Tyler Technologies (NYSE:TYL) Sets New 52-Week High – Here’s What Happened

Tyler Technologies, Inc. (NYSE:TYL)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $660.55 and last traded at $647.37, with a volume of 101223 shares trading hands. The stock had previously closed at $610.27.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TYL. Barclays raised their price objective on Tyler Technologies from $705.00 to $715.00 and gave the company an “overweight” rating in a research note on Friday. Wells Fargo & Company reiterated an “equal weight” rating and set a $615.00 target price (down from $670.00) on shares of Tyler Technologies in a report on Tuesday, January 7th. Needham & Company LLC reiterated a “buy” rating and set a $700.00 target price on shares of Tyler Technologies in a report on Tuesday, January 21st. Piper Sandler increased their target price on shares of Tyler Technologies from $701.00 to $747.00 and gave the stock an “overweight” rating in a report on Friday. Finally, JMP Securities increased 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, October 25th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Tyler Technologies presently has an average rating of “Moderate Buy” and an average target price of $656.92.

Tyler Technologies Stock Down 0.7 %

The company has a market cap of $27.49 billion, a P/E ratio of 117.22, a P/E/G ratio of 4.78 and a beta of 0.78. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.21 and a quick ratio of 1.21. The company’s 50-day moving average is $596.21 and its two-hundred day moving average is $594.15.

Tyler Technologies (NYSE:TYL) last announced its quarterly earnings results on Wednesday, February 12th. The technology company reported $1.87 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.57). Tyler Technologies had a net margin of 11.39% and a return on equity of 9.79%. As a group, equities analysts predict that Tyler Technologies, Inc. will post 7.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tyler Technologies news, CFO Brian K. Miller sold 6,752 shares of Tyler Technologies stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 11,918 shares of the company’s stock, valued at approximately $7,314,672.50. The trade was a 36.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John S. Marr, Jr. sold 6,000 shares of Tyler Technologies stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $633.55, for a total transaction of $3,801,300.00. Following the completion of the sale, the insider now directly owns 6,983 shares of the company’s stock, valued at approximately $4,424,079.65. This trade represents a 46.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,502 shares of company stock valued at $18,941,368. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TYL. Larson Financial Group LLC boosted its stake in shares of Tyler Technologies by 221.4% during the 4th quarter. Larson Financial Group LLC now owns 45 shares of the technology company’s stock worth $26,000 after acquiring an additional 31 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Tyler Technologies during the 3rd quarter worth $27,000. Sierra Ocean LLC purchased a new position in shares of Tyler Technologies during the 4th quarter worth $32,000. Brown Brothers Harriman & Co. boosted its stake in shares of Tyler Technologies by 300.0% during the 4th quarter. Brown Brothers Harriman & Co. now owns 56 shares of the technology company’s stock worth $32,000 after acquiring an additional 42 shares during the last quarter. Finally, Kapitalo Investimentos Ltda purchased a new position in shares of Tyler Technologies during the 4th quarter worth $40,000. Hedge funds and other institutional investors own 93.30% 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.