13D Management and Totem Point exit positions in BILL Holdings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 28 2025
0mins
Source: Fool
BILL Holdings Inc. has seen its stock price decline by 5.01%, hitting a 5-day low amid recent sell-offs by major investors.
13D Management liquidated its entire 90,000-share position in BILL, valued at approximately $4.03 million, reflecting a cautious outlook on the company's growth prospects. Similarly, Totem Point Management exited its investment by selling 155,100 shares for about $6.94 million, indicating a loss of confidence in the stock. Despite these exits, BILL reported a 13% year-over-year revenue increase in its latest quarter, reaching $406.6 million, and has initiated a $1 billion share repurchase program, signaling management's confidence in the company's long-term value.
The exits by these investment firms have raised concerns among investors, contributing to the stock's decline, despite the company's positive revenue growth and share buyback plan.
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Analyst Views on BILL
Wall Street analysts forecast BILL stock price to rise
16 Analyst Rating
9 Buy
7 Hold
0 Sell
Moderate Buy
Current: 36.450
Low
42.00
Averages
54.92
High
75.00
Current: 36.450
Low
42.00
Averages
54.92
High
75.00
About BILL
BILL Holdings, Inc. provides a financial operations platform for small and midsize businesses (SMBs). The Company offers software-as-a-service, cloud-based payments, and spend and expense management products, which allow users to automate accounts payable and accounts receivable transactions, enable businesses to easily connect with their suppliers and/or customers to do business, eliminate expense reports, manage cash flows, and improve back-office efficiency. Its artificial intelligence (AI)-enabled financial software platform creates seamless connections between its customers, their suppliers, and their clients. Businesses on its platform generate and process invoices, streamline approvals, make and receive payments, manage employee expenses, sync with their accounting system, foster collaboration, and manage their cash flow. Its integrated platform also includes BILL Spend and Expense, its spend and expense management product, which provides a solution for businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
13D Management Fully Liquidates Bill.com Position
- Liquidation Transaction: According to an SEC filing dated May 15, 2026, 13D Management liquidated its entire 90,000-share position in Bill.com during the first quarter, with an estimated transaction value of $4.03 million, reflecting a cautious outlook on the company's future growth prospects.
- Market Value Decline: The position's quarter-end value decreased by $4.91 million, indicating a waning market confidence in Bill.com, particularly as its stock price has fallen 17% over the past year, raising investor concerns about its future performance.
- Financial Performance: Despite challenges, Bill.com reported a 13% year-over-year revenue increase in the third quarter, reaching $406.6 million, while core revenue grew by 16%, demonstrating ongoing demand and resilience in the small business financial automation sector.
- Share Buyback Plan: The company repurchased approximately 1 million shares in the first quarter and authorized a new $1 billion stock repurchase program, indicating management's confidence in the long-term value of the company, despite its poor short-term market performance.
See More
Totem Point Exits Entire Position in Bill.com
- Position Change: Totem Point Management, LLC fully exited its investment in Bill.com during Q1 2026 by selling 155,100 shares for an estimated value of $6.94 million, indicating a loss of confidence in the stock.
- Market Value Decline: The sale and share price movement led to a decrease of $8.46 million in Bill.com's quarter-end position value, reflecting a 17.8% drop in stock price over the past year, significantly underperforming the S&P 500 by 45.1 percentage points.
- Financial Performance: Despite Totem Point's exit, Bill.com reported a 13% year-over-year revenue increase to $406.6 million in its fiscal Q3 2026, demonstrating strong demand in the small and medium business sector.
- Shareholder Returns: With the bottom line turning positive, Bill.com is returning cash to shareholders through a $1 billion share repurchase authorization from its Board of Directors, signaling confidence in future growth prospects.
See More
Fluence Energy Shares Soar Nearly 30% After Upgrades
- Fluence Energy Surge: Fluence Energy's stock soared nearly 30% after its fiscal second-quarter EBITDA exceeded Wall Street estimates, following a prior session surge of about 40%, indicating strong market confidence in its growth potential and attracting more investor interest.
- Corpay Raises Guidance: Corpay shares jumped 10% after the company raised its full-year earnings guidance to a range of $26.30 to $27.10 per share, surpassing analyst expectations of $26.05, reflecting robust performance in the corporate payments sector and potentially increasing market share.
- Akamai Technologies Rises: Akamai's stock surged 20% after securing an $1.8 billion commitment from a leading U.S. frontier model provider for its Cloud Infrastructure Services, indicating strong demand in the market, while also reporting a first-quarter adjusted earnings beat that bolstered investor confidence.
