Bottomline Technologies Inc. (NASDAQ:EPAY) shares dropped 3.1% during mid-day trading on Tuesday . The company traded as low as $20.52 and last traded at $20.60, with a volume of 263,839 shares changing hands. The stock had previously closed at $21.27.

EPAY has been the subject of a number of analyst reports. William Blair cut Bottomline Technologies from an “outperform” rating to a “market perform” rating in a report on Friday, April 29th. Zacks Investment Research raised Bottomline Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, June 8th. Barrington Research reaffirmed an “outperform” rating and issued a $30.00 price target on shares of Bottomline Technologies in a report on Wednesday, June 1st. Raymond James Financial Inc. cut Bottomline Technologies from an “outperform” rating to a “market perform” rating in a report on Friday, April 29th. Finally, First Analysis began coverage on Bottomline Technologies in a report on Tuesday, June 28th. They issued an “overweight” rating and a $27.00 price target for the company. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $29.83.

The firm has a 50 day moving average of $21.33 and a 200 day moving average of $25.69. The stock’s market capitalization is $778.45 million.

In other Bottomline Technologies news, insider Norman J. Deluca sold 2,500 shares of the company’s stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $24.26, for a total value of $60,650.00. Following the transaction, the insider now directly owns 80,555 shares of the company’s stock, valued at approximately $1,954,264.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Francis Kelly sold 2,991 shares of the company’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $21.52, for a total value of $64,366.32. Following the completion of the transaction, the insider now directly owns 43,250 shares in the company, valued at $930,740. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors have recently modified their holdings of the stock. Rhumbline Advisers raised its position in shares of Bottomline Technologies by 7.3% in the fourth quarter. Rhumbline Advisers now owns 51,396 shares of the company’s stock worth $1,528,000 after buying an additional 3,480 shares in the last quarter. I.G. Investment Management LTD. raised its position in shares of Bottomline Technologies by 0.6% in the fourth quarter. I.G. Investment Management LTD. now owns 64,395 shares of the company’s stock worth $1,914,000 after buying an additional 396 shares in the last quarter. Finally, Royce & Associates LLC raised its position in shares of Bottomline Technologies by 8.4% in the fourth quarter. Royce & Associates LLC now owns 143,197 shares of the company’s stock worth $4,257,000 after buying an additional 11,100 shares in the last quarter.

Bottomline Technologies (de), Inc is a provider of cloud-based digital banking, fraud prevention, payment, financial document, insurance and healthcare solutions. The Company’s segments include Payments and Transactional Documents, Hosted Solutions and Digital Banking. The Company offers hosted or Software as a Service (SaaS) solutions, as well as software designed to run on-site at the customer’s location.

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