Sepio Capital 13F: Adds $51M to BILL Stake
Key Points
- Sepio Capital added 1,207,769 shares to lift its BILL Holdings, Inc. position to 1,304,267 shares worth about $55.5 million in an October 22, 2026 filing.
- BILL Holdings, Inc. recently traded around $49.70, sitting below its 52-week high of $57.21 and well above its 52-week low of $31.41.
- Wall Street analysts hold a consensus buy rating on BILL, with a mean price target of $57.15 ahead of earnings scheduled for November 5, 2026.
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Sepio Capital significantly expanded its investment in BILL Holdings, Inc. BILL, boosting its stake by 1,251.6% during the third quarter. According to a Form 13F filing with the Securities and Exchange Commission on October 22, 2026, the firm added 1,207,769 shares to bring its total holding to 1,304,267 shares. The updated position was valued at roughly $55.5 million at the close of the period.
BILL
BILL Holdings, Inc.
What Changed in Sepio Capital's BILL Holdings, Inc. Position
Prior to the filing, Sepio Capital owned 96,498 shares of the financial automation software provider. The massive addition of over 1.2 million shares makes BILL a much larger part of the firm's tracked equity portfolio. The filing was made public on October 22, 2026, when BILL closed at $50.67.
Other Institutional Activity in BILL Holdings, Inc.
Other large institutional funds also adjusted their positions in the software maker recently. ER Collective Holdings, LLC kept its holdings steady, ending with 8,518,300 shares valued at about $431.6 million. Starboard Value LP nudged its stake up by 703 shares to hold 7,025,748 shares worth about $356.0 million. Ameriprise Financial, Inc. grew its holdings by 2,736,135 shares, a 96.1% jump that left it with 5,558,053 shares worth about $281.6 million. Senvest Management LLC lifted its stake by 267,323 shares, a 7.0% increase, ending with 4,102,668 shares valued at about $207.9 million.
BILL Holdings, Inc. Stock Up 1.4%
The company's shares recently traded around $49.70 as of October 23, 2026, down about 1.9% from the filing date close of $50.67. The stock sits about 13.1% below its 52-week high of $57.21 and up roughly 58.2% from its 52-week low of $31.41. It trades above both its 50-day moving average of $46.97 and its 200-day moving average of $42.66.
Recent Earnings
BILL Holdings, Inc. reported trailing-twelve-month revenue of $1.65 billion alongside a basic earnings per share of negative $0.11. The company posted a year-over-year revenue growth rate of 13.8%, alongside a net profit margin of negative 0.7% and a return on equity of negative 0.3%. The company's next quarterly financial report is scheduled for release on November 5, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 target cuts vs 2 raises.
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EPS & revenue
EPS beat estimates by 19.8%. Revenue missed estimates by 0.8%.
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Profit surprise
EBITDA missed by 36 percent. Operating income missed by 71 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
2 target raises, 3 target cuts.
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Earnings quality
Operating margin up 9.2 points. Negative free cash flow.
Earnings Call Summary
BILL delivered $358 million in core revenue in the first quarter, up 14 percent year over year and at the top of their guidance range. Operating profit hit $68 million, beating expectations by $10 million due to strong cost management. The company launched three major partnerships with NetSuite, Paychex, and Acumatica to embed payments into their platforms, launched a cash account product, and rolled out AI agents like an automated W-9 request tool that they say saves customers 80 percent of manual work. Management noted they cut 6 percent of staff to drive profitability while continuing to invest in artificial intelligence and upmarket customers.
Guidance For the full year, BILL expects core revenue between $1.46 billion and $1.49 billion, or about $1.475 billion in the middle. They also expect operating income between $257 million and $277 million, which is up from their prior guidance by $16 million. For the next quarter, they guide core revenue of $359 million to $369 million and earnings per share of 54 cents to 57 cents.
Negative report. Results or guidance disappointed and expectations are likely to move lower.
Insider Buying and Selling at BILL Holdings, Inc.
Company insiders executed several stock sales over the recent months. On May 29, 2026, officer Michael Cieri disposed of 32,875 shares valued at about $1.2 million. Later, on August 31, 2026, Cieri sold 10,754 shares at an average price of $49.13 for a total of $528,385. Chief financial officer Rohini Jain sold 33,470 shares on September 1, 2026, worth about $1.6 million. Finally, chief executive officer Rene A. Lacerte parted with 257,243 shares on September 3, 2026, valued at approximately $12.5 million.
Analysts Set New Price Targets
Wall Street research firms updated their outlooks on the software provider ahead of the fall filing cycle. On August 20, 2026, Jefferies maintained its buy rating and raised its target from $50.00 to $56.00. Goldman Sachs also maintained a buy rating on August 20, 2026, lifting its target from $50.00 to $57.00. Morgan Stanley kept an equal-weight rating on August 20, 2026, moving its target from $55.00 to $60.00. Wolfe Research maintained an outperform rating on August 25, 2026, increasing its target from $57.00 to $60.00. Truist Securities maintained a hold rating on September 1, 2026, pushing its target from $44.00 to $52.00. Across the broader analyst community, the stock carries a consensus buy rating with a mean target price of $57.15 based on 20 opinions.
About BILL Holdings, Inc.
BILL Holdings, Inc. builds digital financial operations software designed to automate accounts payable, accounts receivable, and expense tracking for small and midsize businesses. Its cloud platform helps business owners manage invoices, issue virtual corporate cards, and control spending without relying on manual paperwork. The company's ongoing software updates target efficiency for growing firms navigating complex financial workflows.
Bottom Line
Sepio Capital's large share addition highlights growing interest in the financial software platform as it approaches its next earnings report on November 5, 2026. Observers will monitor whether institutional accumulation continues alongside upcoming revenue figures.
Related Filing Alerts
Source: Sepio Capital's 13F filing on $BILL (Oct 22, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts