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

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

A number of other equities analysts have also issued reports on TYL. Piper Sandler restated an “overweight” rating and issued a $543.00 target price (down from $671.00) on shares of Tyler Technologies in a research note on Friday, February 13th. Cantor Fitzgerald restated a “neutral” rating and issued a $325.00 target price on shares of Tyler Technologies in a research note on Friday, February 13th. Barclays reduced their target price on Tyler Technologies from $715.00 to $410.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. The Goldman Sachs Group set a $420.00 target price on Tyler Technologies in a research note on Friday, February 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $750.00 price objective on shares of Tyler Technologies in a research note on Tuesday, February 3rd. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $463.69.

Tyler Technologies Price Performance

Shares of TYL stock opened at $339.71 on Tuesday. The firm has a market capitalization of $14.42 billion, a price-to-earnings ratio of 47.18, a price-to-earnings-growth ratio of 2.27 and a beta of 0.92. The business has a fifty day moving average of $338.84 and a 200 day moving average of $419.15. Tyler Technologies has a 1 year low of $283.71 and a 1 year high of $621.34.

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

Insider Buying and Selling at Tyler Technologies

In related news, Director Andrew D. Teed acquired 1,600 shares of Tyler Technologies stock in a transaction on Monday, February 23rd. The stock was acquired at an average price of $309.91 per share, for a total transaction of $495,856.00. Following the purchase, the director owned 5,118 shares of the company’s stock, valued at approximately $1,586,119.38. This represents a 45.48% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Jeffrey David Puckett sold 5,174 shares of Tyler Technologies stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $369.93, for a total value of $1,914,017.82. Following the transaction, the chief operating officer owned 7,754 shares of the company’s stock, valued at $2,868,437.22. The trade was a 40.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 7,298 shares of company stock worth $2,658,721. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Tyler Technologies

A number of institutional investors have recently modified their holdings of TYL. Norges Bank acquired a new stake in shares of Tyler Technologies during the 4th quarter valued at about $921,035,000. Van ECK Associates Corp grew its position in shares of Tyler Technologies by 43.2% during the 4th quarter. Van ECK Associates Corp now owns 1,217,306 shares of the technology company’s stock valued at $552,596,000 after acquiring an additional 367,203 shares during the period. Wellington Management Group LLP grew its position in shares of Tyler Technologies by 72.5% during the 3rd quarter. Wellington Management Group LLP now owns 600,776 shares of the technology company’s stock valued at $314,302,000 after acquiring an additional 252,488 shares during the period. Impax Asset Management Group plc acquired a new stake in shares of Tyler Technologies during the 4th quarter valued at about $106,740,000. Finally, Vanguard Group Inc. grew its position in shares of Tyler Technologies by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 5,805,036 shares of the technology company’s stock valued at $3,036,963,000 after acquiring an additional 234,916 shares during the period. 93.30% of the stock is currently owned by institutional investors and hedge funds.

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.