Tyler Technologies’ (TYL) Buy Rating Reaffirmed at The Goldman Sachs Group

The Goldman Sachs Group reissued their buy rating on shares of Tyler Technologies (NYSE:TYL) in a report published on Friday, Benzinga reports. The firm currently has a $627.00 target price on the technology company’s stock.

A number of other research firms also recently weighed in on TYL. JMP Securities lifted their price target on Tyler Technologies from $490.00 to $580.00 and gave the company a market outperform rating in a research note on Monday, July 22nd. Piper Sandler boosted their target price on shares of Tyler Technologies from $529.00 to $625.00 and gave the stock an overweight rating in a research report on Friday, July 26th. Wells Fargo & Company increased their price target on shares of Tyler Technologies from $580.00 to $600.00 and gave the company an overweight rating in a report on Friday, July 26th. Barclays raised their price objective on shares of Tyler Technologies from $515.00 to $577.00 and gave the company an equal weight rating in a research note on Friday, July 26th. Finally, Evercore ISI upgraded shares of Tyler Technologies to a hold rating in a research report on Friday, July 26th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $582.31.

Tyler Technologies Price Performance

Shares of TYL opened at $581.96 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.06 and a current ratio of 1.06. Tyler Technologies has a fifty-two week low of $361.16 and a fifty-two week high of $598.93. The firm has a 50-day simple moving average of $562.64 and a 200-day simple moving average of $491.58. The company has a market capitalization of $24.83 billion, a price-to-earnings ratio of 131.67, a price-to-earnings-growth ratio of 5.42 and a beta of 0.78.

Tyler Technologies (NYSE:TYL) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.34 by $0.06. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. The business had revenue of $540.98 million during the quarter, compared to analysts’ expectations of $541.01 million. During the same quarter in the prior year, the business earned $1.53 earnings per share. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts anticipate that Tyler Technologies will post 7.21 earnings per share for the current year.

Insider Buying and Selling at Tyler Technologies

In related news, insider John S. Marr, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $578.94, for a total transaction of $2,894,700.00. Following the completion of the transaction, the insider now owns 6,983 shares of the company’s stock, valued at $4,042,738.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tyler Technologies news, insider John S. Marr, Jr. sold 5,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $578.94, for a total transaction of $2,894,700.00. Following the completion of the sale, the insider now owns 6,983 shares of the company’s stock, valued at $4,042,738.02. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian K. Miller sold 2,000 shares of the company’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders sold 24,375 shares of company stock worth $14,166,639 in the last 90 days. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Independence Bank of Kentucky purchased a new stake in Tyler Technologies during the 2nd quarter worth approximately $25,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Tyler Technologies during the fourth quarter worth approximately $26,000. Covestor Ltd increased 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 buying an additional 43 shares during the last quarter. Blue Trust Inc. raised its holdings in Tyler Technologies by 329.4% in the second quarter. Blue Trust Inc. now owns 73 shares of the technology company’s stock valued at $37,000 after acquiring an additional 56 shares in the last quarter. Finally, Lynx Investment Advisory bought a new position in Tyler Technologies during the 2nd quarter valued at $38,000. 93.30% of the stock is owned by hedge funds and other institutional investors.

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.