- Upwork Restructuring Impact: Upwork's shares tumbled 21% following its announcement of a 24% workforce reduction to ensure profitability, despite slightly lower-than-expected first-quarter earnings and revenue, which may affect its future competitive position and investor sentiment.
See More
Akamai Technologies Shares Surge 27% on $1.8 Billion Commitment
- Akamai Stock Surge: Shares of Akamai Technologies soared 27% after a leading U.S. frontier model provider committed to a $1.8 billion investment over seven years for its Cloud Infrastructure Services, enhancing market confidence and potentially driving future revenue growth.
- CoreWeave Revenue Guidance Miss: CoreWeave's second-quarter revenue guidance of $2.45 billion to $2.6 billion, with a midpoint of $2.53 billion, fell short of Wall Street's $2.69 billion expectation, resulting in a 7% stock decline, reflecting market concerns about its growth outlook.
- Microchip Earnings Beat: Microchip Technology's stock rose 3% following a fiscal fourth-quarter report that exceeded earnings and revenue expectations, with projected first-quarter revenue between $1.44 billion and nearly $1.47 billion, indicating strong performance in the semiconductor sector.
- Upwork Restructuring Plan: Upwork's announcement of a 24% workforce reduction to maintain profitability led to a 23% drop in its stock price, despite slightly lower-than-expected first-quarter earnings and revenue, showcasing the company's strategic response to evolving market conditions.
See More
BILL Cuts Workforce by 30% to Boost Profitability
- Workforce Reduction: BILL announced a workforce reduction of up to 30%, estimating restructuring charges between $30 million and $60 million, primarily to be recognized in Q4 of fiscal 2026, aiming to enhance profitability and improve financial health.
- Stock Price Surge: Following the layoff announcement, BILL's shares rose over 8% in after-hours trading, indicating a positive market reaction to the restructuring plan, which may bolster investor confidence.
- Market Pressure: Under pressure from activist investors like Starboard Value and Elliott Investment Management, BILL is exploring sale options, reflecting the company's need for strategic adjustments in the current market environment.
- Financial Performance: Despite a nearly 31% decline in stock price in 2026, BILL reported a 13% year-over-year revenue increase to $406.6 million in Q3, achieving quarterly profitability, demonstrating business resilience ahead of the restructuring.
See More
Bill Holdings Announces 30% Workforce Reduction to Enhance Efficiency
- Workforce Reduction: Bill Holdings announced a plan to reduce its workforce by up to 30% to enhance organizational efficiency and drive profit growth, which is expected to positively impact future operations.
- Restructuring Costs: The company anticipates incurring restructuring charges of approximately $30 million to $60 million, primarily related to severance payments, employee benefits, and associated costs, which will affect future financial performance.
- Stock Buyback Authorization: Concurrently, the Bill Holdings board authorized a stock buyback of up to $1.0 billion, aimed at enhancing shareholder value and boosting market confidence.
- Earnings Performance Exceeds Expectations: In its latest earnings report, Bill Holdings reported a non-GAAP EPS of $0.68, beating expectations by $0.13, with revenue of $406.6 million exceeding forecasts by $3.22 million, demonstrating the company's competitive position in the market.
See More
13D Management Fully Liquidates Bill.com Position
- Liquidation Transaction: According to an SEC filing dated May 15, 2026, 13D Management liquidated its entire 90,000-share position in Bill.com during the first quarter, with an estimated transaction value of $4.03 million, reflecting a cautious outlook on the company's future growth prospects.
- Market Value Decline: The position's quarter-end value decreased by $4.91 million, indicating a waning market confidence in Bill.com, particularly as its stock price has fallen 17% over the past year, raising investor concerns about its future performance.
- Financial Performance: Despite challenges, Bill.com reported a 13% year-over-year revenue increase in the third quarter, reaching $406.6 million, while core revenue grew by 16%, demonstrating ongoing demand and resilience in the small business financial automation sector.
- Share Buyback Plan: The company repurchased approximately 1 million shares in the first quarter and authorized a new $1 billion stock repurchase program, indicating management's confidence in the long-term value of the company, despite its poor short-term market performance.
See More
Totem Point Exits Entire Position in Bill.com
- Position Change: Totem Point Management, LLC fully exited its investment in Bill.com during Q1 2026 by selling 155,100 shares for an estimated value of $6.94 million, indicating a loss of confidence in the stock.
- Market Value Decline: The sale and share price movement led to a decrease of $8.46 million in Bill.com's quarter-end position value, reflecting a 17.8% drop in stock price over the past year, significantly underperforming the S&P 500 by 45.1 percentage points.
