Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Bottomline Technologies (Nasdaq: EPAY) is up nearly 24% today after posting excellent adjusted results on the, ahem, bottom line. Adjusted earnings per share came in at $0.26 after discounting acquisition and restructuring charges, beating analyst expectations by $0.05. Revenue also came in ahead of the $59.7 million consensus with a result of $61.4 million.

So what: Bottomline continues to transition to cloud-based services, and subscription revenue is up 64% for the quarter. However, the year-ago quarter had a much better bottom-line result, posting $0.87 per share. Today's beat gave analysts at Craig Hallum enough reason to upgrade Bottomline's stock to a buy rating, though its new price target of $26 is just 6% higher than Bottomline's price as of this writing.

Now what: Bottomline's had a rocky year so far, as it nearly reached $30 per share in March. Now trading at the midpoint of its 52-week price range, Bottomline's next moves may depend on whatever forward guidance it issues. Keep your eyes peeled for that, as the latest release doesn't offer us any solid predictions for upcoming quarters.

Want more news and updates? Add Bottomline to your watchlist now.