Tyler Technologies (NYSE:TYL) Price Target Raised to $385.00

Key Points

• Goldman Sachs raised Tyler Technologies’ price target from $345 to $385 while maintaining a “neutral” rating, implying 5.6% downside from the stock’s reported $407.83 price.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $440.88; targets from other firms range as high as $500.
• Tyler Technologies beat quarterly earnings expectations with EPS of $3.52 versus $3.48 expected, while revenue rose 8.7% year over year to $647.57 million, slightly below forecasts.

Tyler Technologies (NYSE:TYL - Get Free Report) had its price objective upped by research analysts at The Goldman Sachs Group from $345.00 to $385.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. The Goldman Sachs Group's target price would suggest a potential downside of 5.60% from the stock's current price.

Other equities analysts also recently issued research reports about the company. UBS Group set a $395.00 price target on Tyler Technologies in a research report on Saturday, August 1st. Wells Fargo & Company upped their price objective on Tyler Technologies from $400.00 to $430.00 and gave the company an "overweight" rating in a research note on Friday. Guggenheim began coverage on Tyler Technologies in a research report on Wednesday, July 22nd. They issued a "buy" rating and a $440.00 price objective for the company. Needham & Company LLC lifted their target price on Tyler Technologies from $400.00 to $500.00 and gave the stock a "buy" rating in a research note on Tuesday, October 27th. Finally, DA Davidson reissued a "buy" rating and set a $460.00 target price on shares of Tyler Technologies in a report on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Tyler Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $440.88.

Tyler Technologies Stock Up 1.0%

TYL traded up $3.90 during trading on Tuesday, reaching $407.83. 380,421 shares of the stock were exchanged, compared to its average volume of 751,663. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.55 and a current ratio of 1.55. The stock's 50 day moving average price is $352.96 and its two-hundred day moving average price is $337.30. Tyler Technologies has a twelve month low of $270.71 and a twelve month high of $481.57. The stock has a market cap of $16.22 billion, a P/E ratio of 51.30, a price-to-earnings-growth ratio of 2.38 and a beta of 0.85.

Tyler Technologies (NYSE:TYL - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The technology company reported $3.52 EPS for the quarter, beating analysts' consensus estimates of $3.48 by $0.04. The firm had revenue of $647.57 million during the quarter, compared to analysts' expectations of $651.38 million. Tyler Technologies had a net margin of 13.51% and a return on equity of 11.64%. The company's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.91 earnings per share. Equities analysts expect that Tyler Technologies will post 10.13 EPS for the current year.

Insider Buying and Selling at Tyler Technologies

In other Tyler Technologies news, CEO H Lynn Moore, Jr. sold 9,250 shares of the company's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $372.79, for a total value of $3,448,307.50. Following the completion of the transaction, the chief executive officer owned 100,392 shares of the company's stock, valued at $37,425,133.68. This represents a 8.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jeffrey Puckett sold 8,500 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $356.44, for a total value of $3,029,740.00. Following the completion of the transaction, the chief operating officer owned 7,784 shares of the company's stock, valued at $2,774,528.96. This represents a 52.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.10% of the company's stock.

Institutional Trading of Tyler Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Tyler Technologies in the second quarter valued at $1,129,890,000. Bank of America Corp DE bought a new position in shares of Tyler Technologies during the 2nd quarter worth about $116,831,000. Deutsche Bank AG acquired a new stake in shares of Tyler Technologies in the 2nd quarter valued at about $88,645,000. Principal Financial Group Inc. grew its stake in shares of Tyler Technologies by 20.1% in the 1st quarter. Principal Financial Group Inc. now owns 1,745,625 shares of the technology company's stock valued at $597,681,000 after buying an additional 291,564 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Tyler Technologies in the 2nd quarter valued at about $72,426,000. 93.30% of the stock is currently owned by institutional investors.

Tyler Technologies Company Profile

Tyler Technologies, Inc provides integrated software and technology services to public-sector organizations. Its customers include municipalities, counties, states, courts, school districts, public safety agencies, and other government entities. The company's solutions are designed to help public organizations manage operations, improve service delivery, and engage with residents and constituents.

Tyler's product portfolio includes enterprise resource planning and financial management software, property tax and appraisal systems, court and justice solutions, public safety and emergency communications platforms, permitting and licensing tools, and software for schools and elections.

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