Needham & Company LLC Raises Tyler Technologies (NYSE:TYL) Price Target to $700.00

Tyler Technologies (NYSE:TYL) had its price objective boosted by investment analysts at Needham & Company LLC from $600.00 to $700.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 19.29% from the stock’s previous close.

A number of other research firms have also recently commented on TYL. Oppenheimer increased their target price 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. DA Davidson increased their target price on shares of Tyler Technologies from $525.00 to $550.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Evercore ISI raised shares of Tyler Technologies to a “hold” rating in a research report on Friday, July 26th. Wells Fargo & Company increased their target price on shares of Tyler Technologies from $580.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Piper Sandler increased their target price on shares of Tyler Technologies from $529.00 to $625.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Tyler Technologies currently has an average rating of “Moderate Buy” and an average target price of $601.38.

Tyler Technologies Price Performance

Shares of TYL opened at $586.82 on Tuesday. The company has a 50 day moving average price of $583.71 and a 200-day moving average price of $523.16. Tyler Technologies has a fifty-two week low of $361.16 and a fifty-two week high of $606.93. The stock has a market capitalization of $25.04 billion, a PE ratio of 121.24, a PEG ratio of 5.44 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.

Tyler Technologies (NYSE:TYL) last announced its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.06. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. 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 prior year, the company earned $1.53 EPS. The company’s revenue was up 7.3% compared to the same quarter last year. Equities analysts predict that Tyler Technologies will post 7.21 earnings per share for the current fiscal year.

Insider Transactions at Tyler Technologies

In other news, CEO H Lynn Moore, Jr. sold 6,250 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $576.49, for a total value of $3,603,062.50. Following the sale, the chief executive officer now owns 75,000 shares in the company, valued at $43,236,750. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider John S. Marr, Jr. sold 5,000 shares of the firm’s stock in a transaction 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO H Lynn Moore, Jr. sold 6,250 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $576.49, for a total transaction of $3,603,062.50. Following the sale, the chief executive officer now owns 75,000 shares in the company, valued at approximately $43,236,750. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,375 shares of company stock worth $17,049,739 over the last 90 days. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Tyler Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TYL. Independence Bank of Kentucky acquired a new stake in Tyler Technologies during the second quarter valued at $25,000. Covestor Ltd grew its stake in Tyler Technologies by 153.6% during the 1st quarter. Covestor Ltd now owns 71 shares of the technology company’s stock valued at $30,000 after acquiring an additional 43 shares in the last quarter. Blue Trust Inc. grew its stake in Tyler Technologies by 329.4% during the 2nd 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. Lynx Investment Advisory purchased a new stake in Tyler Technologies during the 2nd quarter valued at about $38,000. Finally, Larson Financial Group LLC grew its stake in Tyler Technologies by 675.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the technology company’s stock valued at $40,000 after acquiring an additional 81 shares in the last quarter. Institutional investors and hedge funds own 93.30% of the company’s stock.

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.