JPMorgan Chase & Co. Grows Stock Position in Tyler Technologies, Inc. (NYSE:TYL)

JPMorgan Chase & Co. increased its position in shares of Tyler Technologies, Inc. (NYSE:TYL) by 148.2% in the 3rd quarter, Holdings Channel reports. The firm owned 461,469 shares of the technology company’s stock after purchasing an additional 275,511 shares during the period. JPMorgan Chase & Co.’s holdings in Tyler Technologies were worth $269,369,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Aigen Investment Management LP acquired a new position in shares of Tyler Technologies during the 3rd quarter worth approximately $1,309,000. Maiden Cove Capital LLC purchased a new stake in Tyler Technologies in the 3rd quarter valued at $583,000. Assetmark Inc. increased its stake in shares of Tyler Technologies by 9.4% in the 3rd quarter. Assetmark Inc. now owns 9,910 shares of the technology company’s stock worth $5,785,000 after acquiring an additional 854 shares during the last quarter. MBB Public Markets I LLC purchased a new position in shares of Tyler Technologies during the 2nd quarter worth $1,564,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Tyler Technologies during the 3rd quarter valued at about $569,000. 93.30% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TYL shares. Truist Financial restated a “buy” rating and set a $685.00 price objective (up from $600.00) on shares of Tyler Technologies in a research report on Friday, October 25th. DA Davidson lifted their price target on shares of Tyler Technologies from $525.00 to $550.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Needham & Company LLC raised their target price on Tyler Technologies from $600.00 to $700.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Oppenheimer upped their price target on Tyler Technologies from $625.00 to $700.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. Finally, Barclays raised their price objective on Tyler Technologies from $700.00 to $705.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $642.62.

Insiders Place Their Bets

In other Tyler Technologies news, insider John S. Marr, Jr. sold 12,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $613.66, for a total value of $7,363,920.00. Following the sale, the insider now owns 6,983 shares of the company’s stock, valued at $4,285,187.78. This represents a 63.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian K. Miller sold 3,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $602.72, for a total value of $1,808,160.00. Following the completion of the transaction, the chief financial officer now directly owns 11,950 shares of the company’s stock, valued at approximately $7,202,504. This trade represents a 20.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,252 shares of company stock worth $26,096,928. 2.20% of the stock is owned by corporate insiders.

Tyler Technologies Price Performance

Tyler Technologies stock opened at $579.04 on Tuesday. The stock has a market cap of $24.78 billion, a P/E ratio of 105.66, a price-to-earnings-growth ratio of 5.54 and a beta of 0.76. The company has a fifty day simple moving average of $609.99 and a 200-day simple moving average of $575.87. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.18. Tyler Technologies, Inc. has a 12-month low of $397.80 and a 12-month high of $638.56.

Tyler Technologies (NYSE:TYL) last released its quarterly earnings data on Wednesday, October 23rd. 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 during the quarter, compared to the consensus estimate of $547.34 million. Tyler Technologies had a net margin of 11.39% and a return on equity of 9.79%. Tyler Technologies’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.66 earnings per share. Equities analysts expect that Tyler Technologies, Inc. will post 7.36 EPS for the current fiscal year.

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.