PNC Financial Services Group Inc. Increases Stock Holdings in Tyler Technologies, Inc. (NYSE:TYL)

PNC Financial Services Group Inc. boosted its stake in Tyler Technologies, Inc. (NYSE:TYL) by 10.6% in the third quarter, Holdings Channel reports. The fund owned 10,369 shares of the technology company’s stock after buying an additional 993 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tyler Technologies were worth $6,053,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of TYL. Independence Bank of Kentucky purchased a new position in shares of Tyler Technologies in the second quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in Tyler Technologies in the 3rd quarter worth $27,000. Covestor Ltd lifted its holdings in Tyler Technologies by 153.6% in the 1st quarter. Covestor Ltd now owns 71 shares of the technology company’s stock worth $30,000 after buying an additional 43 shares in the last quarter. Blue Trust Inc. boosted its position in Tyler Technologies by 329.4% in the 2nd quarter. Blue Trust Inc. now owns 73 shares of the technology company’s stock valued at $37,000 after buying an additional 56 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new stake in shares of Tyler Technologies during the second quarter valued at about $38,000. Institutional investors and hedge funds own 93.30% of the company’s stock.

Insider Activity

In other Tyler Technologies news, Director Glenn A. Carter sold 3,350 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $582.57, for a total value of $1,951,609.50. Following the sale, the director now owns 2,654 shares in the company, valued at approximately $1,546,140.78. This trade represents a 55.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian K. Miller sold 2,500 shares of Tyler Technologies stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $586.97, for a total value of $1,467,425.00. Following the sale, the chief financial officer now directly owns 11,950 shares in the company, valued at approximately $7,014,291.50. This trade represents a 17.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,600 shares of company stock valued at $16,412,595. 2.20% of the stock is currently owned by company insiders.

Tyler Technologies Stock Performance

Shares of TYL stock opened at $609.09 on Friday. The company has a market cap of $26.07 billion, a P/E ratio of 111.15, a PEG ratio of 5.41 and a beta of 0.77. The business has a 50 day moving average of $595.22 and a two-hundred day moving average of $551.16. Tyler Technologies, Inc. has a 52 week low of $397.80 and a 52 week high of $631.43. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.18.

Tyler Technologies (NYSE:TYL) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating 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 return on equity of 9.79% and a net margin of 11.39%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.66 EPS. As a group, analysts anticipate that Tyler Technologies, Inc. will post 7.36 EPS for the current year.

Analyst Upgrades and Downgrades

TYL has been the subject of a number of analyst reports. Robert W. Baird increased their price target on Tyler Technologies from $625.00 to $700.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Piper Sandler increased their target price on Tyler Technologies from $625.00 to $701.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. StockNews.com lowered shares of Tyler Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday. Truist Financial reissued a “buy” rating and set a $685.00 price objective (up from $600.00) on shares of Tyler Technologies in a report on Friday, October 25th. Finally, JMP Securities boosted their target price on shares of Tyler Technologies from $580.00 to $700.00 and gave the stock a “market outperform” rating in a research report on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $642.62.

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.