Needham & Company LLC Raises Tyler Technologies (NYSE:TYL) Price Target to $700.00

Tyler Technologies (NYSE:TYL) had its price objective increased by research analysts at Needham & Company LLC from $600.00 to $700.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 19.29% from the stock’s previous close.

Several other equities analysts have also commented on TYL. Truist Financial restated a “buy” rating and issued a $600.00 price objective (up from $560.00) on shares of Tyler Technologies in a report on Friday, July 26th. Evercore ISI upgraded shares of Tyler Technologies to a “hold” rating in a report on Friday, July 26th. The Goldman Sachs Group reiterated a “buy” rating and set a $627.00 target price on shares of Tyler Technologies in a report on Friday, September 13th. JMP Securities increased their target price on shares of Tyler Technologies from $490.00 to $580.00 and gave the stock a “market outperform” rating in a report on Monday, July 22nd. Finally, Piper Sandler increased their target price on shares of Tyler Technologies from $529.00 to $625.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

Tyler Technologies Stock Performance

NYSE:TYL opened at $586.82 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market capitalization of $25.04 billion, a price-to-earnings ratio of 121.24, a PEG ratio of 5.44 and a beta of 0.78. The company’s 50-day moving average is $583.71 and its two-hundred day moving average is $523.16. Tyler Technologies has a 1-year low of $361.16 and a 1-year high of $606.93.

Tyler Technologies (NYSE:TYL) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $541.01 million. During the same period in the prior year, the business posted $1.53 EPS. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. Analysts forecast that Tyler Technologies will post 7.21 EPS for the current year.

Insider Activity at Tyler Technologies

In related news, CEO H Lynn Moore, Jr. sold 5,000 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $590.98, for a total value of $2,954,900.00. Following the transaction, the chief executive officer now directly owns 75,000 shares of the company’s stock, valued at $44,323,500. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Glenn A. Carter sold 3,350 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $582.57, for a total value of $1,951,609.50. Following the transaction, the director now directly owns 2,654 shares of the company’s stock, valued at $1,546,140.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO H Lynn Moore, Jr. sold 5,000 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $590.98, for a total transaction of $2,954,900.00. Following the completion of the transaction, the chief executive officer now directly owns 75,000 shares in the company, valued at $44,323,500. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,375 shares of company stock valued at $17,049,739 in the last ninety days. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Commonwealth Equity Services LLC grew its position in Tyler Technologies by 119.2% during the 1st quarter. Commonwealth Equity Services LLC now owns 6,517 shares of the technology company’s stock worth $2,770,000 after purchasing an additional 3,544 shares during the last quarter. Bessemer Group Inc. grew its position in Tyler Technologies by 39.4% during the 1st quarter. Bessemer Group Inc. now owns 6,840 shares of the technology company’s stock worth $2,906,000 after purchasing an additional 1,935 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in Tyler Technologies by 7.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 46,724 shares of the technology company’s stock worth $19,858,000 after purchasing an additional 3,198 shares during the last quarter. Natixis lifted its stake in shares of Tyler Technologies by 114.0% in the 1st quarter. Natixis now owns 2,253 shares of the technology company’s stock worth $958,000 after acquiring an additional 1,200 shares during the period. Finally, BNP Paribas acquired a new stake in shares of Tyler Technologies in the 1st quarter worth $1,048,000. 93.30% of the stock is owned by hedge funds and other institutional investors.

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.