Assenagon Asset Management S.A. Sells 55,585 Shares of BILL Holdings, Inc. $BILL

Key Points

• Assenagon Asset Management reduced its BILL Holdings stake by 19%, selling 55,585 shares and retaining 237,341 shares valued at approximately $8.6 million.
• Other institutional investors made mixed moves, while institutional ownership remained very high at 97.99% of BILL’s outstanding shares.
• BILL shares opened at $49.44, up 0.4%; analysts hold a consensus “Hold” rating with an average price target of $55.95.

Assenagon Asset Management S.A. cut its stake in shares of BILL Holdings, Inc. (NYSE:BILL - Free Report) by 19.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 237,341 shares of the company's stock after selling 55,585 shares during the period. Assenagon Asset Management S.A. owned 0.24% of BILL worth $8,582,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Empowered Funds LLC increased its position in BILL by 50.3% during the first quarter. Empowered Funds LLC now owns 8,002 shares of the company's stock valued at $367,000 after acquiring an additional 2,678 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of BILL by 19.6% in the 2nd quarter. Prudential Financial Inc. now owns 9,992 shares of the company's stock worth $462,000 after acquiring an additional 1,637 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of BILL by 2.2% during the 2nd quarter. California Public Employees Retirement System now owns 167,487 shares of the company's stock worth $7,748,000 after purchasing an additional 3,602 shares during the period. AXA S.A. boosted its stake in shares of BILL by 121.7% during the 2nd quarter. AXA S.A. now owns 58,346 shares of the company's stock worth $2,699,000 after purchasing an additional 32,024 shares during the period. Finally, Bayesian Capital Management LP bought a new position in BILL during the 2nd quarter valued at about $1,624,000. 97.99% of the stock is owned by institutional investors.

BILL Trading Up 0.4%

NYSE BILL opened at $49.44 on Wednesday. BILL Holdings, Inc. has a one year low of $31.41 and a one year high of $57.21. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.66 and a current ratio of 1.66. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of -4,939.26, a price-to-earnings-growth ratio of 1.11 and a beta of 1.13. The company's 50-day simple moving average is $40.01 and its two-hundred day simple moving average is $40.46.

Analyst Ratings Changes

A number of research firms recently weighed in on BILL. Weiss Ratings raised shares of BILL from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, May 20th. TD Cowen initiated coverage on BILL in a research report on Monday, June 22nd. They set a "buy" rating and a $43.00 target price for the company. The Goldman Sachs Group upped their target price on BILL from $44.00 to $50.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Wall Street Zen downgraded BILL from a "buy" rating to a "hold" rating in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. decreased their price target on BILL from $60.00 to $50.00 and set an "overweight" rating for the company in a research note on Friday, June 5th. Twelve equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, BILL currently has a consensus rating of "Hold" and a consensus price target of $55.95.

BILL Company Profile

BILL Holdings, Inc provides financial automation software for small and midsize businesses worldwide. The company provides software-as-a-service, cloud-based payments, and spend management products, which allow users to automate accounts payable and accounts receivable transactions, as well as enable users to connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows, and improve office efficiency. It also offers onboarding implementation support, and ongoing support and training services.

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