Tyler Technologies’ (TYL) Buy Rating Reiterated at DA Davidson

DA Davidson reiterated their buy rating on shares of Tyler Technologies (NYSE:TYL) in a research note released on Tuesday morning,Benzinga reports. DA Davidson currently has a $460.00 target price on the technology company’s stock.

A number of other equities analysts have also weighed in on TYL. Piper Sandler reaffirmed an “overweight” rating and set a $543.00 target price (down from $671.00) on shares of Tyler Technologies in a research report on Friday, February 13th. Stifel Nicolaus lowered their price objective on shares of Tyler Technologies from $550.00 to $400.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Barclays dropped their price objective on shares of Tyler Technologies from $715.00 to $410.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. BTIG Research decreased their target price on shares of Tyler Technologies from $560.00 to $470.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $325.00 price target on shares of Tyler Technologies in a research note on Friday, February 13th. Twelve investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $467.54.

Tyler Technologies Trading Up 0.7%

Shares of TYL stock opened at $319.57 on Tuesday. The stock has a 50-day moving average of $411.80 and a 200-day moving average of $479.42. The stock has a market cap of $13.75 billion, a price-to-earnings ratio of 44.39, a PEG ratio of 2.12 and a beta of 0.91. Tyler Technologies has a 1-year low of $283.71 and a 1-year high of $641.77.

Tyler Technologies (NYSE:TYL) last released its earnings results on Wednesday, February 11th. The technology company reported $2.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.71 by ($0.07). Tyler Technologies had a net margin of 13.53% and a return on equity of 10.42%. The firm had revenue of $575.18 million during the quarter, compared to analyst estimates of $591.09 million. During the same quarter in the previous year, the firm earned $2.43 EPS. Tyler Technologies’s quarterly revenue was up 6.3% on a year-over-year basis. Sell-side analysts forecast that Tyler Technologies will post 8.52 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Brian K. Miller sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $448.51, for a total transaction of $448,510.00. Following the sale, the chief financial officer owned 17,148 shares of the company’s stock, valued at approximately $7,691,049.48. This represents a 5.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Glenn A. Carter sold 500 shares of the company’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $458.73, for a total transaction of $229,365.00. Following the completion of the transaction, the director directly owned 3,172 shares in the company, valued at approximately $1,455,091.56. The trade was a 13.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,500 shares of company stock worth $1,605,605 over the last 90 days. 1.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tyler Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Salomon & Ludwin LLC grew its stake in shares of Tyler Technologies by 6,100.0% during the fourth quarter. Salomon & Ludwin LLC now owns 62 shares of the technology company’s stock valued at $27,000 after buying an additional 61 shares during the last quarter. DV Equities LLC purchased a new stake in Tyler Technologies during the 4th quarter valued at about $27,000. Root Financial Partners LLC purchased a new position in Tyler Technologies in the 3rd quarter worth approximately $28,000. Elyxium Wealth LLC purchased a new position in Tyler Technologies in the 4th quarter worth approximately $29,000. Finally, Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Tyler Technologies during the second quarter valued at approximately $32,000. 93.30% of the stock is currently owned by hedge funds and other institutional investors.

About Tyler Technologies

Tyler Technologies, Inc is a provider of software and technology services for the public sector, delivering integrated systems that help government and public agencies manage operations, finances and citizen services. Headquartered in Plano, Texas, the company focuses on developing and implementing solutions for local and state governments, school districts, courts and public safety organizations. Its offerings are aimed at modernizing administrative workflows, improving transparency and enabling digital interactions between governments and the communities they serve.

Tyler’s product portfolio spans enterprise resource planning and financial management, tax and billing systems, court case and records management, public safety solutions (including computer-aided dispatch and records management), land and property management, permitting and licensing, and enterprise asset management.