Tyler Technologies (NYSE:TYL) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Tyler Technologies (NYSE:TYL) announced its quarterly earnings data on Wednesday. The technology company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.43 by $0.09, Briefing.com reports. The firm had revenue of $543.34 million during the quarter, compared to analyst estimates of $547.34 million. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. Tyler Technologies’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the firm posted $1.66 EPS. Tyler Technologies updated its FY24 guidance to $9.47-9.62 EPS and its FY 2024 guidance to 9.470-9.620 EPS.

Tyler Technologies Price Performance

Tyler Technologies stock opened at $611.47 on Friday. The company’s fifty day moving average price is $584.45 and its 200 day moving average price is $525.37. Tyler Technologies has a 1 year low of $361.16 and a 1 year high of $631.43. The stock has a market capitalization of $26.09 billion, a P/E ratio of 126.34, a P/E/G 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.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Oppenheimer increased their price objective on shares of Tyler Technologies from $550.00 to $625.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Barclays upgraded shares of Tyler Technologies from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $577.00 to $700.00 in a report on Monday, October 7th. Wells Fargo & Company increased their price target on shares of Tyler Technologies from $580.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Evercore ISI upgraded shares of Tyler Technologies to a “hold” rating in a report on Friday, July 26th. Finally, Truist Financial reiterated a “buy” rating and issued a $600.00 price target (up previously from $560.00) on shares of Tyler Technologies in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Insider Activity at Tyler Technologies

In related news, insider John S. Marr, Jr. sold 5,000 shares of Tyler Technologies stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $578.94, for a total value of $2,894,700.00. Following the sale, the insider now owns 6,983 shares of the company’s stock, valued at approximately $4,042,738.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tyler Technologies news, insider John S. Marr, Jr. sold 5,000 shares of the firm’s stock in a transaction 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 owns 6,983 shares in the company, valued at approximately $4,042,738.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Glenn A. Carter sold 3,350 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now owns 2,654 shares in the company, valued at $1,546,140.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,375 shares of company stock valued at $17,049,739. 2.20% of the stock is owned by company insiders.

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.