Tyler Technologies (NYSE:TYL) Hits New 1-Year High – Here’s Why

Tyler Technologies, Inc. (NYSE:TYL)’s share price hit a new 52-week high on Monday . The stock traded as high as $599.85 and last traded at $597.79, with a volume of 51894 shares traded. The stock had previously closed at $594.41.

Wall Street Analyst Weigh In

TYL has been the topic of a number of recent research reports. Evercore ISI raised Tyler Technologies to a “hold” rating in a report on Friday, July 26th. The Goldman Sachs Group reiterated a “buy” rating and set a $627.00 price objective on shares of Tyler Technologies in a research note on Friday, September 13th. Piper Sandler raised their target price on shares of Tyler Technologies from $529.00 to $625.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Truist Financial reiterated a “buy” rating and issued a $600.00 price target (up from $560.00) on shares of Tyler Technologies in a research report on Friday, July 26th. Finally, DA Davidson raised their price objective on shares of Tyler Technologies from $456.00 to $525.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $591.77.

Tyler Technologies Stock Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.06 and a current ratio of 1.06. The business’s fifty day moving average price is $582.69 and its two-hundred day moving average price is $518.28. The stock has a market capitalization of $25.07 billion, a P/E ratio of 133.01, a P/E/G ratio of 5.42 and a beta of 0.78.

Tyler Technologies (NYSE:TYL) last announced its earnings results on Wednesday, July 24th. The technology company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.06. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. The firm had revenue of $540.98 million during the quarter, compared to analysts’ expectations of $541.01 million. During the same quarter in the previous year, the business earned $1.53 EPS. The company’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, sell-side analysts forecast that Tyler Technologies, Inc. will post 7.21 earnings per share for the current year.

Insider Activity

In other Tyler Technologies news, Director Daniel M. Pope sold 275 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $578.26, for a total value of $159,021.50. Following the transaction, the director now owns 3,218 shares of the company’s stock, valued at $1,860,840.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Tyler Technologies news, CFO Brian K. Miller sold 2,000 shares of Tyler Technologies stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $567.96, for a total transaction of $1,135,920.00. Following the completion of the sale, the chief financial officer now directly 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 document filed with the SEC, which is available at this hyperlink. Also, Director Daniel M. Pope sold 275 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $578.26, for a total value of $159,021.50. Following the completion of the sale, the director now owns 3,218 shares of the company’s stock, valued at $1,860,840.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,375 shares of company stock valued at $17,049,739. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Tyler Technologies

Hedge funds have recently added to or reduced their stakes in the business. Vontobel Holding Ltd. increased its position in Tyler Technologies by 3.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 1,214 shares of the technology company’s stock valued at $709,000 after purchasing an additional 46 shares during the period. Creative Planning boosted its stake in shares of Tyler Technologies by 2.9% during the third quarter. Creative Planning now owns 24,051 shares of the technology company’s stock valued at $14,039,000 after purchasing an additional 686 shares in the last quarter. Sapient Capital LLC increased its holdings in Tyler Technologies by 375.6% during the third quarter. Sapient Capital LLC now owns 2,754 shares of the technology company’s stock valued at $1,608,000 after buying an additional 2,175 shares during the period. Exchange Traded Concepts LLC bought a new position in Tyler Technologies in the third quarter worth approximately $270,000. Finally, Westwind Capital raised its stake in Tyler Technologies by 7,614.0% in the third quarter. Westwind Capital now owns 46,361 shares of the technology company’s stock worth $27,062,000 after buying an additional 45,760 shares in the last quarter. 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.