DA Davidson Raises Tyler Technologies (NYSE:TYL) Price Target to $550.00

Tyler Technologies (NYSE:TYL) had its price target raised by research analysts at DA Davidson from $525.00 to $550.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. DA Davidson’s price target indicates a potential downside of 6.35% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $600.00 target price on shares of Tyler Technologies in a research note on Thursday, July 25th. The Goldman Sachs Group restated a “buy” rating and set a $627.00 price objective on shares of Tyler Technologies in a research note on Friday, September 13th. JMP Securities increased their target price on shares of Tyler Technologies from $490.00 to $580.00 and gave the company a “market outperform” rating in a research report on Monday, July 22nd. Wells Fargo & Company raised their target price on shares of Tyler Technologies from $580.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Piper Sandler upped their price target on shares of Tyler Technologies from $529.00 to $625.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $593.69.

Tyler Technologies Stock Performance

Shares of Tyler Technologies stock traded down $2.69 during trading on Thursday, hitting $587.28. 67,129 shares of the stock were exchanged, compared to its average volume of 225,500. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.06 and a current ratio of 1.06. Tyler Technologies has a 12 month low of $361.16 and a 12 month high of $606.93. The stock’s fifty day moving average is $583.13 and its 200 day moving average is $518.78. The stock has a market cap of $24.93 billion, a PE ratio of 132.87, a P/E/G ratio of 5.42 and a beta of 0.78.

Tyler Technologies (NYSE:TYL) last posted its earnings results on Wednesday, July 24th. The technology company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.34 by $0.06. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. The firm had revenue of $540.98 million during the quarter, compared to analysts’ expectations of $541.01 million. During the same quarter in the prior year, the firm earned $1.53 EPS. Tyler Technologies’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Tyler Technologies will post 7.21 EPS for the current year.

Insider Activity

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

Institutional Trading of Tyler Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Tyler Technologies by 12.9% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,384 shares of the technology company’s stock worth $2,559,000 after purchasing an additional 502 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of Tyler Technologies by 2.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 2,123 shares of the technology company’s stock valued at $1,239,000 after buying an additional 54 shares in the last quarter. nVerses Capital LLC acquired a new position in Tyler Technologies in the third quarter worth approximately $409,000. Vontobel Holding Ltd. increased its holdings in Tyler Technologies by 3.9% in the third quarter. Vontobel Holding Ltd. now owns 1,214 shares of the technology company’s stock worth $709,000 after buying an additional 46 shares during the last quarter. Finally, Creative Planning raised its position in Tyler Technologies by 2.9% during the third quarter. Creative Planning now owns 24,051 shares of the technology company’s stock valued at $14,039,000 after acquiring an additional 686 shares in the last quarter. 93.30% of the stock is currently owned by hedge funds and other institutional investors.

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.