Truist Financial Reiterates “Buy” Rating for Tyler Technologies (NYSE:TYL)

Tyler Technologies (NYSE:TYL)‘s stock had its “buy” rating reaffirmed by Truist Financial in a note issued to investors on Friday,Benzinga reports. They currently have a $775.00 price target on the technology company’s stock, up from their previous price target of $685.00. Truist Financial’s price objective indicates a potential upside of 20.64% from the company’s previous close.

Several other analysts have also recently weighed in on the company. StockNews.com cut Tyler Technologies from a “buy” rating to a “hold” rating in a report on Friday, December 6th. Oppenheimer upped their target price on Tyler Technologies from $625.00 to $700.00 and gave the company an “outperform” rating in a report on Friday, October 25th. DA Davidson reiterated a “neutral” rating and issued a $575.00 target price on shares of Tyler Technologies in a report on Thursday, January 30th. Piper Sandler upped their target price on Tyler Technologies from $701.00 to $747.00 and gave the company an “overweight” rating in a report on Friday. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $615.00 target price (down from $670.00) on shares of Tyler Technologies in a report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tyler Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $667.83.

Tyler Technologies Stock Performance

NYSE:TYL opened at $642.39 on Friday. The stock has a market cap of $27.49 billion, a P/E ratio of 117.22, a price-to-earnings-growth ratio of 4.78 and a beta of 0.78. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.18. The stock’s 50-day moving average is $596.21 and its 200-day moving average is $594.29. Tyler Technologies has a 1-year low of $397.80 and a 1-year high of $661.31.

Tyler Technologies (NYSE:TYL) last released its quarterly earnings results on Wednesday, February 12th. The technology company reported $1.87 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.57). Tyler Technologies had a return on equity of 9.79% and a net margin of 11.39%. Equities research analysts anticipate that Tyler Technologies will post 7.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider John S. Marr, Jr. sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $613.66, for a total transaction of $7,363,920.00. Following the transaction, the insider now directly owns 6,983 shares of the company’s stock, valued at $4,285,187.78. This represents a 63.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian K. Miller sold 6,752 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $613.75, for a total value of $4,144,040.00. Following the transaction, the chief financial officer now directly owns 11,918 shares in the company, valued at $7,314,672.50. The trade was a 36.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,502 shares of company stock worth $18,941,368. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Tyler Technologies

Institutional investors have recently modified their holdings of the company. Oak Thistle LLC raised its position in shares of Tyler Technologies by 213.7% during the fourth quarter. Oak Thistle LLC now owns 2,328 shares of the technology company’s stock worth $1,342,000 after purchasing an additional 1,586 shares during the period. Aigen Investment Management LP purchased a new stake in Tyler Technologies in the 3rd quarter valued at $1,309,000. Maiden Cove Capital LLC purchased a new stake in Tyler Technologies in the 3rd quarter valued at $583,000. Assetmark Inc. raised its position in Tyler Technologies by 9.4% in the 3rd quarter. Assetmark Inc. now owns 9,910 shares of the technology company’s stock valued at $5,785,000 after buying an additional 854 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Tyler Technologies in the 3rd quarter valued at $569,000. 93.30% of the stock is owned by institutional investors and hedge funds.

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.