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

Needham & Company LLC reiterated their buy rating on shares of Tyler Technologies (NYSE:TYL) in a research report report published on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $500.00 price target on the technology company’s stock.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler reissued an overweight rating and issued a $520.00 price target on shares of Tyler Technologies in a research note on Wednesday. JMP Securities reissued a market outperform rating and issued a $490.00 price target on shares of Tyler Technologies in a research note on Friday, February 16th. DA Davidson increased their price target on Tyler Technologies from $412.00 to $434.00 and gave the company a neutral rating in a research note on Thursday, February 22nd. Finally, JPMorgan Chase & Co. increased their price target on Tyler Technologies from $500.00 to $526.00 and gave the company an overweight rating in a research note on Thursday, February 15th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tyler Technologies has an average rating of Moderate Buy and a consensus target price of $460.46.

Tyler Technologies Stock Performance

Shares of TYL opened at $458.45 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 0.86. Tyler Technologies has a twelve month low of $361.16 and a twelve month high of $464.81. The firm’s 50 day moving average price is $422.28 and its two-hundred day moving average price is $414.52. The firm has a market cap of $19.46 billion, a P/E ratio of 103.72, a PEG ratio of 4.12 and a beta of 0.81.

Tyler Technologies (NYSE:TYL) last announced its quarterly earnings data on Wednesday, February 14th. The technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.06. The company had revenue of $480.94 million for the quarter, compared to analysts’ expectations of $483.34 million. Tyler Technologies had a return on equity of 9.49% and a net margin of 9.50%. On average, analysts forecast that Tyler Technologies will post 6.77 EPS for the current fiscal year.

Insider Activity

In related news, CEO H Lynn Moore, Jr. sold 7,500 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $435.19, for a total transaction of $3,263,925.00. Following the completion of the transaction, the chief executive officer now directly owns 75,000 shares in the company, valued at $32,639,250. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Tyler Technologies news, Director Glenn A. Carter sold 1,650 shares of Tyler Technologies stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $437.84, for a total transaction of $722,436.00. Following the completion of the sale, the director now owns 2,011 shares of the company’s stock, valued at $880,496.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO H Lynn Moore, Jr. sold 7,500 shares of Tyler Technologies stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $435.19, for a total value of $3,263,925.00. Following the sale, the chief executive officer now directly owns 75,000 shares of the company’s stock, valued at approximately $32,639,250. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,608 shares of company stock worth $21,974,819. 2.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tyler Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. First Trust Direct Indexing L.P. lifted its stake in shares of Tyler Technologies by 2.7% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 1,095 shares of the technology company’s stock valued at $423,000 after acquiring an additional 29 shares during the last quarter. Baron Wealth Management LLC raised its position in Tyler Technologies by 2.0% during the 4th quarter. Baron Wealth Management LLC now owns 1,463 shares of the technology company’s stock valued at $612,000 after purchasing an additional 29 shares during the last quarter. Centered Wealth LLC dba Miller Equity Capital Advisors raised its position in Tyler Technologies by 0.8% during the 4th quarter. Centered Wealth LLC dba Miller Equity Capital Advisors now owns 3,920 shares of the technology company’s stock valued at $1,639,000 after purchasing an additional 30 shares during the last quarter. GW&K Investment Management LLC raised its position in Tyler Technologies by 0.3% during the 4th quarter. GW&K Investment Management LLC now owns 12,044 shares of the technology company’s stock valued at $5,035,000 after purchasing an additional 31 shares during the last quarter. Finally, Avantax Advisory Services Inc. raised its position in Tyler Technologies by 5.2% during the 4th quarter. Avantax Advisory Services Inc. now owns 670 shares of the technology company’s stock valued at $280,000 after purchasing an additional 33 shares during the last quarter. 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.