TLDR
- HPE stock hit an all-time high of $34.82, trading around $35.10 with a market cap of $45.07 billion
- The stock is up roughly 98% over the past year
- Elliott Investment Management raised its HPE stake to over 27.4 million shares, valued at ~$927 million
- Elliott exited Bill Holdings and Sensata Technologies entirely in Q1 2026
- Analyst Evercore ISI has a $40 price target on HPE with an Outperform rating
Hewlett Packard Enterprise stock touched an all-time high of $34.82 on May 22, before trading slightly higher at $35.10. The move puts HPE up roughly 98% over the past year.
Hewlett Packard Enterprise Company, HPE
The milestone comes as Elliott Investment Management disclosed a major increase in its HPE position. The activist hedge fund raised its stake from 18.6 million to 27.4 million shares in Q1 2026. Based on a Wednesday closing price of $33.80, that position is worth close to $927 million.
Elliott first started building its HPE position in 2024. The fund is well known for taking activist roles at companies including Starbucks and Southwest Airlines.
Elliott Reshapes Its Portfolio
While adding to HPE, Elliott made several exits in the same quarter. It sold all 3 million remaining shares in Bill Holdings and closed its entire 3.25 million share position in Sensata Technologies.
Elliott had pushed for change at both companies. At Sensata, it had taken a board seat after the CEO resigned in April 2024.
A new addition to the portfolio was Norwegian Cruise Line. Elliott disclosed a greater than 10% economic interest in NCLH in February and added 13.19 million shares in Q1. That position was valued at over $445 million as of Wednesday, representing a roughly 2.9% stake.
Elliott’s stakes in PepsiCo, Equinix, and Phillips 66 were left unchanged.
Analyst Targets and Strategic Moves
Wall Street has been warming up to HPE. Bernstein raised its price target to $35, pointing to rising demand for traditional servers tied to AI workloads.
Evercore ISI went further, lifting its target to $40 with an Outperform rating. That upgrade followed HPE’s sale of a 13.8% stake in H3C Technologies to China-based buyers for around $986.8 million.
HPE had previously held a 19% stake in H3C before the partial sale.
The company has also been expanding its distribution network. Ingram Micro and TD SYNNEX were named as global distributors to help push HPE’s networking, cloud, and AI product portfolio to partners.
Activist investor Irenic Capital has also taken a position in the company and has been in direct talks with HPE executives.
InvestingPro data shows HPE trading near its 52-week high, though its analysis flags the stock as potentially overvalued at current levels.
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