Tyler Technologies (NYSE:TYL) Hits New 1-Year High Following Earnings Beat

Tyler Technologies, Inc. (NYSE:TYL)’s stock price reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $623.15 and last traded at $623.15, with a volume of 27680 shares trading hands. 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 company had revenue of $543.34 million for 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 was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.66 earnings per share.

Analysts Set New Price Targets

TYL has been the topic of several recent analyst reports. Wells Fargo & Company boosted their price objective on Tyler Technologies from $580.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. JMP Securities boosted their price target on shares of Tyler Technologies from $580.00 to $700.00 and gave the company a “market outperform” rating in a report on Friday. Oppenheimer upped their price target on shares of Tyler Technologies from $625.00 to $700.00 and gave the company an “outperform” rating in a research report on Friday. The Goldman Sachs Group reiterated a “buy” rating and set a $627.00 price objective on shares of Tyler Technologies in a research report on Friday, September 13th. Finally, Evercore ISI upgraded Tyler Technologies to a “hold” rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $642.62.

Insiders Place Their Bets

In other news, CFO Brian K. Miller sold 2,000 shares of Tyler Technologies 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 sale, the chief financial officer now directly owns 11,950 shares in the company, valued at $6,787,122. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO H Lynn Moore, Jr. sold 6,250 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $576.49, for a total transaction of $3,603,062.50. Following the transaction, the chief executive officer now owns 75,000 shares in the company, valued at $43,236,750. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian K. Miller sold 2,000 shares of the firm’s 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 transaction, the chief financial officer now owns 11,950 shares in the company, valued at $6,787,122. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,375 shares of company stock valued at $17,049,739 in the last three months. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Tyler Technologies

Hedge funds have recently bought and sold shares of the business. Swedbank AB bought a new stake in shares of Tyler Technologies during the 2nd quarter worth about $251,390,000. International Assets Investment Management LLC boosted its position in Tyler Technologies by 252,047.5% during the third quarter. International Assets Investment Management LLC now owns 307,620 shares of the technology company’s stock worth $179,564,000 after purchasing an additional 307,498 shares during the period. Janus Henderson Group PLC grew its holdings in Tyler Technologies by 15.3% during the first quarter. Janus Henderson Group PLC now owns 532,935 shares of the technology company’s stock valued at $226,501,000 after purchasing an additional 70,801 shares during the last quarter. Quantum Capital Management LLC NJ raised its position in shares of Tyler Technologies by 179.4% in the first quarter. Quantum Capital Management LLC NJ now owns 107,760 shares of the technology company’s stock valued at $45,799,000 after purchasing an additional 69,189 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Tyler Technologies by 18.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 424,982 shares of the technology company’s stock worth $180,622,000 after buying an additional 65,814 shares during the last quarter. 93.30% of the stock is owned by institutional investors and hedge funds.

Tyler Technologies Trading Down 0.9 %

The company’s fifty day moving average is $584.88 and its 200-day moving average is $526.68. 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 has a market capitalization of $25.85 billion, a P/E ratio of 125.18, a P/E/G ratio of 5.42 and a beta of 0.78.

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.