Tyler Technologies (NYSE:TYL) Posts Earnings Results, Beats Expectations By $0.06 EPS

Tyler Technologies (NYSE:TYL) issued its quarterly earnings data on Wednesday. The technology company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.06, Briefing.com reports. Tyler Technologies had a return on equity of 9.35% and a net margin of 9.50%. The business had revenue of $540.98 million for the quarter, compared to analyst estimates of $541.01 million. During the same quarter in the prior year, the firm posted $1.53 EPS. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. Tyler Technologies updated its FY24 guidance to $9.25-9.45 EPS and its FY 2024 guidance to 9.250-9.450 EPS.

Tyler Technologies Stock Performance

Shares of NYSE:TYL traded up $48.54 on Thursday, hitting $564.34. 622,142 shares of the company were exchanged, compared to its average volume of 221,483. The company’s 50 day moving average price is $495.82 and its two-hundred day moving average price is $454.78. Tyler Technologies has a one year low of $361.16 and a one year high of $572.80. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $23.96 billion, a price-to-earnings ratio of 127.83, a PEG ratio of 4.94 and a beta of 0.76.

Wall Street Analyst Weigh In

TYL has been the topic of a number of recent analyst reports. JMP Securities lifted their price target on shares of Tyler Technologies from $490.00 to $580.00 and gave the company a “market outperform” rating in a research report on Monday. Oppenheimer lifted their target price on shares of Tyler Technologies from $500.00 to $550.00 and gave the stock an “outperform” rating in a report on Wednesday, May 22nd. Truist Financial reiterated a “buy” rating and issued a $560.00 target price (up previously from $510.00) on shares of Tyler Technologies in a report on Thursday, May 23rd. Robert W. Baird lifted their target price on shares of Tyler Technologies from $500.00 to $525.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $520.00 target price on shares of Tyler Technologies in a report on Wednesday, April 24th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $539.17.

Insider Transactions at Tyler Technologies

In other news, insider John S. Marr, Jr. sold 6,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $483.21, for a total transaction of $2,899,260.00. Following the transaction, the insider now owns 6,983 shares in the company, valued at approximately $3,374,255.43. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Brenda A. Cline sold 5,000 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $458.83, for a total value of $2,294,150.00. Following the sale, the director now owns 1,358 shares of the company’s stock, valued at $623,091.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John S. Marr, Jr. sold 6,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $483.21, for a total transaction of $2,899,260.00. Following the completion of the sale, the insider now directly owns 6,983 shares in the company, valued at approximately $3,374,255.43. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,241 shares of company stock worth $12,495,890. 2.20% of the stock is currently owned by company insiders.

Tyler Technologies Company Profile

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.