State of New Jersey Common Pension Fund D Trims Stake in Tyler Technologies, Inc. (NYSE:TYL)

State of New Jersey Common Pension Fund D decreased its position in shares of Tyler Technologies, Inc. (NYSE:TYL) by 32.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 15,101 shares of the technology company’s stock after selling 7,229 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Tyler Technologies were worth $7,592,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TYL. Independence Bank of Kentucky purchased a new stake in shares of Tyler Technologies in the 2nd quarter worth approximately $25,000. Kapitalo Investimentos Ltda purchased a new stake in shares of Tyler Technologies in the 4th quarter worth approximately $26,000. Covestor Ltd grew its stake in shares of Tyler Technologies by 153.6% in the 1st quarter. Covestor Ltd now owns 71 shares of the technology company’s stock worth $30,000 after buying an additional 43 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Tyler Technologies by 329.4% in the 2nd quarter. Blue Trust Inc. now owns 73 shares of the technology company’s stock worth $37,000 after buying an additional 56 shares during the last quarter. Finally, Lynx Investment Advisory purchased a new stake in shares of Tyler Technologies in the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 93.30% of the company’s stock.

Tyler Technologies Price Performance

Shares of Tyler Technologies stock opened at $581.96 on Friday. Tyler Technologies, Inc. has a one year low of $361.16 and a one year high of $598.93. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market cap of $24.83 billion, a P/E ratio of 131.67, a P/E/G ratio of 5.42 and a beta of 0.78. The stock’s fifty day moving average is $564.01 and its 200 day moving average is $492.55.

Tyler Technologies (NYSE:TYL) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.06. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. The business had revenue of $540.98 million during the quarter, compared to analyst estimates of $541.01 million. During the same quarter in the prior year, the business posted $1.53 EPS. Tyler Technologies’s revenue for the quarter was up 7.3% compared to the same quarter last year. Sell-side analysts anticipate that Tyler Technologies, Inc. will post 7.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Brian K. Miller sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $567.96, for a total transaction of $1,135,920.00. Following the completion of the transaction, the chief financial officer now owns 11,950 shares in the company, valued at $6,787,122. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Brian K. Miller sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $567.96, for a total transaction of $1,135,920.00. Following the completion of the transaction, the chief financial officer now owns 11,950 shares in the company, valued at $6,787,122. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO H Lynn Moore, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $590.98, for a total value of $2,954,900.00. Following the transaction, the chief executive officer now owns 75,000 shares of the company’s stock, valued at approximately $44,323,500. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,375 shares of company stock worth $14,166,639. Corporate insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

TYL has been the topic of several recent research reports. BTIG Research upped their price target on Tyler Technologies from $550.00 to $630.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Wells Fargo & Company upped their price target on Tyler Technologies from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Oppenheimer increased their target price on Tyler Technologies from $550.00 to $625.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Piper Sandler increased their target price on Tyler Technologies from $529.00 to $625.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Evercore ISI upgraded Tyler Technologies to a “hold” rating in a research note on Friday, July 26th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Tyler Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $582.31.

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.