HealthEquity executive reports short sales, purchases

The EVP Chief Prod & Strat Officer was unaware of three transactions executed in broker-managed discretionary accounts.

Rhea-AI Filing Summary

HealthEquity, Inc. EVP Chief Prod & Strat Officer Sunil Rajasekar reported short sales of 23 shares at $82.81 on April 22, 2026 and 108 shares at $105.60 on August 24, 2026; purchases covering those shorts were 23 shares at $95.06 on July 8, 2026 and 108 shares at $90.33 on October 15, 2026. The April, July and August trades were executed in broker-managed discretionary accounts without his knowledge, making their reporting untimely. He voluntarily paid approximately $1,650, representing all reported “profits” under Section 16(b), to HealthEquity.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Rajasekar Sunil

Role EVP Chief Prod & Strat Officer

Bought 131 shs ($12K)

Sold 131 shs ($13K)

Type	Security	Shares	Price	Value
Purchase	Common Stock F4, F3	108	$90.33	$10K
Sale	Common Stock F1, F2, F3	108	$105.60	$11K
Purchase	Common Stock F4, F2, F3	23	$95.06	$2K
Sale	Common Stock F1, F2, F3	23	$82.81	$2K

Holdings After Transaction: Common Stock — 53,405 shares (Direct)

Footnotes (4)

1. F1. Represents shares sold in a short sale.
2. F2. The transactions reported were executed in broker-managed discretionary accounts without the reporting person's knowledge. The reporting of these transactions was untimely because the reporting person did not become aware of the transactions at the time they occurred.
3. F3. The reporting person has voluntarily paid to the issuer a de minimis amount (approximately $1,650), which represent all "profits" pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, that resulted from the transactions reported herein.
4. F4. Represents shares delivered to cover the previous short sale.

Key Figures

Short sale: 23 shares at $82.81 per share Purchase covering prior short sale: 23 shares at $95.06 per share Short sale: 108 shares at $105.60 per share +2 more

5 metrics

Short sale 23 shares at $82.81 per share April 22, 2026

Purchase covering prior short sale 23 shares at $95.06 per share July 8, 2026

Short sale 108 shares at $105.60 per share August 24, 2026

Purchase covering prior short sale 108 shares at $90.33 per share October 15, 2026

Section 16(b) profits paid approximately $1,650 Voluntarily paid to HealthEquity; represents all reported “profits” from the transactions

Key Terms

short sale, broker-managed discretionary accounts, Section 16(b)

3 terms

short sale financial

"shares sold in a short sale"

A short sale is when an investor borrows shares they do not own, sells them now, and aims to buy them back later at a lower price to return to the lender, pocketing the difference. It matters to investors because it expresses a bet that a stock will fall, can increase volatility and trading volume, and carries the risk of large losses if the stock instead rises—similar to selling a borrowed item hoping its price drops before you must replace it.

broker-managed discretionary accounts financial

"executed in broker-managed discretionary accounts"

Section 16(b) regulatory

"“profits” pursuant to Section 16(b)"

A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What HQY trades did Sunil Rajasekar report?

He reported short sales of 23 shares at $82.81 on April 22, 2026 and 108 shares at $105.60 on August 24, 2026, followed by purchases covering those shorts: 23 shares at $95.06 on July 8, 2026 and 108 shares at $90.33 on October 15, 2026. No Rule 10b5-1 plan is reported.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 10/19/2026 - 05:31 PM EDT Accepted by SEC EDGAR 10/19/2026 - 05:30 PM EDT Learn about SEC filing dates

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^*

Rajasekar Sunil

(Last) (First) (Middle)

C/O HEALTHEQUITY, INC.

15 W. SCENIC POINTE DR., STE. 100

(Street)

DRAPER UTAH 84020

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP Chief Prod & Strat Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/22/2026

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

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

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

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	04/22/2026		S(1)		23(2)(3)	D	$82.81	53,382	D
Common Stock	07/08/2026		P(4)		23(2)(3)	A	$95.06	53,405	D
Common Stock	08/24/2026		S(1)		108(2)(3)	D	$105.6	53,297	D
Common Stock	10/15/2026		P(4)		108(3)	A	$90.33	53,405	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

Explanation of Responses:

1. Represents shares sold in a short sale.

2. The transactions reported were executed in broker-managed discretionary accounts without the reporting person's knowledge. The reporting of these transactions was untimely because the reporting person did not become aware of the transactions at the time they occurred.

3. The reporting person has voluntarily paid to the issuer a de minimis amount (approximately $1,650), which represent all "profits" pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, that resulted from the transactions reported herein.

4. Represents shares delivered to cover the previous short sale.

Remarks:

The Power of Attorney given by Mr. Rajasekar was previously filed with the U.S. Securities and Exchange Commission on May 12, 2026 as an exhibit to a statement on Form 3 filed by Mr. Rajasekar with respect to HealthEquity, Inc. and is hereby incorporated by reference.

	/s/ Michael Newton, Attorney-in-Fact	10/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)