Reduced Customer Spending Affected BILL Holdings (BILL) in Q1

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the mid-cap stocks posted gains after trailing in the previous quarter. Information Technology, Consumer Discretionary, and Industrials were the solid contributors to the fund in the quarter while, energy and utilities detracted from performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like BILL Holdings, Inc. (NYSE:BILL) in the Q1 2023 investor letter. Headquartered in San Jose, California, BILL Holdings, Inc. (NYSE:BILL) cloud-based software provider. On May 16, 2023, BILL Holdings, Inc. (NYSE:BILL) stock closed at $94.20 per share. One-month return of BILL Holdings, Inc. (NYSE:BILL) was 21.31%, and its shares lost 7.31% of their value over the last 52 weeks. BILL Holdings, Inc. (NYSE:BILL) has a market capitalization of $10.022 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about BILL Holdings, Inc. (NYSE:BILL) in its Q1 2023 investor letter:

“BILL Holdings, Inc. (NYSE:BILL)’s platform enables companies to automate payments, and it is clear that the macroeconomic environment is causing customers to reduce their spending levels, impacting transaction revenues in the near-term. The company posted quarterly results above expectations, but issued guidance that was only in line with expectations, rather than its typical expectations-beating guidance. Nevertheless, BILL Holdings has a strong competitive position, a large addressable market, and an economical selling strategy that should allow the company to return to strong profitability and growth when the economy turns positive.”

BILL Holdings, Inc. (NYSE:BILL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held BILL Holdings, Inc. (NYSE:BILL) at the end of the fourth quarter, which was 70 in the previous quarter.

We discussed BILL Holdings, Inc. (NYSE:BILL) in another article and shared the list of stocks receiving price-target cut from analysts. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.