Bottomline Technologies (NASDAQ:EPAY) Soaring Incrementally

Bottomline Technologies (NASDAQ:EPAY) has been quietly moving up under the radar of many investors, as they've been doing it quietly over a period of time, and not in major jumps.

Canaccord says, "Bottomline posted another solid quarter in which the firm reported record orders, 26% operating income growth, and a $0.06 upside. This stock has made a “sneaky” rally inasmuch as the shares have rarely moved much in any given day, but after a few months, the stock is up 30%+. We expect this dynamic to continue. As such we have no hesitation recommending purchase of EPAY at current levels...Our F2011 estimates increase by $1.2 million and $0.06 (inclusive of the Q2 beat). Our estimates imply roughly 13% growth and 180 bps margin improvement."

Canaccord Genuity reiterates a 'Buy' rating on Bottomline Technologies (EPAY), which closed Friday at $22.90, up $2.53, or 12.42 percent. Canaccord raised their price target on Bottomline from $20 to $25.

Bottomline Technologies (NASDAQ:EPAY) Shares Soar on Strongest Orders in History of Company

Shares of Bottomline Technologies (NASDAQ:EPAY) were up over 12 percent on the day, as they came of their best quarter for orders in the history of the company.

Needham says, "Bottomline posted by far the strongest orders quarter in the firm’s history, which is indicative of the strategic value that Bottomline provides its financial institution customers. Additionally, Q2’s robust orders activity provides Bottomline with incremental revenue visibility to a business that already has more than 85% visibility going into a quarter. We believe that EPAY shares could approach $30 within 12-18 months...We have increased our FY’11, ’12 and ’13 Non-GAAP Net Income estimates by $2.8 million, $1.6 million and $2.4 million respectively. The associated EPS impact is +$0.07, nil and nil respectively (zero EPS impact in fiscal years 2012 and 2013 due to accelerated share creep)."

Needham & Company maintains a 'Strong Buy' on Bottomline Technologies (EPAY), which was trading at $22.89, gaining $2.52, or 12.37 percent, as of 2:44 PM EST. Needham raised their price target on Bottomline from $25 to $28.