Elliott Investment Management L.P. 13F: Exits BILL Stake

Elliott Closes Out Its BILL Position

Elliott Investment Management L.P., the prominent activist investment firm known for taking large stakes in technology companies to push for operational changes, has completely exited its position in BILL Holdings, Inc. (NYSE: BILL). According to the fund's latest Form 13F filing with the SEC for the period ended May 15, 2026, Elliott sold all 3,000,000 shares it previously held.

Because 13F filings are backward-looking, this data reflects Elliott's holdings as of the end of the reporting period and may not represent the fund's current, real-time market position.

Complete Exit for the Activist Fund

Elliott had previously built a position of 3,000,000 shares in the back-office automation provider. By selling off the entirety of those holdings, the firm registered a 100% reduction in its stake, leaving it with zero shares. The move represents a swift exit for the fund, which typically uses its equity positions to engage with corporate boards and drive strategic shifts.

BILL Stock Under Pressure

BILL shares are trading at $35.50 as of Sunday. The stock has faced downward pressure, trading well below its 50-day moving average of $47.23 and its 200-day moving average of $43.73. The current price level sits just above the company's 52-week low of $31.41, representing a steep drop from its 52-week high of $57.21. At the current trading price, the company has a market capitalization of approximately $4.01 billion.

Recent Earnings and Financial Health

In its most recent financial reports, BILL disclosed total revenue of $1.65 billion, reflecting a revenue growth rate of 13.8%. The company is not currently profitable, posting a negative earnings per share of -$0.11, along with a slightly negative net margin of -0.01% and a return on equity of -0.30%. Consequently, the company does not have a meaningful trailing P/E ratio, though its forward P/E ratio stands at 10.82. Investors are looking ahead to the next earnings announcement scheduled for November 5, 2026.

Wall Street Analysts Stand by Ratings

Despite the sell-off by Elliott, several major Wall Street firms have recently updated their outlooks with relatively optimistic targets. On August 20, 2026, Jefferies maintained its buy rating and raised its price target to $56.00. Goldman Sachs also kept its buy rating with a $57.00 price target on the same day. UBS maintained its buy rating with a $60.00 price target, while Morgan Stanley kept an equal-weight rating with a $60.00 target. More recently, on September 1, 2026, Truist Securities maintained its hold rating and adjusted its price target to $52.00. Overall, the consensus target price among twenty analysts stands at $57.30.

Cloud-Based Back Office Operations

BILL Holdings, Inc. provides cloud-based software that helps small and midsize businesses handle their back-office financial tasks. Its platform automates accounts payable and accounts receivable, processes electronic payments, and manages employee business expenses. The loss of Elliott as a major shareholder represents a shift in the company's institutional investor base as it tries to steer back toward profitability.

What to Watch at BILL Holdings, Inc.

Investors will want to monitor whether other institutional funds follow Elliott out the door or if value-focused buyers step in at these lower price levels. The next major test for the software provider will be its upcoming earnings report in November, where management will need to demonstrate progress on margins and expense control to win back skeptical Wall Street funds.