DA Davidson Reiterates “Neutral” Rating for Tyler Technologies (NYSE:TYL)

Tyler Technologies (NYSE:TYL)‘s stock had its “neutral” rating reaffirmed by analysts at DA Davidson in a report released on Thursday,Benzinga reports. They currently have a $575.00 price target on the technology company’s stock. DA Davidson’s price target suggests a potential downside of 4.47% from the stock’s previous close.

Several other analysts have also recently commented on the company. Wells Fargo & Company reissued an “equal weight” rating and issued a $615.00 price target (down from $670.00) on shares of Tyler Technologies in a report on Tuesday, January 7th. JMP Securities boosted their target price on shares of Tyler Technologies from $580.00 to $700.00 and gave the stock a “market outperform” rating in a research report on Friday, October 25th. Truist Financial reiterated a “buy” rating and issued a $685.00 price objective (up previously from $600.00) on shares of Tyler Technologies in a research note on Friday, October 25th. Robert W. Baird increased their target price on shares of Tyler Technologies from $625.00 to $700.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, StockNews.com lowered Tyler Technologies from a “buy” rating to a “hold” rating in a research note on Friday, December 6th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $645.69.

Tyler Technologies Stock Performance

NYSE TYL traded down $5.51 during trading hours on Thursday, hitting $601.90. 63,033 shares of the stock were exchanged, compared to its average volume of 216,029. Tyler Technologies has a 12-month low of $397.80 and a 12-month high of $638.56. The stock has a 50-day moving average of $598.59 and a 200 day moving average of $588.22. The company has a market cap of $25.76 billion, a price-to-earnings ratio of 110.03, a price-to-earnings-growth ratio of 4.55 and a beta of 0.78. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.18.

Insider Activity

In other Tyler Technologies news, CEO H Lynn Moore, Jr. sold 6,250 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $605.82, for a total value of $3,786,375.00. Following the sale, the chief executive officer now owns 75,000 shares in the company, valued at approximately $45,436,500. This trade represents a 7.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian K. Miller sold 6,752 shares of Tyler Technologies stock in a transaction on Friday, December 13th. The shares were sold at an average price of $613.75, for a total value of $4,144,040.00. Following the sale, the chief financial officer now directly owns 11,918 shares in the company, valued at $7,314,672.50. The trade was a 36.16 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 42,252 shares of company stock valued at $26,096,928. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Tyler Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TYL. Public Sector Pension Investment Board boosted its holdings in Tyler Technologies by 80.7% during the second quarter. Public Sector Pension Investment Board now owns 1,632 shares of the technology company’s stock valued at $821,000 after acquiring an additional 729 shares during the period. Marshall Wace LLP acquired a new position in shares of Tyler Technologies during the second quarter worth approximately $2,039,000. AQR Capital Management LLC boosted its position in shares of Tyler Technologies by 85.9% in the second quarter. AQR Capital Management LLC now owns 4,217 shares of the technology company’s stock valued at $2,120,000 after acquiring an additional 1,948 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Tyler Technologies by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 25,911 shares of the technology company’s stock worth $13,028,000 after acquiring an additional 117 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in Tyler Technologies by 8.1% during the 2nd quarter. Mackenzie Financial Corp now owns 2,595 shares of the technology company’s stock valued at $1,305,000 after purchasing an additional 195 shares during the last quarter. 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.