bumped its target from $110 to $115 on September 18, 2026. Across the broader analyst community, the stock holds a consensus strong buy recommendation and a mean price target of $119.33 from 15 opinions.

About HealthEquity

HealthEquity, Inc. operates technology platforms that help consumers and employers manage health savings accounts and related financial tools. Headquartered in Draper, Utah, the company provides automated investment options and online advisory services to simplify healthcare spending and savings. The firm's performance remains tied to consumer adoption of health savings accounts and interest rate environments that influence custodial cash yields.

Bottom Line

BMO Capital's higher price target highlights continued optimism from Wall Street analysts even as institutional funds make varied adjustments. Market participants will monitor upcoming earnings on December 2, 2026, to evaluate ongoing financial results.