5 Best IPO Stocks To Buy Heading Into 2023

2. Bill.com Holdings, Inc. (NYSE:BILL)

Number of Hedge Fund Holders: 70

IPO Year: 2019

Bill.com Holdings, Inc. (NYSE:BILL) is a cloud-based financial software platform that simplifies, digitizes, and provides automation in financial operations for small and medium-sized enterprises (SMBs). The company generates sales through a subscription-based model.

On November 7, 2022, Keith Weiss, an analyst at Morgan Stanley, reduced his price target on Bill.com Holdings, Inc. (NYSE:BILL) to $200 from $220 while keeping an Overweight rating on the shares. According to the analyst, the company’s Q1 results came in better than expected, with the company continuing to demonstrate strong execution.

As per Insider Monkey’s database, 70 hedge funds owned stakes in Bill.com Holdings, Inc. (NYSE:BILL) at the end of the September quarter. Abdiel Capital Advisors was the most bullish fund on the company’s stock at the end of Q3 2022.