Bottomline Technologies (EPAY): Beat/Guide Down Leads To PT Cut - Needham

August 26, 2016 6:39 AM EDT
Get Alerts EPAY Hot Sheet
Price: $22.70 +1.02%

Rating Summary:
    3 Buy, 8 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Needham & Company analyst, Mayank Tandon, reiterated his Buy rating on Bottomline Technologies (NASDAQ: EPAY), after the company reported upside for 4Q, exceeding on revenue, operating margins and earnings. Solid 15% constant currency growth in the subscription & transaction segment and operating leverage drove the upside results.

Management reduced the outlook for FY17 to account for FX headwinds and a change in the non-GAAP income tax methodology. Excluding these effects there is no change to the outlook, with constant currency growth and operating margin guidance unchanged.

Management also announced a $60MM share buyback, which combined with the solid results and stable outlook should help reassure investors that fundamentals are intact.

The price target drops to $28 from $30.

For an analyst ratings summary and ratings history on Bottomline Technologies click here. For more ratings news on Bottomline Technologies click here.

Shares of Bottomline Technologies closed at $20.82 yesterday.

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