Tyler Technologies (NYSE:TYL) Hits New 52-Week High Following Earnings Beat

Tyler Technologies, Inc. (NYSE:TYL)’s share price hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $623.15 and last traded at $623.15, with a volume of 27680 shares. The stock had previously closed at $582.22.

The technology company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.09. The firm had revenue of $543.34 million during the quarter, compared to the consensus estimate of $547.34 million. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. The firm’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 company earned $1.66 EPS.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TYL. Piper Sandler boosted their target price on shares of Tyler Technologies from $625.00 to $701.00 and gave the stock an “overweight” rating in a research report on Friday. Truist Financial restated a “buy” rating and set a $685.00 price objective (up previously from $600.00) on shares of Tyler Technologies in a report on Friday. DA Davidson increased their target price on shares of Tyler Technologies from $525.00 to $550.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Robert W. Baird boosted their price target on Tyler Technologies from $625.00 to $700.00 and gave the company an “outperform” rating in a research note on Friday. Finally, JMP Securities upped their price target on Tyler Technologies from $580.00 to $700.00 and gave the company a “market outperform” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $642.62.

Insider Transactions at Tyler Technologies

In related news, CFO Brian K. Miller sold 2,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $567.96, for a total value of $1,135,920.00. Following the sale, the chief financial officer now owns 11,950 shares of the company’s stock, valued at $6,787,122. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider John S. Marr, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $578.94, for a total value of $2,894,700.00. Following the transaction, the insider now directly owns 6,983 shares of the company’s stock, valued at $4,042,738.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian K. Miller sold 2,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $567.96, for a total value of $1,135,920.00. Following the sale, the chief financial officer now owns 11,950 shares in the company, 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. In the last ninety days, insiders sold 29,375 shares of company stock valued at $17,049,739. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Tyler Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of TYL. Independence Bank of Kentucky bought a new position in shares of Tyler Technologies in the second quarter valued at about $25,000. Covestor Ltd raised its stake in shares of Tyler Technologies by 153.6% in the first quarter. Covestor Ltd now owns 71 shares of the technology company’s stock worth $30,000 after acquiring an additional 43 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Tyler Technologies by 329.4% in the second quarter. Blue Trust Inc. now owns 73 shares of the technology company’s stock worth $37,000 after acquiring an additional 56 shares during the last quarter. Lynx Investment Advisory acquired a new position in shares of Tyler Technologies during the second quarter worth approximately $38,000. Finally, Larson Financial Group LLC grew its stake in shares of Tyler Technologies by 675.0% during the first quarter. Larson Financial Group LLC now owns 93 shares of the technology company’s stock valued at $40,000 after purchasing an additional 81 shares during the last quarter. Institutional investors and hedge funds own 93.30% of the company’s stock.

Tyler Technologies Price Performance

The stock has a 50-day simple moving average of $584.88 and a 200 day simple moving average of $526.68. The stock has a market capitalization of $25.85 billion, a P/E ratio of 125.18, a price-to-earnings-growth ratio of 5.42 and a beta of 0.78. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.06 and a current ratio of 1.06.

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.