Benzinga | Nov 5, 2021 03:50PM EDT

Bill.com Shares Soar As Analysts Bump Up Price Targets

* Analysts bumped up price targets on Bill.com Holdings (NYSE:BILL) following upbeat Q1 FY22 results.

* Canaccord analyst Joseph Vafi raised the price target to $366 from $284, implying 24.5% upside, and reiterated a Buy.

* The analyst believes core organic revenue growth is benefiting from the ongoing network effects of the Bill platform, along with cross-selling opportunities already being realized from Divvy.

* Piper Sandler maintained Overweight and lifted the price target to $380, implying a 29.3% upside.

* The firm is positive on 'another surprise acceleration in organic core revenue with 78% Y/Y growth' with 5,600 net quarterly adds; sees company's 'differentiated business riding an SMB finance transformation wave.'

* SMBC Nikko maintained Outperform and raised the price target to $370, implying a 25.9% upside.

* Needham maintained a Buy and increased the price target to $370.

* KeyBanc affirmed Overweight and increased the price target to $375, implying a 27.6% upside.

* The firm is positive on 'high-quality organic revenue beat' with organic growth guided to mid-50s from mid-40s; it sees the combination of strong organic trends to drive company strategy focused on back-office operations.

* Price Action: BILL shares traded higher by 13.40% at $333.32 on the last check Friday.