Tyler Technologies (NYSE:TYL) Earns “Buy” Rating from Needham & Company LLC

Tyler Technologies (NYSE:TYL)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They currently have a $750.00 price objective on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 106.76% from the company’s previous close.

Several other analysts also recently weighed in on the stock. DA Davidson cut their price objective on shares of Tyler Technologies from $540.00 to $510.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 9th. Oppenheimer dropped their price target on shares of Tyler Technologies from $600.00 to $510.00 and set an “outperform” rating on the stock in a research note on Friday, January 23rd. BTIG Research started coverage on Tyler Technologies in a research report on Tuesday, December 16th. They set a “buy” rating and a $560.00 price objective for the company. Piper Sandler reduced their price target on Tyler Technologies from $708.00 to $671.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Finally, Stifel Nicolaus initiated coverage on Tyler Technologies in a report on Wednesday, January 7th. They set a “buy” rating and a $550.00 price target on the stock. Twelve equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $611.14.

Tyler Technologies Stock Performance

TYL stock opened at $362.73 on Tuesday. Tyler Technologies has a 1 year low of $362.56 and a 1 year high of $661.31. The stock has a market capitalization of $15.61 billion, a price-to-earnings ratio of 50.45, a PEG ratio of 2.49 and a beta of 0.91. The stock’s fifty day moving average is $446.92 and its two-hundred day moving average is $499.79.

Insider Transactions at Tyler Technologies

In related news, Director Glenn A. Carter sold 500 shares of the stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $458.73, for a total transaction of $229,365.00. Following the completion of the sale, the director directly owned 3,172 shares of the company’s stock, valued at $1,455,091.56. This represents a 13.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian K. Miller sold 1,000 shares of Tyler Technologies stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $448.51, for a total transaction of $448,510.00. Following the completion of the transaction, the chief financial officer owned 17,148 shares in the company, valued at approximately $7,691,049.48. This trade represents a 5.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,500 shares of company stock valued at $1,605,605 over the last three months. 1.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tyler Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. acquired a new position in Tyler Technologies in the 1st quarter valued at approximately $38,000. NewEdge Advisors LLC increased its stake in shares of Tyler Technologies by 17.8% in the first quarter. NewEdge Advisors LLC now owns 251 shares of the technology company’s stock worth $146,000 after acquiring an additional 38 shares during the last quarter. Woodline Partners LP acquired a new position in shares of Tyler Technologies in the first quarter worth $2,102,000. Geneos Wealth Management Inc. raised its holdings in shares of Tyler Technologies by 137.9% during the first quarter. Geneos Wealth Management Inc. now owns 69 shares of the technology company’s stock worth $40,000 after acquiring an additional 40 shares in the last quarter. Finally, Truist Financial Corp boosted its position in Tyler Technologies by 10.7% during the second quarter. Truist Financial Corp now owns 5,858 shares of the technology company’s stock valued at $3,473,000 after purchasing an additional 565 shares during the last quarter. 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.