Tyler Technologies’ (TYL) Buy Rating Reaffirmed at Truist Financial

Truist Financial reiterated their buy rating on shares of Tyler Technologies (NYSE:TYL) in a research note published on Friday, Benzinga reports. Truist Financial currently has a $600.00 price target on the technology company’s stock, up from their prior price target of $560.00.

Several other equities analysts have also issued reports on the stock. Robert W. Baird lifted their price target on shares of Tyler Technologies from $500.00 to $525.00 and gave the stock an outperform rating in a report on Friday, April 26th. Loop Capital lifted their price target on shares of Tyler Technologies from $485.00 to $530.00 and gave the stock a buy rating in a report on Tuesday, May 21st. BTIG Research lifted their price target on shares of Tyler Technologies from $515.00 to $550.00 and gave the stock a buy rating in a report on Wednesday, May 22nd. Wells Fargo & Company lifted 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. Finally, JMP Securities boosted their price objective on shares of Tyler Technologies from $490.00 to $580.00 and gave the company a market outperform rating in a report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $582.31.

Tyler Technologies Stock Performance

Shares of TYL stock opened at $590.65 on Friday. The firm has a market cap of $25.08 billion, a price-to-earnings ratio of 133.63, a PEG ratio of 5.30 and a beta of 0.76. The company’s 50 day moving average is $499.37 and its 200 day moving average is $456.77. The company has a quick ratio of 0.94, a current ratio of 1.06 and a debt-to-equity ratio of 0.19. Tyler Technologies has a 52-week low of $361.16 and a 52-week high of $593.50.

Tyler Technologies (NYSE:TYL) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.40 earnings per share (EPS) 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 business had revenue of $540.98 million for the quarter, compared to analyst estimates of $541.01 million. During the same period in the previous year, the company earned $1.53 earnings per share. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, sell-side analysts anticipate that Tyler Technologies will post 7.1 EPS for the current fiscal year.

Insider Activity at Tyler Technologies

In related news, Director Daniel M. Pope sold 520 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $491.18, for a total transaction of $255,413.60. Following the completion of the transaction, the director now directly owns 3,493 shares in the company, valued at $1,715,691.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Daniel M. Pope sold 520 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $491.18, for a total transaction of $255,413.60. Following the completion of the transaction, the director now directly owns 3,493 shares in the company, valued at $1,715,691.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian K. Miller sold 800 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $479.28, for a total transaction of $383,424.00. Following the transaction, the chief financial officer now owns 12,736 shares of the company’s stock, valued at $6,104,110.08. The disclosure for this sale can be found here. Insiders sold 26,241 shares of company stock worth $12,495,890 over the last three months. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Independence Bank of Kentucky acquired a new position in shares of Tyler Technologies in the second quarter worth about $25,000. Kapitalo Investimentos Ltda acquired a new position in shares of Tyler Technologies in the fourth quarter worth about $26,000. Covestor Ltd raised its position in shares of Tyler Technologies by 153.6% in the first quarter. Covestor Ltd now owns 71 shares of the technology company’s stock worth $30,000 after acquiring an additional 43 shares during the period. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Tyler Technologies in the fourth quarter worth about $31,000. Finally, Blue Trust Inc. raised its position in shares of Tyler Technologies by 329.4% in the second quarter. Blue Trust Inc. now owns 73 shares of the technology company’s stock worth $37,000 after acquiring an additional 56 shares during the period. Institutional investors and hedge funds 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.