Tyler Technologies (NYSE:TYL) Issues FY24 Earnings Guidance

Tyler Technologies (NYSE:TYL) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $9.47-9.62 for the period, compared to the consensus earnings per share estimate of $9.37. The company issued revenue guidance of $2.125-2.145 billion, compared to the consensus revenue estimate of $2.14 billion. Tyler Technologies also updated its FY 2024 guidance to 9.470-9.620 EPS.

Tyler Technologies Stock Down 0.6 %

Shares of NYSE TYL traded down $3.64 during mid-day trading on Wednesday, hitting $582.22. The company had a trading volume of 294,338 shares, compared to its average volume of 226,356. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.19. The firm has a 50-day simple moving average of $583.84 and a two-hundred day simple moving average of $524.37. The company has a market capitalization of $24.72 billion, a PE ratio of 131.72, a price-to-earnings-growth ratio of 5.44 and a beta of 0.78. Tyler Technologies has a one year low of $361.16 and a one year high of $606.93.

Tyler Technologies (NYSE:TYL) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.06. The firm had revenue of $540.98 million during the quarter, compared to analysts’ expectations of $541.01 million. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. The company’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 business posted $1.53 earnings per share. On average, equities analysts expect that Tyler Technologies will post 7.21 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TYL shares. The Goldman Sachs Group reiterated a “buy” rating and set a $627.00 price target on shares of Tyler Technologies in a research report on Friday, September 13th. BTIG Research increased their target price on Tyler Technologies from $550.00 to $630.00 and gave the company a “buy” rating in a research report on Friday, July 26th. JMP Securities lifted their price target on Tyler Technologies from $490.00 to $580.00 and gave the company a “market outperform” rating in a research note on Monday, July 22nd. Truist Financial restated a “buy” rating and issued a $600.00 price objective (up from $560.00) on shares of Tyler Technologies in a report on Friday, July 26th. Finally, Evercore ISI raised Tyler Technologies to a “hold” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Insider Activity

In other news, Director Daniel M. Pope sold 275 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $578.26, for a total transaction of $159,021.50. Following the completion of the sale, the director now owns 3,218 shares in the company, valued at $1,860,840.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Daniel M. Pope sold 275 shares of the business’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 completion of the sale, the director now directly owns 3,218 shares of the company’s stock, valued at $1,860,840.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO H Lynn Moore, Jr. sold 6,250 shares of Tyler Technologies stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $576.49, for a total value of $3,603,062.50. Following the transaction, the chief executive officer now owns 75,000 shares of the company’s stock, valued at $43,236,750. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,375 shares of company stock worth $17,049,739 in the last three months. Company insiders own 2.20% 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.