Wells Fargo & Company Reiterates Equal Weight Rating for Tyler Technologies (NYSE:TYL)

Tyler Technologies (NYSE:TYL)‘s stock had its “equal weight” rating reissued by investment analysts at Wells Fargo & Company in a report issued on Tuesday, Marketbeat reports. They presently have a $615.00 price target on the technology company’s stock, down from their previous price target of $670.00. Wells Fargo & Company‘s target price points to a potential upside of 7.05% from the company’s current price.

TYL has been the topic of a number of other research reports. Needham & Company LLC upped their target price on shares of Tyler Technologies from $600.00 to $700.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. StockNews.com lowered shares of Tyler Technologies from a “buy” rating to a “hold” rating in a research note on Friday, December 6th. The Goldman Sachs Group reiterated a “buy” rating and set a $627.00 price objective on shares of Tyler Technologies in a research note on Friday, September 13th. Piper Sandler increased their price objective on shares of Tyler Technologies from $625.00 to $701.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Barclays increased their price objective on shares of Tyler Technologies from $700.00 to $705.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $643.77.

Tyler Technologies Stock Performance

Shares of Tyler Technologies stock opened at $574.49 on Tuesday. The firm has a market cap of $24.59 billion, a PE ratio of 104.83, a price-to-earnings-growth ratio of 5.54 and a beta of 0.78. The firm’s 50-day simple moving average is $606.89 and its 200-day simple moving average is $580.07. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.21 and a current ratio of 1.21. Tyler Technologies has a 1 year low of $397.80 and a 1 year high of $638.56.

Tyler Technologies (NYSE:TYL) last issued its earnings results on Wednesday, October 23rd. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.43 by $0.09. The business had revenue of $543.34 million for the quarter, compared to analyst estimates of $547.34 million. Tyler Technologies had a net margin of 11.39% and a return on equity of 9.79%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.66 EPS. Equities analysts forecast that Tyler Technologies will post 7.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Brian K. Miller sold 3,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 in the company, valued at $7,202,504. This trade represents a 20.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John S. Marr, Jr. sold 6,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $633.55, for a total transaction of $3,801,300.00. Following the completion of the transaction, the insider now owns 6,983 shares of the company’s stock, valued at $4,424,079.65. This trade represents a 46.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,252 shares of company stock worth $26,096,928. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ashton Thomas Securities LLC bought a new position in shares of Tyler Technologies in the third quarter valued at approximately $27,000. Quarry LP bought a new stake in Tyler Technologies during the third quarter worth approximately $78,000. Tobam bought a new stake in Tyler Technologies during the third quarter worth approximately $78,000. Brooklyn Investment Group bought a new stake in Tyler Technologies during the third quarter worth approximately $79,000. Finally, Mowery & Schoenfeld Wealth Management LLC bought a new stake in Tyler Technologies during the third quarter worth approximately $82,000. 93.30% of the stock is currently owned by institutional investors.

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.