Tyler Technologies (NYSE:TYL) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Tyler Technologies (NYSE:TYL) released its quarterly earnings data on Wednesday. The technology company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.09, Briefing.com reports. The business had revenue of $543.34 million for the quarter, compared to analyst estimates of $547.34 million. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. Tyler Technologies’s revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted $1.66 earnings per share. Tyler Technologies updated its FY24 guidance to $9.47-9.62 EPS and its FY 2024 guidance to 9.470-9.620 EPS.

Tyler Technologies Stock Performance

Shares of TYL opened at $611.47 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.19. The firm’s fifty day simple moving average is $584.45 and its two-hundred day simple moving average is $525.37. Tyler Technologies has a 12 month low of $361.16 and a 12 month high of $631.43. The stock has a market capitalization of $26.09 billion, a P/E ratio of 126.34, a price-to-earnings-growth ratio of 5.42 and a beta of 0.78.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Oppenheimer raised their price target on shares of Tyler Technologies from $625.00 to $700.00 and gave the company an “outperform” rating in a research note on Friday. Robert W. Baird upped their price target on shares of Tyler Technologies from $625.00 to $700.00 and gave the stock an “outperform” rating in a report on Friday. Evercore ISI raised Tyler Technologies to a “hold” rating in a report on Friday, July 26th. Wells Fargo & Company increased their target price on Tyler Technologies from $580.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, DA Davidson upped their price objective on Tyler Technologies from $525.00 to $550.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Tyler Technologies currently has an average rating of “Moderate Buy” and an average target price of $626.46.

Insider Transactions at Tyler Technologies

In related news, insider John S. Marr, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $578.94, for a total transaction of $2,894,700.00. Following the completion of the sale, the insider now owns 6,983 shares of the company’s stock, valued at $4,042,738.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Daniel M. Pope sold 275 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $578.26, for a total transaction of $159,021.50. Following the transaction, the director now owns 3,218 shares in the company, valued at $1,860,840.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John S. Marr, Jr. sold 5,000 shares of Tyler Technologies stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $578.94, for a total transaction of $2,894,700.00. Following the completion of the sale, the insider now directly owns 6,983 shares of the company’s stock, valued at approximately $4,042,738.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,375 shares of company stock valued at $17,049,739. Corporate insiders own 2.20% of the company’s stock.

About Tyler Technologies

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.