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

Tyler Technologies (NYSE:TYL)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $750.00 target price on the technology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 43.18% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. StockNews.com cut shares of Tyler Technologies from a “buy” rating to a “hold” rating in a report on Friday, April 11th. Wells Fargo & Company dropped their price objective on shares of Tyler Technologies from $640.00 to $610.00 and set an “equal weight” rating on the stock in a research note on Tuesday. 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 research note on Friday, February 14th. DA Davidson restated a “neutral” rating and issued a $575.00 price target on shares of Tyler Technologies in a research report on Thursday, January 30th. Finally, Truist Financial reaffirmed a “buy” rating and set a $775.00 price objective (up from $685.00) on shares of Tyler Technologies in a research note on Friday, February 14th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Tyler Technologies has an average rating of “Moderate Buy” and an average target price of $674.67.

Tyler Technologies Stock Performance

NYSE TYL opened at $523.80 on Thursday. The company has a fifty day moving average of $577.35 and a two-hundred day moving average of $593.91. The company has a market capitalization of $22.58 billion, a PE ratio of 86.44, a P/E/G ratio of 4.93 and a beta of 0.84. Tyler Technologies has a 1 year low of $452.57 and a 1 year high of $661.31. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.35 and a quick ratio of 1.21.

Tyler Technologies (NYSE:TYL) last announced its earnings results on Wednesday, April 23rd. The technology company reported $2.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.22. The firm had revenue of $562.43 million during the quarter, compared to analysts’ expectations of $556.45 million. Tyler Technologies had a return on equity of 10.15% and a net margin of 12.30%. During the same period in the prior year, the firm earned $2.20 EPS. As a group, analysts expect that Tyler Technologies will post 8.52 earnings per share for the current year.

Insider Activity at Tyler Technologies

In related news, CEO H Lynn Moore, Jr. sold 6,514 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $617.59, for a total value of $4,022,981.26. Following the completion of the sale, the chief executive officer now owns 75,734 shares in the company, valued at $46,772,561.06. This trade represents a 7.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John S. Marr, Jr. sold 6,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $619.00, for a total transaction of $3,714,000.00. Following the sale, the insider now directly owns 6,983 shares in the company, valued at approximately $4,322,477. This represents a 46.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,064 shares of company stock worth $8,688,030 over the last three months. 1.10% of the stock is currently 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. Integrated Wealth Concepts LLC increased its stake in Tyler Technologies by 2.3% in the 4th quarter. Integrated Wealth Concepts LLC now owns 786 shares of the technology company’s stock valued at $453,000 after purchasing an additional 18 shares in the last quarter. AdvisorNet Financial Inc increased its position in shares of Tyler Technologies by 7.0% in the first quarter. AdvisorNet Financial Inc now owns 291 shares of the technology company’s stock valued at $169,000 after buying an additional 19 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Tyler Technologies by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,668 shares of the technology company’s stock valued at $2,115,000 after buying an additional 20 shares in the last quarter. Kensington Investment Counsel LLC raised its stake in shares of Tyler Technologies by 0.8% during the 4th quarter. Kensington Investment Counsel LLC now owns 2,496 shares of the technology company’s stock worth $1,439,000 after buying an additional 20 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Tyler Technologies by 18.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the technology company’s stock worth $78,000 after buying an additional 21 shares in the last quarter. 93.30% of the stock is currently owned by institutional investors and hedge funds.

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.