Needham & Company LLC Reiterates “Buy” Rating for Tyler Technologies (NYSE:TYL)

Tyler Technologies (NYSE:TYL)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $600.00 price target on the technology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 1.58% from the company’s previous close.

A number of other research firms also recently issued reports on TYL. Wells Fargo & Company lifted their price objective on shares of Tyler Technologies from $550.00 to $580.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Piper Sandler reissued an “overweight” rating and issued a $520.00 price target on shares of Tyler Technologies in a report on Wednesday, April 24th. JMP Securities boosted their price target on shares of Tyler Technologies from $490.00 to $580.00 and gave the stock a “market outperform” rating in a report on Monday, July 22nd. Truist Financial reissued a “buy” rating and issued a $560.00 price target (up from $510.00) on shares of Tyler Technologies in a report on Thursday, May 23rd. Finally, BTIG Research boosted 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. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $582.31.

Tyler Technologies Price Performance

TYL opened at $590.65 on Thursday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $25.08 billion, a price-to-earnings ratio of 133.63, a P/E/G ratio of 4.84 and a beta of 0.76. The firm’s fifty day moving average price is $497.34 and its two-hundred day moving average price is $455.55. Tyler Technologies has a 1 year low of $361.16 and a 1 year high of $593.50.

Tyler Technologies (NYSE:TYL) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.06. The firm had revenue of $540.98 million for the quarter, compared to the consensus estimate of $541.01 million. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.82%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.53 EPS. As a group, analysts anticipate that Tyler Technologies will post 7.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Tyler Technologies

In other Tyler Technologies news, insider John S. Marr, Jr. sold 6,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $483.21, for a total transaction of $2,899,260.00. Following the sale, the insider now directly owns 6,983 shares of the company’s stock, valued at $3,374,255.43. 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 6,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $483.21, for a total transaction of $2,899,260.00. Following the sale, the insider now directly owns 6,983 shares in the company, valued at $3,374,255.43. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brenda A. Cline sold 5,000 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $458.83, for a total value of $2,294,150.00. Following the sale, the director now owns 1,358 shares in the company, valued at $623,091.14. The disclosure for this sale can be found here. Insiders have sold a total of 26,241 shares of company stock valued at $12,495,890 over the last three months. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TYL. Wellington Management Group LLP increased its position in shares of Tyler Technologies by 2.1% in the third quarter. Wellington Management Group LLP now owns 4,881 shares of the technology company’s stock worth $1,885,000 after purchasing an additional 101 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Tyler Technologies by 20.1% in the fourth quarter. SG Americas Securities LLC now owns 4,266 shares of the technology company’s stock worth $1,784,000 after purchasing an additional 713 shares during the last quarter. HB Wealth Management LLC increased its position in shares of Tyler Technologies by 27.2% in the fourth quarter. HB Wealth Management LLC now owns 804 shares of the technology company’s stock worth $336,000 after purchasing an additional 172 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Tyler Technologies by 13.2% in the fourth quarter. Pacer Advisors Inc. now owns 3,784 shares of the technology company’s stock worth $1,582,000 after purchasing an additional 442 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Tyler Technologies by 11.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 18,257 shares of the technology company’s stock worth $7,634,000 after purchasing an additional 1,809 shares during the last quarter. 93.30% of the stock is currently owned by institutional investors.

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.