Starboard's known activist playbook suggests potential for operational or strategic changes. Monitor for future 13D amendments, shareholder proposals, or management engagement. The forward contracts indicate a bullish long-term view despite recent stock weakness.
Price Chart
Executive Summary
This SEC Form 3 is an initial statement of beneficial ownership filed by activist investor Jeffrey C. Smith and affiliated Starboard Value entities, disclosing aggregate beneficial ownership of approximately 8.7 million BILL shares (including via forward contracts). The filing is made due to a decrease in the issuer's outstanding shares—not an acquisition—and reaffirms Starboard's significant stake in the company. Starboard is a known activist with a history of pushing for operational changes, making this a notable development for BILL.
Key Facts
- Jeffrey C. Smith and Starboard Value entities filed Form 3, disclosing beneficial ownership of ~8.7 million shares of BILL common stock.
- Starboard funds hold directly: Starboard V&O Fund (2,983,630 sh), Starboard X Master (1,712,590 sh), Managed Account (1,408,983 sh), Starboard S LLC (681,182 sh), Starboard L Master (239,363 sh).
- Starboard V&O Fund also holds forward purchase contracts for 1,614,152 shares at an aggregate purchase price of $69,096,198, settling by December 21, 2026.
- Total disclosed economic exposure (direct + forward) exceeds 10 million shares, representing a meaningful activist stake in BILL.
- The Form 3 states it was triggered by a decrease in outstanding shares—a technical filing, not a new purchase.
Financial Impact
Starboard's total disclosed economic exposure is substantial, with direct holdings of ~7.0 million shares plus forward contracts for ~1.6 million shares at ~$69M.
Risk Factors
- Activist campaigns can lead to short-term volatility or conflicts, especially if Starboard pushes for major restructuring or sale.
- Forward contracts expire in Dec 2026—if Starboard fails to settle, the overhang could pressure the stock.
- The filing notes a technical share-count decrease—if driven by buybacks, it could mask activist entry timing; if by dilution, it may complicate Starboard's influence.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 3 Filing (Primary) | 0000921895-26-002438 |
| Document: 0000921895-26-002438-index.html | 0000921895-26-002438 |
| Document: 0000921895-26-002438.txt | 0000921895-26-002438 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 28d ago | Insider Cluster | $47.60 $49.96 | ▼ −4.96% | ▼ −6.08% | $43.62 (+8.36%) |
Sep 1, 2026 4w ago | Insider Cluster | $47.62 $47.94 | ▲ +0.67% | ▲ +0.59% | $43.62 (−8.40%) |
Aug 31, 2026 4w ago | 3 | $47.62 $47.94 | ▲ +0.67% | ▲ +0.59% | $43.62 (−8.40%) |
Aug 12, 2026 7w ago | Institutional Cluster | $48.70 $47.71 | ▼ −2.03% | ▼ −1.59% | $43.62 (−10.43%) |
Jun 12, 2026 16w ago | Institutional Cluster | $33.18 $32.47 | ▲ +2.14% | ▲ +2.81% | $43.62 (−31.46%) |
May 29, 2026 18w ago | 144 | $39.51 $35.97 | ▲ +8.96% | ▲ +6.21% | $43.62 (−10.40%) |
May 7, 2026 21w ago | 8-K | $41.83 $39.49 | ▼ −5.59% | ▼ −7.06% | $43.62 (+4.28%) |
US Market Status
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