Tyler Technologies (NYSE:TYL) Issues Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Tyler Technologies (NYSE:TYL) posted its earnings results on Wednesday. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.43 by $0.09, Briefing.com reports. The firm had revenue of $543.34 million during the quarter, compared to analysts’ expectations of $547.34 million. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.66 earnings per share. Tyler Technologies updated its FY24 guidance to $9.47-9.62 EPS and its FY 2024 guidance to 9.470-9.620 EPS.

Tyler Technologies Stock Up 5.0 %

TYL opened at $611.47 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.19. The firm has a market cap of $26.09 billion, a P/E ratio of 126.34, a PEG ratio of 5.42 and a beta of 0.78. Tyler Technologies has a 52 week low of $361.16 and a 52 week high of $631.43. The business’s fifty day simple moving average is $584.45 and its 200 day simple moving average is $525.37.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TYL. Barclays upgraded Tyler Technologies from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $577.00 to $700.00 in a research note on Monday, October 7th. Evercore ISI upgraded Tyler Technologies to a “hold” rating in a research note on Friday, July 26th. JMP Securities boosted their target price on Tyler Technologies from $490.00 to $580.00 and gave the stock a “market outperform” rating in a research note on Monday, July 22nd. Truist Financial restated a “buy” rating and set a $600.00 target price (up previously from $560.00) on shares of Tyler Technologies in a research note on Friday, July 26th. Finally, Needham & Company LLC boosted their price objective on Tyler Technologies from $600.00 to $700.00 and gave the company a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Insider Activity at Tyler Technologies

In related news, CEO H Lynn Moore, Jr. sold 6,250 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $576.49, for a total transaction of $3,603,062.50. Following the sale, the chief executive officer now owns 75,000 shares of the company’s stock, valued at $43,236,750. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO H Lynn Moore, Jr. sold 5,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $576.62, for a total transaction of $2,883,100.00. Following the transaction, the chief executive officer now directly owns 75,000 shares in the company, valued at approximately $43,246,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO H Lynn Moore, Jr. sold 6,250 shares of the stock in a transaction dated Tuesday, August 6th. The stock was 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 owns 75,000 shares in the company, valued at $43,236,750. 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 a total of 29,375 shares of company stock valued at $17,049,739 over the last quarter. Insiders own 2.20% of the company’s stock.

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.