Tyler Technologies (NYSE:TYL) Issues Earnings Results

Tyler Technologies (NYSE:TYL) announced its quarterly earnings results on Wednesday. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.09, Briefing.com reports. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. The company had revenue of $543.34 million during the quarter, compared to the consensus estimate of $547.34 million. During the same period in the prior year, the company earned $1.66 earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. Tyler Technologies updated its FY24 guidance to $9.47-9.62 EPS and its FY 2024 guidance to 9.470-9.620 EPS.

Tyler Technologies Stock Down 0.9 %

TYL stock opened at $605.86 on Friday. Tyler Technologies has a fifty-two week low of $361.16 and a fifty-two week high of $631.43. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $25.85 billion, a price-to-earnings ratio of 125.18, a PEG ratio of 5.42 and a beta of 0.78. The business’s fifty day moving average price is $584.88 and its two-hundred day moving average price is $526.68.

Analyst Upgrades and Downgrades

Several brokerages have commented on TYL. JMP Securities raised their target price on shares of Tyler Technologies from $580.00 to $700.00 and gave the stock a “market outperform” rating in a report on Friday. Evercore ISI raised shares of Tyler Technologies to a “hold” rating in a research note on Friday, July 26th. BTIG Research boosted their price target on Tyler Technologies from $550.00 to $630.00 and gave the company a “buy” rating in a report on Friday, July 26th. The Goldman Sachs Group reiterated a “buy” rating and set a $627.00 price objective on shares of Tyler Technologies in a report on Friday, September 13th. Finally, DA Davidson lifted their target price on Tyler Technologies from $525.00 to $550.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Tyler Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $642.62.

Insider Activity

In related news, Director Daniel M. Pope sold 275 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $578.26, for a total transaction of $159,021.50. Following the transaction, the director now directly owns 3,218 shares of the company’s stock, valued at approximately $1,860,840.68. This trade 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 business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $578.94, for a total value of $2,894,700.00. Following the completion of the sale, the insider now directly owns 6,983 shares in the company, valued at approximately $4,042,738.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Daniel M. Pope sold 275 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $578.26, for a total value of $159,021.50. Following the sale, the director now directly owns 3,218 shares in the company, valued at $1,860,840.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,375 shares of company stock valued at $17,049,739. 2.20% of the stock is owned by company insiders.

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.