- Financial Performance: Despite Totem Point's exit, Bill.com reported a 13% year-over-year revenue increase to $406.6 million in its fiscal Q3 2026, demonstrating strong demand in the small and medium business sector.
- Shareholder Returns: With the bottom line turning positive, Bill.com is returning cash to shareholders through a $1 billion share repurchase authorization from its Board of Directors, signaling confidence in future growth prospects.
See More
Fluence Energy Shares Soar Nearly 30% After Upgrades
- Fluence Energy Surge: Fluence Energy's stock soared nearly 30% after its fiscal second-quarter EBITDA exceeded Wall Street estimates, following a prior session surge of about 40%, indicating strong market confidence in its growth potential and attracting more investor interest.
- Corpay Raises Guidance: Corpay shares jumped 10% after the company raised its full-year earnings guidance to a range of $26.30 to $27.10 per share, surpassing analyst expectations of $26.05, reflecting robust performance in the corporate payments sector and potentially increasing market share.
- Akamai Technologies Rises: Akamai's stock surged 20% after securing an $1.8 billion commitment from a leading U.S. frontier model provider for its Cloud Infrastructure Services, indicating strong demand in the market, while also reporting a first-quarter adjusted earnings beat that bolstered investor confidence.
- Upwork Restructuring Impact: Upwork's shares tumbled 21% following its announcement of a 24% workforce reduction to ensure profitability, despite slightly lower-than-expected first-quarter earnings and revenue, which may affect its future competitive position and investor sentiment.
See More
Akamai Technologies Shares Surge 27% on $1.8 Billion Commitment
- Akamai Stock Surge: Shares of Akamai Technologies soared 27% after a leading U.S. frontier model provider committed to a $1.8 billion investment over seven years for its Cloud Infrastructure Services, enhancing market confidence and potentially driving future revenue growth.
- CoreWeave Revenue Guidance Miss: CoreWeave's second-quarter revenue guidance of $2.45 billion to $2.6 billion, with a midpoint of $2.53 billion, fell short of Wall Street's $2.69 billion expectation, resulting in a 7% stock decline, reflecting market concerns about its growth outlook.
- Microchip Earnings Beat: Microchip Technology's stock rose 3% following a fiscal fourth-quarter report that exceeded earnings and revenue expectations, with projected first-quarter revenue between $1.44 billion and nearly $1.47 billion, indicating strong performance in the semiconductor sector.
- Upwork Restructuring Plan: Upwork's announcement of a 24% workforce reduction to maintain profitability led to a 23% drop in its stock price, despite slightly lower-than-expected first-quarter earnings and revenue, showcasing the company's strategic response to evolving market conditions.
See More
BILL Cuts Workforce by 30% to Boost Profitability
- Workforce Reduction: BILL announced a workforce reduction of up to 30%, estimating restructuring charges between $30 million and $60 million, primarily to be recognized in Q4 of fiscal 2026, aiming to enhance profitability and improve financial health.
- Stock Price Surge: Following the layoff announcement, BILL's shares rose over 8% in after-hours trading, indicating a positive market reaction to the restructuring plan, which may bolster investor confidence.
- Market Pressure: Under pressure from activist investors like Starboard Value and Elliott Investment Management, BILL is exploring sale options, reflecting the company's need for strategic adjustments in the current market environment.
- Financial Performance: Despite a nearly 31% decline in stock price in 2026, BILL reported a 13% year-over-year revenue increase to $406.6 million in Q3, achieving quarterly profitability, demonstrating business resilience ahead of the restructuring.
See More
Bill Holdings Announces 30% Workforce Reduction to Enhance Efficiency
- Workforce Reduction: Bill Holdings announced a plan to reduce its workforce by up to 30% to enhance organizational efficiency and drive profit growth, which is expected to positively impact future operations.
- Restructuring Costs: The company anticipates incurring restructuring charges of approximately $30 million to $60 million, primarily related to severance payments, employee benefits, and associated costs, which will affect future financial performance.
- Stock Buyback Authorization: Concurrently, the Bill Holdings board authorized a stock buyback of up to $1.0 billion, aimed at enhancing shareholder value and boosting market confidence.
- Earnings Performance Exceeds Expectations: In its latest earnings report, Bill Holdings reported a non-GAAP EPS of $0.68, beating expectations by $0.13, with revenue of $406.6 million exceeding forecasts by $3.22 million, demonstrating the company's competitive position in the market.
See More
