[Form 4] HealthEquity, Inc Insider Trading Activity

Rhea-AI Filing Summary

Form 144 filed for CrowdStrike Holdings, Inc. (CRWD) discloses a proposed sale of 553 common shares through Morgan Stanley Smith Barney LLC, valued at $282,030 based on market prices as of the filing. The planned trade is slated for on or after 06/30/2025 on the NASDAQ. The filer, Roxanne S. Austin, previously executed a series of insider sales within the past three months totalling 47,188 shares and gross proceeds of approximately $22.3 million.

The new notice represents just 0.0002 % of CRWD’s reported 249,248,174 shares outstanding, a negligible proportion in liquidity terms. Nevertheless, the cumulative selling activity may be monitored by investors who track insider sentiment. The filing also contains the standard Rule 144 representations stating that the seller is not aware of undisclosed material adverse information and, if applicable, operates under a Rule 10b5-1 trading plan.

• Security class: Common stock
• Broker: Morgan Stanley Smith Barney LLC, New York
• Acquisition of shares: 553 shares acquired via stock-option exercise on 06/30/2025, paid in cash
• Prior 3-month sales: 8 transactions ranging 5,000-10,000 shares each, latest on 06/25/2025

No other operational, financial or strategic information about CrowdStrike is included in this Form 144.

Insights

Securities Analyst

TL;DR: Minimal new sale (553 sh) but adds to a $22 m three-month insider selling trend; market impact likely limited.

The notice signals continued insider monetisation but the immediate volume—553 shares—will hardly influence float or liquidity. The larger context is the cumulative 47,188 shares sold since April 2025, equal to roughly 0.02 % of shares outstanding. That amount is not inherently alarming for a mega-cap but may hint the insider is trimming exposure at current valuation levels. There is no indication of undisclosed negative information, as certified by Rule 144. Given the absence of operational data or earnings guidance, I view the filing as neutral to share-price fundamentals, though quantitative traders may consider insider-sale momentum.

Corporate Governance Expert

TL;DR: Routine Rule 144 filing; transparency adequate, but sustained insider sales merit monitoring for sentiment analysis.

Rule 144 promotes orderly resale of restricted securities; this filing follows best-practice disclosure, listing broker, sale window and acquisition method. The 0.0002 % planned sale is immaterial individually; however, the aggregate three-month activity (~$22.3 m) could attract governance analysts assessing alignment between insiders and shareholders. The form affirms no knowledge of undisclosed adverse info, and potential use of a 10b5-1 plan offers compliance reassurance. Overall governance risk remains low, yet persistent selling warrants tracking to ensure it does not correlate with upcoming negative catalysts.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DILLON ADRIAN T

(Last) (First) (Middle)

C/O HEALTHEQUITY, INC.

15 W. SCENIC POINTE DR., STE. 100

(Street)

DRAPER UT 84020

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HEALTHEQUITY, INC. [ HQY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/26/2025		A		2,003(1)	A	$0	59,518	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$32.5							(2)	09/01/2026	Common Stock	7,632		7,632	D
Stock Option (right to buy)	$46.4							(2)	02/01/2027	Common Stock	4,837		4,837	D
Stock Option (right to buy)	$50.41							(2)	02/01/2028	Common Stock	4,339		4,339	D
Stock Option (right to buy)	$63.64							(2)	02/01/2029	Common Stock	3,626		3,626	D
Stock Option (right to buy)	$66.06							(2)	02/01/2030	Common Stock	4,012		4,012	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock. The restricted stock units vest in full on the date of the issuer's next annual stockholder meeting. Vested shares will be delivered to the reporting person upon vesting.

2. The option is immediately exercisable.

Remarks:

The Power of Attorney given by Mr. Dillon was previously filed with the U.S. Securities & Exchange Commission on February 5, 2024, as an exhibit to a statement on Form 4 filed by Mr. Dillon with respect to HealthEquity, Inc. and is hereby incorporated by reference.

	/s/ Michael Newton , Attorney-in-Fact	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many CrowdStrike (CRWD) shares are being sold under this Form 144?

The filing covers 553 common shares valued at about $282,030.

When is the planned sale date for the CRWD shares?

The approximate sale date listed is 06/30/2025 on the NASDAQ.

Who is the filing insider and what were their recent sales?

Roxanne S. Austin is the filer; she sold 47,188 shares over eight transactions since April 2025, generating roughly $22.3 million.

Does the filing confirm use of a Rule 10b5-1 trading plan?

The notice allows for such plans but does not explicitly state one; it contains the standard Rule 144 representation covering 10b5-1 compliance.

What percentage of CrowdStrike’s outstanding shares does the 553-share sale represent?

It equals approximately 0.0002 % of the 249,248,174 shares outstanding.

Is this filing likely to impact CRWD’s stock price?

Given the small size, direct price impact is expected to be minimal, though aggregate insider selling can influence investor sentiment.