Tyler Technologies (NYSE:TYL) Reaches New 12-Month High at $598.93

Tyler Technologies, Inc. (NYSE:TYL)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $598.93 and last traded at $595.76, with a volume of 1055 shares trading hands. The stock had previously closed at $588.99.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TYL shares. Needham & Company LLC reissued a “buy” rating and issued a $600.00 target price on shares of Tyler Technologies in a research note on Thursday, July 25th. Piper Sandler lifted their target price on shares of Tyler Technologies from $529.00 to $625.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. DA Davidson lifted their price objective on Tyler Technologies from $456.00 to $525.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Evercore ISI raised Tyler Technologies to a “hold” rating in a research note on Friday, July 26th. Finally, Loop Capital boosted their price objective on Tyler Technologies from $485.00 to $530.00 and gave the company a “buy” rating in a research report on Tuesday, May 21st. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $582.31.

Tyler Technologies Price Performance

The firm’s fifty day simple moving average is $557.86 and its 200-day simple moving average is $489.15. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $25.30 billion, a PE ratio of 133.26, a PEG ratio of 5.37 and a beta of 0.78.

Tyler Technologies (NYSE:TYL) last posted its earnings results on Wednesday, July 24th. The technology company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $541.01 million. During the same quarter in the previous year, the firm posted $1.53 EPS. The firm’s revenue was up 7.3% on a year-over-year basis. On average, research analysts forecast that Tyler Technologies, Inc. will post 7.21 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO H Lynn Moore, Jr. sold 6,250 shares of the company’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 of the company’s stock, valued at $43,236,750. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider John S. Marr, Jr. sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $578.94, for a total value of $2,894,700.00. Following the transaction, the insider now directly owns 6,983 shares in the company, valued at $4,042,738.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO H Lynn Moore, Jr. sold 6,250 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $576.49, for a total transaction of $3,603,062.50. Following the transaction, the chief executive officer now directly owns 75,000 shares in the company, valued at $43,236,750. The disclosure for this sale can be found here. Insiders sold a total of 19,375 shares of company stock worth $11,211,739 over the last 90 days. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Tyler Technologies

Several institutional investors have recently made changes to their positions in the company. Independence Bank of Kentucky acquired a new position in Tyler Technologies during the 2nd quarter valued at about $25,000. Kapitalo Investimentos Ltda purchased a new position in shares of Tyler Technologies in the fourth quarter worth about $26,000. Covestor Ltd increased its holdings in Tyler Technologies by 153.6% in the 1st quarter. Covestor Ltd now owns 71 shares of the technology company’s stock worth $30,000 after buying an additional 43 shares during the period. Blue Trust Inc. raised its position in Tyler Technologies by 329.4% during the 2nd quarter. Blue Trust Inc. now owns 73 shares of the technology company’s stock worth $37,000 after buying an additional 56 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new position in Tyler Technologies during the second quarter valued at $38,000. Hedge funds and other institutional investors 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.