Investment firm 13D Management has exited its entire position in Bill. com, the financial automation software provider, during the first quarter of 2026.

The firm liquidated 90,000 shares, with an estimated transaction value of $4.03 million based on quarterly average unadjusted closing prices, according to a May 15 SEC filing.

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Portfolio Shift After Bill.com Exit

The quarter-end value of the Bill. com position decreased by $4.91 million due to trade and market price effects.

Following the liquidation, 13D Management's top holdings include Twilio at $7.64 million and Viasat at $7.55 million.

Acadia Healthcare Company represents $6.88 million of the remaining assets, followed by Pearson at $6.02 million and Autoliv at $5.87 million.

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As of May 14, 2026, Bill. com shares traded at $39.49, reflecting a 17% decline over the past year.

Bill.com Performance and Market Context

The software-as-a-service company underperformed the S&P 500, which grew approximately 25% during the same period.

Bill. com reported trailing twelve-month revenue of $1.60 billion and net income of $163,000.

Third-quarter fiscal-year revenue rose 13% year over year to $406.6 million, while core revenue increased 16% to $371.1 million.

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The company swung to a quarterly profit of $12.8 million from an $11.6 million loss a year earlier.

Non-GAAP operating income expanded by 50% during the quarter.

Management authorized a new $1 billion stock repurchase program after buying back roughly 1 million shares.

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The platform processed $89 billion in payment volume for nearly 494,000 businesses.