Needham & Company LLC Increases Tyler Technologies (NYSE:TYL) Price Target to $700.00

Tyler Technologies (NYSE:TYL) had its price target upped by equities research analysts at Needham & Company LLC from $600.00 to $700.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s target price points to a potential upside of 20.23% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Evercore ISI upgraded Tyler Technologies to a “hold” rating in a research report on Friday, July 26th. Truist Financial reissued a “buy” rating and set a $600.00 price target (up previously from $560.00) on shares of Tyler Technologies in a research report on Friday, July 26th. DA Davidson raised their price objective on shares of Tyler Technologies from $525.00 to $550.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Piper Sandler boosted their target price on shares of Tyler Technologies from $529.00 to $625.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, BTIG Research raised their price target on shares of Tyler Technologies from $550.00 to $630.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $601.38.

Tyler Technologies Stock Performance

NYSE TYL opened at $582.22 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.06 and a quick ratio of 1.06. Tyler Technologies has a 1-year low of $361.16 and a 1-year high of $606.93. The company has a market cap of $24.72 billion, a PE ratio of 131.72, a price-to-earnings-growth ratio of 5.44 and a beta of 0.78. The stock’s 50 day simple moving average is $583.86 and its 200-day simple moving average is $524.77.

Tyler Technologies (NYSE:TYL) last released its earnings results on Wednesday, October 23rd. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.43 by $0.09. The business had revenue of $543.34 million during the quarter, compared to analyst estimates of $547.34 million. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.66 earnings per share. As a group, equities research analysts anticipate that Tyler Technologies will post 7.21 EPS for the current fiscal year.

Insider Activity at Tyler Technologies

In related news, CFO Brian K. Miller sold 2,000 shares of Tyler Technologies stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $567.96, for a total value of $1,135,920.00. Following the completion of the transaction, the chief financial officer now owns 11,950 shares in the company, valued at approximately $6,787,122. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO H Lynn Moore, Jr. sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $590.98, for a total transaction of $2,954,900.00. Following the sale, the chief executive officer now owns 75,000 shares of the company’s stock, valued at approximately $44,323,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian K. Miller sold 2,000 shares of Tyler Technologies stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $567.96, for a total value of $1,135,920.00. Following the completion of the transaction, the chief financial officer now owns 11,950 shares of the company’s stock, valued at approximately $6,787,122. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,375 shares of company stock worth $17,049,739 in the last three months. 2.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tyler Technologies

A number of hedge funds have recently bought and sold shares of the stock. Waldron Private Wealth LLC lifted its stake in Tyler Technologies by 3.5% in the second quarter. Waldron Private Wealth LLC now owns 716 shares of the technology company’s stock valued at $360,000 after buying an additional 24 shares during the last quarter. Industrial Alliance Investment Management Inc. grew its position in Tyler Technologies by 4.4% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 693 shares of the technology company’s stock worth $295,000 after purchasing an additional 29 shares during the last quarter. George Kaiser Family Foundation increased its stake in Tyler Technologies by 0.7% in the second quarter. George Kaiser Family Foundation now owns 4,177 shares of the technology company’s stock valued at $2,100,000 after purchasing an additional 29 shares during the period. UMB Bank n.a. raised its holdings in shares of Tyler Technologies by 2.4% in the third quarter. UMB Bank n.a. now owns 1,354 shares of the technology company’s stock valued at $790,000 after buying an additional 32 shares during the last quarter. Finally, Torray Investment Partners LLC raised its holdings in shares of Tyler Technologies by 0.3% in the second quarter. Torray Investment Partners LLC now owns 11,010 shares of the technology company’s stock valued at $5,536,000 after buying an additional 33 shares during the last quarter. Institutional investors and hedge funds own 93.30% of the company’s stock.

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.