TD Cowen Reiterates Buy Rating on BILL Holdings
TD Cowen reaffirms its buy rating on BILL Holdings with a $43 price target, a 29.65% upside from the current price.
Key Points
- On June 22, 2026, TD Cowen reiterated its buy rating on BILL Holdings, Inc. (NYSE:BILL) with a target price of $43.
- TD Cowen's $43 price target implies 29.65% upside from BILL Holdings, Inc.'s ($BILL) current $33.16 share price.
- BILL Holdings shares traded at $33.26 on Monday, with a market cap of $3.23 billion and a forward P/E of 9.73.
- Prominent funds like BlackRock and Wellington Management have adjusted their positions in BILL Holdings, with BlackRock increasing by 318,995 shares.
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TD Cowen has reiterated its buy rating for BILL Holdings, Inc. (NYSE:BILL) with a price target of $43. This reaffirmation by analyst Jared Levine was made on June 22, 2026. The stock was trading at $33.26 on Monday.
TD Cowen vs. the S&P 500
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Other Institutional Activity in BILL Holdings
BlackRock, Inc. increased its holdings in BILL Holdings by 318,995 shares, bringing its total to 8,357,143 shares valued at approximately $320.1 million. Wellington Management Group LLP also significantly boosted its position by 976,067 shares, a 33.8% increase, now holding 3,862,663 shares worth about $147.9 million. Meanwhile, Vanguard Portfolio Management LLC and Vanguard Capital Management LLC opened new positions with 5,684,842 and 3,921,018 shares, valued at $217.7 million and $150.2 million, respectively.
BILL Holdings, Inc. Stock Down 34.1%
As of Monday, shares of BILL Holdings, Inc. were trading at $33.26. The company, which operates in the technology sector, specifically in the Software - Application industry, has a market capitalization of approximately $3.23 billion. Its forward P/E ratio stands at 9.73, with a beta of 1.179. The stock has experienced a 52-week range between $31.41 and $57.21, and its 50-day and 200-day moving averages are $37.07 and $45.48, respectively. The company maintains a current ratio of 1.661 and a debt-to-equity ratio of 49.592.
$BILL price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
BILL Holdings reported revenue of $1.6 billion, reflecting a growth rate of 13.5%. However, the company operates with a razor-thin net margin of 0.01% and a return on equity of just 0.004%. Investors are looking forward to the next earnings report scheduled for August 26, 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.
Recent insider activity includes planned sales by Chief Product Officer Michael Cieri, who sold 32,875 shares at an average price of $36.64 on May 29, 2026. CEO Rene Lacerte purchased 31,286 shares on May 28, 2026, without a planned schedule. On the same day, EVP Mary Kay Bowman and Chief Technology Officer Kenneth Moss sold 6,976 and 13,031 shares, respectively, at $34.85.
Analysts Set New Price Targets
On June 22, 2026, TD Cowen reiterated its buy rating on BILL Holdings with a $43 price target. Earlier, on June 10, 2026, Truist Securities downgraded the stock to hold with a target of $38. JP Morgan maintained its buy rating with a $50 target on June 5, 2026. The consensus rating remains a buy, with a mean target price of $54.29 among 21 analysts.
About BILL Holdings
BILL Holdings, Inc. offers a cloud-based financial operations platform aimed at small and midsize businesses. The company specializes in automating accounts payable and receivable transactions and provides spend management solutions. Headquartered in San Jose, California, and led by CEO Rene Lacerte, BILL Holdings employs around 2,364 people. The firm serves accounting firms, financial institutions, and software providers worldwide.
Bottom Line
TD Cowen's reaffirmation of its buy rating with a $43 target highlights ongoing interest in BILL Holdings. While the stock's current price suggests potential upside, investors should remember that analyst ratings are forward-looking and subject to change. The company's strong institutional backing and recent insider transactions are key points for market watchers.
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