Tyler Technologies (NYSE:TYL) Stock Price Target Raised at BTIG Research

Key Points

• BTIG Research raised Tyler Technologies’ price target from $400 to $430 and maintained a “buy” rating, implying 15.36% upside from the reported $372.75 share price.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $444.44; recent targets from Piper Sandler and TD Cowen reached $450.
• Tyler Technologies exceeded quarterly EPS expectations, reporting $3.52 versus the $3.48 consensus, while revenue increased 8.7% year over year to $647.57 million. Institutional investors own 93.3% of the stock, though company insiders recently sold shares.

Tyler Technologies (NYSE:TYL - Get Free Report) had its price objective hoisted by BTIG Research from $400.00 to $430.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. BTIG Research's target price suggests a potential upside of 15.36% from the company's current price.

TYL has been the subject of several other reports. Piper Sandler assumed coverage on Tyler Technologies in a research note on Monday, September 28th. They set an "overweight" rating and a $450.00 price objective for the company. TD Cowen raised their price objective on shares of Tyler Technologies from $400.00 to $450.00 and gave the stock a "buy" rating in a report on Monday. The Goldman Sachs Group cut shares of Tyler Technologies from a "buy" rating to a "neutral" rating and cut their target price for the company from $395.00 to $345.00 in a research note on Thursday, October 8th. Wells Fargo & Company raised Tyler Technologies from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $335.00 to $400.00 in a report on Monday, October 12th. Finally, Guggenheim began coverage on Tyler Technologies in a report on Wednesday, July 22nd. They set a "buy" rating and a $440.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Tyler Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $444.44.

Tyler Technologies Trading Up 3.3%

Tyler Technologies stock opened at $372.75 on Friday. 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 business's 50-day simple moving average is $350.98 and its 200-day simple moving average is $337.76. The firm has a market capitalization of $15.26 billion, a PE ratio of 38.15, a PEG ratio of 2.38 and a beta of 0.85. Tyler Technologies has a 52 week low of $270.71 and a 52 week high of $489.92.

Tyler Technologies (NYSE:TYL - Get Free Report) last announced its earnings results on Wednesday, October 28th. The technology company reported $3.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.48 by $0.04. The business had revenue of $647.57 million for the quarter, compared to analyst estimates of $651.52 million. Tyler Technologies had a net margin of 13.51% and a return on equity of 11.64%. Tyler Technologies's revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.91 earnings per share. Equities research analysts forecast that Tyler Technologies will post 10.13 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Tyler Technologies

Several hedge funds have recently bought and sold shares of TYL. BlackRock Inc. purchased a new position in Tyler Technologies in the second quarter valued at about $1,129,890,000. Bank of America Corp DE purchased a new stake in shares of Tyler Technologies during the second quarter worth $116,831,000. Deutsche Bank AG purchased a new stake in Tyler Technologies during the 2nd quarter worth about $88,645,000. Principal Financial Group Inc. boosted its stake in 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 worth $597,681,000 after purchasing an additional 291,564 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Tyler Technologies in the second quarter worth about $72,426,000. 93.30% of the stock is currently owned by institutional investors and hedge funds.

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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