BILL (NYSE:BILL) Cut to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of BILL (NYSE:BILL) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has $55.00 target price on the stock, down from their prior target price of $60.00.

Several other research analysts also recently commented on BILL. Needham & Company LLC cut their price objective on shares of BILL from $100.00 to $75.00 and set a “buy” rating for the company in a report on Friday, May 9th. KeyCorp cut their price objective on shares of BILL from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Wells Fargo & Company cut their price objective on shares of BILL from $43.00 to $40.00 and set an “underweight” rating for the company in a report on Friday, May 9th. Piper Sandler cut their price objective on shares of BILL from $85.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Finally, BTIG Research assumed coverage on shares of BILL in a report on Wednesday, April 30th. They issued a “buy” rating and a $60.00 price target for the company. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $62.75.

BILL Stock Down 3.3%

BILL stock opened at $43.87 on Wednesday. BILL has a twelve month low of $36.55 and a twelve month high of $100.19. The firm has a 50 day moving average price of $44.12 and a 200-day moving average price of $63.09. The company has a market capitalization of $4.52 billion, a P/E ratio of -4,386.50, a P/E/G ratio of 29.46 and a beta of 1.36. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.44.

BILL (NYSE:BILL) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.37 by $0.13. The company had revenue of $358.22 million during the quarter, compared to the consensus estimate of $355.85 million. BILL had a net margin of 5.90% and a return on equity of 1.53%. BILL’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period last year, the firm earned $0.60 EPS. As a group, equities analysts predict that BILL will post 0.12 EPS for the current year.

Insider Activity

In related news, SVP Germaine Cota sold 1,718 shares of BILL stock in a transaction on Friday, May 30th. The shares were sold at an average price of $42.55, for a total value of $73,100.90. Following the transaction, the senior vice president now owns 9,512 shares in the company, valued at $404,735.60. This trade represents a 15.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On BILL

Large investors have recently added to or reduced their stakes in the business. Legato Capital Management LLC purchased a new position in BILL in the 4th quarter worth $828,000. Choreo LLC purchased a new position in shares of BILL in the fourth quarter valued at about $409,000. Rhumbline Advisers increased its position in shares of BILL by 153.7% in the fourth quarter. Rhumbline Advisers now owns 271,027 shares of the company’s stock valued at $22,959,000 after acquiring an additional 164,182 shares during the period. State of Alaska Department of Revenue purchased a new position in shares of BILL in the fourth quarter valued at about $919,000. Finally, IFP Advisors Inc boosted its stake in shares of BILL by 237.9% during the 4th quarter. IFP Advisors Inc now owns 1,115 shares of the company’s stock valued at $94,000 after purchasing an additional 785 shares in the last quarter. Hedge funds and other institutional investors own 97.99% of the company’s stock.

About BILL

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.