Wells Fargo & Company Reaffirms Equal Weight Rating for Tyler Technologies (NYSE:TYL)

Tyler Technologies (NYSE:TYL)‘s stock had its “equal weight” rating reaffirmed by equities researchers at Wells Fargo & Company in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $615.00 price objective on the technology company’s stock, down from their prior price objective of $670.00. Wells Fargo & Company‘s price objective points to a potential upside of 7.06% from the company’s current price.

TYL has been the subject of several other research reports. Barclays raised their target price on Tyler Technologies from $700.00 to $705.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. DA Davidson raised their price target on Tyler Technologies from $525.00 to $550.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Needham & Company LLC raised their price target on Tyler Technologies from $600.00 to $700.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Truist Financial restated a “buy” rating and set a $685.00 price target (up from $600.00) on shares of Tyler Technologies in a research report on Friday, October 25th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $627.00 price target on shares of Tyler Technologies in a research report on Friday, September 13th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Tyler Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $643.77.

Tyler Technologies Stock Performance

Shares of TYL stock opened at $574.46 on Tuesday. The company has a market capitalization of $24.59 billion, a P/E ratio of 104.83, a P/E/G ratio of 5.54 and a beta of 0.78. The business’s 50 day moving average is $607.90 and its two-hundred day moving average is $579.55. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.18. Tyler Technologies has a 12-month low of $397.80 and a 12-month high of $638.56.

Tyler Technologies (NYSE:TYL) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.43 by $0.09. 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 9.79% and a net margin of 11.39%. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.66 earnings per share. Analysts expect that Tyler Technologies will post 7.36 EPS for the current fiscal year.

Insider Buying and Selling at Tyler Technologies

In other Tyler Technologies news, insider John S. Marr, Jr. sold 12,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $613.66, for a total value of $7,363,920.00. Following the sale, the insider now directly owns 6,983 shares in the company, valued at $4,285,187.78. This trade represents a 63.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian K. Miller sold 3,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $602.72, for a total value of $1,808,160.00. Following the completion of the sale, the chief financial officer now owns 11,950 shares in the company, valued at approximately $7,202,504. This represents a 20.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,252 shares of company stock worth $26,096,928 over the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Tyler Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Nordea Investment Management AB increased its position in shares of Tyler Technologies by 4.1% during the fourth quarter. Nordea Investment Management AB now owns 3,796 shares of the technology company’s stock worth $2,192,000 after purchasing an additional 148 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Tyler Technologies by 36.8% during the fourth quarter. GAMMA Investing LLC now owns 1,520 shares of the technology company’s stock worth $876,000 after purchasing an additional 409 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Tyler Technologies by 148.2% during the third quarter. JPMorgan Chase & Co. now owns 461,469 shares of the technology company’s stock worth $269,369,000 after purchasing an additional 275,511 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Tyler Technologies by 2.0% during the third quarter. Franklin Resources Inc. now owns 912,746 shares of the technology company’s stock worth $547,354,000 after purchasing an additional 17,943 shares in the last quarter. Finally, Tidal Investments LLC increased its position in shares of Tyler Technologies by 11.2% during the third quarter. Tidal Investments LLC now owns 2,412 shares of the technology company’s stock worth $1,408,000 after purchasing an additional 243 shares in the last quarter. Institutional investors and hedge funds own 93.30% of the company’s stock.

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.