Tyler Technologies, Inc. $TYL Stock: Pictet Asset Management Holding SA Cuts Stake

Pictet Asset Management Holding SA trimmed its position in shares of Tyler Technologies, Inc. (NYSE:TYL) by 85.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,900 shares of the technology company’s stock after selling 46,773 shares during the period. Pictet Asset Management Holding SA’s holdings in Tyler Technologies were worth $2,517,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. American Capital Management Inc. boosted its position in shares of Tyler Technologies by 348.9% during the first quarter. American Capital Management Inc. now owns 98,942 shares of the technology company’s stock worth $33,876,000 after buying an additional 76,903 shares during the period. Edgestream Partners L.P. bought a new position in Tyler Technologies in the 1st quarter worth approximately $2,739,000. Bank of America Corp DE bought a new position in Tyler Technologies in the 2nd quarter worth approximately $116,831,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Tyler Technologies by 13.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 400,775 shares of the technology company’s stock valued at $117,211,000 after acquiring an additional 48,832 shares during the period. Finally, Corient Private Wealth LP acquired a new stake in Tyler Technologies in the 2nd quarter valued at approximately $838,000. Institutional investors own 93.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings raised Tyler Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 22nd. Wells Fargo & Company boosted their price target on Tyler Technologies from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. UBS Group set a $395.00 price target on Tyler Technologies in a research note on Saturday, August 1st. TD Cowen raised their price target on Tyler Technologies from $400.00 to $450.00 and gave the company a “buy” rating in a report on Monday, October 26th. Finally, Piper Sandler initiated coverage on shares of Tyler Technologies in a report on Monday, September 28th. They issued an “overweight” rating and a $450.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $440.88.

Insider Buying and Selling at Tyler Technologies

In other news, Director Daniel Pope sold 680 shares of Tyler Technologies stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $407.56, for a total transaction of $277,140.80. Following the transaction, the director directly owned 2,643 shares in the company, valued at approximately $1,077,181.08. This trade represents a 20.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO H. Moore, Jr. sold 10,000 shares of Tyler Technologies stock in a transaction on Friday, October 30th. The shares were sold at an average price of $393.17, for a total value of $3,931,700.00. Following the transaction, the chief executive officer owned 100,392 shares in the company, valued at approximately $39,471,122.64. This trade represents a 9.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 38,430 shares of company stock valued at $14,883,788. 1.10% of the stock is owned by corporate insiders.

Tyler Technologies Price Performance

Shares of Tyler Technologies stock traded up $0.27 on Friday, hitting $423.86. The company had a trading volume of 394,917 shares, compared to its average volume of 899,609. Tyler Technologies, Inc. has a 52 week low of $270.71 and a 52 week high of $481.57. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market cap of $16.85 billion, a PE ratio of 53.38, a PEG ratio of 2.79 and a beta of 0.74. The business has a 50-day simple moving average of $362.53 and a 200-day simple moving average of $336.56.

Tyler Technologies (NYSE:TYL) last announced its earnings results on Wednesday, October 28th. The technology company reported $3.52 EPS for the quarter, topping the consensus estimate of $3.48 by $0.04. The firm had revenue of $647.57 million for the quarter, compared to analysts’ expectations of $651.38 million. Tyler Technologies had a return on equity of 12.21% and a net margin of 13.51%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.91 earnings per share. Research analysts expect that Tyler Technologies, Inc. will post 10.11 EPS for the current fiscal year.

Tyler Technologies Company Profile

Tyler Technologies provides software and technology services primarily to public-sector organizations. Its customers include state and local governments, courts, public safety agencies, schools, and other public entities. The company’s offerings include software for financial management, tax and property appraisal, courts and justice, public safety, education, utility billing, and permitting. Tyler also provides digital services such as online payments and tools for public access to government information.