Tyler Technologies (NYSE:TYL) Stock Rating Reaffirmed as Buy by DA Davidson

Tyler Technologies (NYSE:TYL)‘s stock had its “buy” rating restated by investment analysts at DA Davidson in a note issued to investors on Tuesday, Benzinga reports. They currently have a $460.00 price target on the technology company’s stock. DA Davidson‘s target price would suggest a potential upside of 22.32% from the company’s current price.

TYL has been the subject of several other research reports. Guggenheim began coverage on shares of Tyler Technologies in a research report on Wednesday, July 22nd. They set a “buy” rating and a $440.00 price target for the company. TD Cowen lifted their target price on Tyler Technologies from $400.00 to $450.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company upgraded Tyler Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $335.00 to $400.00 in a research note on Monday, October 12th. Needham & Company LLC raised their price objective on Tyler Technologies from $400.00 to $500.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, UBS Group set a $395.00 target price on Tyler Technologies in a report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Tyler Technologies has an average rating of “Moderate Buy” and a consensus target price of $442.78.

Tyler Technologies Stock Performance

NYSE TYL traded down $2.57 during trading on Tuesday, reaching $376.06. The company’s stock had a trading volume of 131,929 shares, compared to its average volume of 737,588. The firm has a market cap of $15.40 billion, a price-to-earnings ratio of 49.79 and a beta of 0.85. Tyler Technologies has a twelve month low of $270.71 and a twelve month high of $510.19. The business’s fifty day moving average price is $349.90 and its 200-day moving average price is $338.60.

Tyler Technologies (NYSE:TYL) last released its quarterly earnings data on Wednesday, July 29th. The technology company reported $3.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.05 by $0.03. The business had revenue of $645.10 million during the quarter, compared to analysts’ expectations of $647.95 million. During the same quarter in the previous year, the company posted $2.91 EPS. The company’s revenue was up 8.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Tyler Technologies will post 10.13 EPS for the current fiscal year.

Insider Transactions at Tyler Technologies

In other news, COO Jeffrey Puckett sold 8,500 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $356.44, for a total transaction of $3,029,740.00. Following the completion of the sale, the chief operating officer directly owned 7,784 shares in the company, valued at $2,774,528.96. This trade represents a 52.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO H. Moore, Jr. sold 9,250 shares of Tyler Technologies stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $372.79, for a total value of $3,448,307.50. Following the sale, the chief executive officer directly owned 100,392 shares in the company, valued at approximately $37,425,133.68. The trade was a 8.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Tyler Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of TYL. BlackRock Inc. acquired a new stake in Tyler Technologies in the second quarter valued at $1,129,890,000. Principal Financial Group Inc. grew its holdings in Tyler Technologies by 20.1% during the 1st quarter. Principal Financial Group Inc. now owns 1,745,625 shares of the technology company’s stock worth $597,681,000 after acquiring an additional 291,564 shares in the last quarter. Bank of America Corp DE grew its holdings in Tyler Technologies by 10.5% during the 1st quarter. Bank of America Corp DE now owns 405,095 shares of the technology company’s stock worth $138,696,000 after acquiring an additional 38,508 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Tyler Technologies by 13.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 400,775 shares of the technology company’s stock worth $117,211,000 after purchasing an additional 48,832 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Tyler Technologies during the 2nd quarter worth approximately $88,645,000. 93.30% of the stock is currently owned by hedge funds and other institutional investors.

Tyler Technologies Company Profile

Tyler Technologies, Inc provides integrated software and technology services to public-sector organizations. Its customers include municipalities, counties, states, courts, school districts, public safety agencies, and other government entities. The company’s solutions are designed to help public organizations manage operations, improve service delivery, and engage with residents and constituents.

Tyler’s product portfolio includes enterprise resource planning and financial management software, property tax and appraisal systems, court and justice solutions, public safety and emergency communications platforms, permitting and licensing tools, and software for schools and elections.