Tyler Technologies (NYSE:TYL) Sets New 1-Year High After Strong Earnings

Tyler Technologies, Inc. (NYSE:TYL)’s share price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $623.15 and last traded at $623.15, with a volume of 27680 shares traded. The stock had previously closed at $582.22.

The technology company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.09. The business had revenue of $543.34 million during the quarter, compared to analysts’ expectations of $547.34 million. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.66 earnings per share.

Wall Street Analyst Weigh In

Several research analysts have commented on TYL shares. Evercore ISI upgraded shares of Tyler Technologies to a “hold” rating in a research report on Friday, July 26th. Needham & Company LLC boosted their price objective on shares of Tyler Technologies from $600.00 to $700.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays upgraded shares of Tyler Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $577.00 to $700.00 in a report on Monday, October 7th. JMP Securities upped their price target on shares of Tyler Technologies from $490.00 to $580.00 and gave the stock a “market outperform” rating in a report on Monday, July 22nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $627.00 price target on shares of Tyler Technologies in a research report on Friday, September 13th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Tyler Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Insider Transactions at Tyler Technologies

In related news, CFO Brian K. Miller sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $567.96, for a total value of $1,135,920.00. Following the completion of the transaction, the chief financial officer now directly owns 11,950 shares of the company’s stock, valued at approximately $6,787,122. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Brian K. Miller sold 2,000 shares of Tyler Technologies stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $567.96, for a total transaction of $1,135,920.00. Following the completion of the sale, the chief financial officer now directly owns 11,950 shares of the company’s stock, valued at approximately $6,787,122. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian K. Miller sold 2,500 shares of Tyler Technologies stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $586.97, for a total transaction of $1,467,425.00. Following the sale, the chief financial officer now directly owns 11,950 shares of the company’s stock, valued at $7,014,291.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,375 shares of company stock worth $17,049,739 in the last quarter. Insiders own 2.20% of the company’s stock.

Institutional Trading of Tyler Technologies

A number of hedge funds have recently made changes to their positions in TYL. Independence Bank of Kentucky bought a new stake in Tyler Technologies in the second quarter worth $25,000. Covestor Ltd raised its stake in shares of Tyler Technologies by 153.6% during the first quarter. Covestor Ltd now owns 71 shares of the technology company’s stock valued at $30,000 after acquiring an additional 43 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Tyler Technologies by 329.4% during the second quarter. Blue Trust Inc. now owns 73 shares of the technology company’s stock valued at $37,000 after acquiring an additional 56 shares during the last quarter. Lynx Investment Advisory bought a new position in shares of Tyler Technologies during the second quarter valued at about $38,000. Finally, Larson Financial Group LLC raised its stake in shares of Tyler Technologies by 675.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the technology company’s stock valued at $40,000 after acquiring an additional 81 shares during the last quarter. 93.30% of the stock is owned by institutional investors.

Tyler Technologies Trading Up 7.2 %

The stock has a market capitalization of $26.64 billion, a P/E ratio of 128.75, a P/E/G ratio of 5.42 and a beta of 0.78. The firm’s 50 day moving average price is $583.86 and its 200 day moving average price is $524.77. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.06 and a quick ratio of 1.06.

Tyler Technologies Company Profile

Tyler Technologies, Inc provides integrated information management solutions and services for the public sector. It operates in two segments, Enterprise Software and Platform Technologies. The company offers platform and transformative technology solutions, including cybersecurity for government agencies; data and insights solutions; digital solutions that helps workers and policymakers to share, communicate, and leverage data; payments solutions, such as billing, presentment, merchant onboarding, collections, reconciliation, and disbursements; platform technologies, an application development platform that enables government workers to build solutions and applications; and outdoor recreation solutions, including campsite reservations, activity registrations, licensing sales and renewals, and real-time data for conservation and park management.