Synovus Financial Corp Cuts Stock Holdings in Tyler Technologies, Inc. (NYSE:TYL)

Synovus Financial Corp cut its stake in shares of Tyler Technologies, Inc. (NYSE:TYL) by 27.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,071 shares of the technology company’s stock after selling 2,247 shares during the quarter. Synovus Financial Corp’s holdings in Tyler Technologies were worth $3,544,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TYL. Ashton Thomas Securities LLC purchased a new position in Tyler Technologies in the third quarter valued at approximately $27,000. Independence Bank of Kentucky acquired a new position in shares of Tyler Technologies in the 2nd quarter valued at $25,000. Blue Trust Inc. grew its position in shares of Tyler Technologies by 329.4% in the 2nd quarter. Blue Trust Inc. now owns 73 shares of the technology company’s stock valued at $37,000 after buying an additional 56 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Tyler Technologies during the 2nd quarter worth $61,000. Finally, Quarry LP purchased a new stake in Tyler Technologies in the third quarter valued at $78,000. 93.30% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Tyler Technologies news, insider John S. Marr, Jr. sold 12,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $613.66, for a total value of $7,363,920.00. Following the completion of the transaction, the insider now owns 6,983 shares in the company, valued at approximately $4,285,187.78. This represents a 63.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian K. Miller sold 3,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $602.72, for a total value of $1,808,160.00. Following the completion of the sale, the chief financial officer now directly owns 11,950 shares of the company’s stock, valued at approximately $7,202,504. This trade represents a 20.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,500 shares of company stock valued at $21,952,888 in the last three months. 2.20% of the stock is currently owned by company insiders.

Tyler Technologies Stock Down 2.6 %

Shares of Tyler Technologies stock opened at $611.65 on Friday. The company has a market cap of $26.18 billion, a P/E ratio of 111.61, a PEG ratio of 5.66 and a beta of 0.76. The firm has a fifty day moving average of $608.72 and a two-hundred day moving average of $566.12. 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, Inc. has a one year low of $397.80 and a one year high of $638.56.

Tyler Technologies (NYSE:TYL) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $547.34 million. During the same period in the prior year, the company posted $1.66 earnings per share. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, analysts forecast that Tyler Technologies, Inc. will post 7.36 earnings per share for the current year.

Analyst Ratings Changes

TYL has been the topic of several research reports. Truist Financial reaffirmed a “buy” rating and set a $685.00 price objective (up previously from $600.00) on shares of Tyler Technologies in a report on Friday, October 25th. Robert W. Baird lifted their price target on Tyler Technologies from $625.00 to $700.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Piper Sandler increased their price objective on Tyler Technologies from $625.00 to $701.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Oppenheimer lifted their target price on shares of Tyler Technologies from $625.00 to $700.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $627.00 price target on shares of Tyler Technologies in a research note on Friday, September 13th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $642.62.

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.