Tyler Technologies (NYSE:TYL) Given “Buy” Rating at Needham & Company LLC

Tyler Technologies (NYSE:TYL)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They presently have a $700.00 target price on the technology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 22.98% from the company’s current price.

Several other equities research analysts have also recently issued reports on TYL. JMP Securities raised their target price on Tyler Technologies from $580.00 to $700.00 and gave the stock a “market outperform” rating in a research note on Friday, October 25th. Robert W. Baird increased their target price on shares of Tyler Technologies from $625.00 to $700.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Truist Financial restated a “buy” rating and issued a $685.00 price target (up previously from $600.00) on shares of Tyler Technologies in a research note on Friday, October 25th. StockNews.com lowered Tyler Technologies from a “buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, DA Davidson lifted their target price on Tyler Technologies from $525.00 to $550.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Tyler Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $643.77.

Tyler Technologies Stock Performance

NYSE TYL opened at $569.18 on Tuesday. Tyler Technologies has a fifty-two week low of $397.80 and a fifty-two week high of $638.56. The firm has a market capitalization of $24.36 billion, a P/E ratio of 103.87, a price-to-earnings-growth ratio of 4.42 and a beta of 0.78. The stock’s fifty day moving average is $599.72 and its two-hundred day moving average is $584.55. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.21 and a current ratio of 1.21.

Tyler Technologies (NYSE:TYL) last announced its quarterly earnings results on Wednesday, October 23rd. The technology company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.09. Tyler Technologies had a net margin of 11.39% and a return on equity of 9.79%. The firm had revenue of $543.34 million for the quarter, compared to analysts’ expectations of $547.34 million. During the same quarter in the previous year, the company posted $1.66 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. On average, research analysts anticipate that Tyler Technologies will post 7.36 earnings per share for the current year.

Insider Activity at Tyler Technologies

In other news, CFO Brian K. Miller sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $602.72, for a total transaction of $1,808,160.00. Following the transaction, the chief financial officer now directly owns 11,950 shares in the company, valued at approximately $7,202,504. This trade represents a 20.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John S. Marr, Jr. sold 12,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $613.66, for a total transaction of $7,363,920.00. Following the completion of the sale, the insider now owns 6,983 shares of the company’s stock, valued at approximately $4,285,187.78. This trade represents a 63.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,252 shares of company stock valued at $26,096,928 over the last ninety days. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Tyler Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in TYL. Ashton Thomas Securities LLC acquired a new stake in Tyler Technologies during the 3rd quarter worth approximately $27,000. Tobam acquired a new position in shares of Tyler Technologies in the third quarter valued at approximately $78,000. Quarry LP purchased a new stake in shares of Tyler Technologies during the third quarter worth approximately $78,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Tyler Technologies by 18.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the technology company’s stock worth $78,000 after purchasing an additional 21 shares during the period. Finally, Brooklyn Investment Group purchased a new position in Tyler Technologies in the 3rd quarter valued at $79,000. Hedge funds and other institutional investors own 93.30% of the company’s stock.

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.