Tyler Technologies (NYSE:TYL) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Tyler Technologies (NYSE:TYL) in a research note issued to investors on Tuesday,Benzinga reports. Needham & Company LLC currently has a $750.00 price target on the technology company’s stock.

Several other analysts have also recently commented on TYL. Truist Financial restated a “buy” rating and set a $775.00 price objective (up from $685.00) on shares of Tyler Technologies in a research note on Friday, February 14th. StockNews.com upgraded shares of Tyler Technologies from a “hold” rating to a “buy” rating in a research note on Saturday. Wells Fargo & Company decreased their price objective on shares of Tyler Technologies from $640.00 to $610.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. Piper Sandler decreased their target price on shares of Tyler Technologies from $747.00 to $708.00 and set an “overweight” rating for the company in a research note on Friday, April 25th. Finally, The Goldman Sachs Group boosted their target price on shares of Tyler Technologies from $660.00 to $728.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Three 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.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $674.67.

Tyler Technologies Stock Up 0.6%

TYL stock opened at $568.68 on Tuesday. The firm has a 50 day moving average of $561.45 and a 200 day moving average of $590.38. The stock has a market capitalization of $24.52 billion, a PE ratio of 93.84, a price-to-earnings-growth ratio of 4.93 and a beta of 0.88. The company has a quick ratio of 1.21, a current ratio of 1.35 and a debt-to-equity ratio of 0.18. Tyler Technologies has a 52 week low of $458.50 and a 52 week high of $661.31.

Tyler Technologies (NYSE:TYL) last announced its quarterly earnings data on Wednesday, April 23rd. The technology company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.56 by $0.22. Tyler Technologies had a net margin of 12.30% and a return on equity of 10.15%. The business had revenue of $562.43 million during the quarter, compared to analysts’ expectations of $556.45 million. During the same period in the previous year, the business posted $2.20 EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. Sell-side analysts forecast that Tyler Technologies will post 8.52 earnings per share for the current year.

Insiders Place Their Bets

In other Tyler Technologies news, Director Daniel M. Pope sold 365 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $550.00, for a total transaction of $200,750.00. Following the completion of the transaction, the director now directly owns 2,853 shares in the company, valued at approximately $1,569,150. This represents a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John S. Marr, Jr. sold 6,000 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $619.00, for a total transaction of $3,714,000.00. Following the transaction, the insider now owns 6,983 shares of the company’s stock, valued at $4,322,477. This represents a 46.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,462 shares of company stock worth $12,258,926. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Tyler Technologies

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Tyler Technologies during the fourth quarter worth $528,465,000. GAMMA Investing LLC grew its holdings in shares of Tyler Technologies by 57,694.7% during the first quarter. GAMMA Investing LLC now owns 878,480 shares of the technology company’s stock worth $510,739,000 after buying an additional 876,960 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Tyler Technologies by 1,991.8% during the fourth quarter. Van ECK Associates Corp now owns 550,580 shares of the technology company’s stock worth $317,486,000 after buying an additional 524,259 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Tyler Technologies during the fourth quarter worth $159,947,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Tyler Technologies by 148.2% during the third quarter. JPMorgan Chase & Co. now owns 461,469 shares of the technology company’s stock worth $269,369,000 after buying an additional 275,511 shares in the last quarter. 93.30% of the stock is currently owned by institutional investors and hedge funds.

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.