The institutional buying is one-sided but modest in scale relative to HQY's $8.6B market cap. The absence of insider buying and the stale data reduce conviction. Monitor next quarter's 13F for continuation or reversal of this trend.
Executive Summary
Three institutional asset managers increased their HQY positions in Q3 2026, adding a net $48.2M in value. The buying was concentrated in Swedbank Ab, which added $47.2M, while insider activity was minimal and divergent. The cluster suggests moderate conviction in the stock's outlook, but the 45-day reporting lag and lack of insider corroboration temper the signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: $48.2M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Swedbank Ab | ADD | +64.8% | $124.1M | $47.2M |
| Assenagon Asset Management | ADD | +54.5% | $2.9M | $983.0K |
| Hb Wealth Management | ADD | +50.8% | $429.0K | $7.0K |
Key Facts
- Three institutional buyers added $48.2M net in HQY during Q3 2026
- Swedbank Ab was the largest buyer, increasing its position by $47.2M (+64.8% shares)
- Assenagon Asset Management added $983K (+54.5% shares)
- Hb Wealth Management added $7K (+50.8% shares)
- No institutional sellers were identified in the cluster
- Insider activity was minimal: one open-market buy of $10K by C-suite, divergent from the institutional signal
- 13F data is as of Q3 2026 quarter-end, with a 45-day reporting lag
Financial Impact
Three institutions accumulated $48.2M in net new HQY holdings during Q3 2026, with total current holdings of $127.4M.
Risk Factors
- 13F data is stale by 45 days; positions may have been unwound since quarter-end
- Insider activity is divergent and minimal, offering no corroboration
- The cluster is small (3 funds) and the net buying is concentrated in one fund (Swedbank Ab)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-HQY-2026-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 5d ago | Institutional Cluster | $100.88 | awaiting T+20 | awaiting T+20 | No price |
Oct 19, 2026 13d ago | Insider Cluster | $96.60 | awaiting T+20 | awaiting T+20 | No price |
Oct 9, 2026 23d ago | 8-K | $92.03 | awaiting T+20 | awaiting T+20 | No price |
Oct 9, 2026 23d ago | SC 13G/A | $92.61 | awaiting T+20 | awaiting T+20 | No price |
Oct 8, 2026 23d ago | 144 | $92.61 | awaiting T+20 | awaiting T+20 | No price |
Oct 8, 2026 23d ago | 144 | $92.61 | awaiting T+20 | awaiting T+20 | No price |
Oct 8, 2026 23d ago | 144 | $92.61 | awaiting T+20 | awaiting T+20 | No price |
Oct 8, 2026 23d ago | 144 | $92.61 | awaiting T+20 | awaiting T+20 | No price |
Oct 8, 2026 23d ago | 144 | $92.61 | awaiting T+20 | awaiting T+20 | No price |
Oct 8, 2026 23d ago | 144 | $92.61 | awaiting T+20 | awaiting T+20 | No price |
US Market Status
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