Empire Life Investments Inc. Reduces Holdings in Tyler Technologies, Inc. (NYSE:TYL)

Key Points

• Empire Life Investments Inc. decreased its stake in Tyler Technologies, Inc. by 18.0%, owning 44,886 shares worth approximately $26 million, representing 1.7% of its holdings.
• Several large investors, including LPL Financial LLC and Prudential PLC, have recently adjusted their stakes in Tyler Technologies, with a significant share of the stock (93.30%) owned by hedge funds and institutional investors.
• Analysts have revised their price targets for Tyler Technologies, with Wells Fargo lowering their target from $640 to $610, while Needham & Company LLC maintains a "buy" rating with a $750 target price.

Empire Life Investments Inc. decreased its position in Tyler Technologies, Inc. (NYSE:TYL - Free Report) by 18.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,886 shares of the technology company's stock after selling 9,865 shares during the period. Tyler Technologies makes up approximately 1.7% of Empire Life Investments Inc.'s holdings, making the stock its 19th biggest position. Empire Life Investments Inc. owned 0.10% of Tyler Technologies worth $26,096,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA increased its position in shares of Tyler Technologies by 6.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 998,927 shares of the technology company's stock valued at $580,766,000 after purchasing an additional 59,554 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Tyler Technologies by 57,694.7% during the 1st quarter. GAMMA Investing LLC now owns 878,480 shares of the technology company's stock valued at $510,739,000 after purchasing an additional 876,960 shares during the last quarter. Northern Trust Corp increased its holdings in Tyler Technologies by 13.9% in the 4th quarter. Northern Trust Corp now owns 497,367 shares of the technology company's stock worth $286,802,000 after acquiring an additional 60,654 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Tyler Technologies by 52.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 283,449 shares of the technology company's stock worth $163,448,000 after acquiring an additional 97,718 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in Tyler Technologies by 28.0% in the 1st quarter. Handelsbanken Fonder AB now owns 254,851 shares of the technology company's stock worth $148,168,000 after acquiring an additional 55,800 shares in the last quarter. Institutional investors own 93.30% of the company's stock.

Insider Transactions at Tyler Technologies

In other Tyler Technologies news, insider John S. Marr, Jr. sold 5,000 shares of Tyler Technologies stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $558.86, for a total value of $2,794,300.00. Following the transaction, the insider owned 6,983 shares in the company, valued at $3,902,519.38. The trade was a 41.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO H Lynn Moore, Jr. sold 5,250 shares of Tyler Technologies stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $580.77, for a total value of $3,049,042.50. Following the completion of the transaction, the chief executive officer owned 81,775 shares in the company, valued at $47,492,466.75. This trade represents a 6.03% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,352 shares of company stock worth $17,449,676. Corporate insiders own 1.10% of the company's stock.

Tyler Technologies Trading Up 0.6%

Shares of Tyler Technologies stock traded up $3.66 during trading on Wednesday, hitting $612.34. 407,416 shares of the stock traded hands, compared to its average volume of 384,838. The firm has a market cap of $26.49 billion, a P/E ratio of 87.48, a price-to-earnings-growth ratio of 4.67 and a beta of 0.85. Tyler Technologies, Inc. has a 52-week low of $513.52 and a 52-week high of $661.31. The stock's fifty day simple moving average is $575.19 and its 200 day simple moving average is $578.90.

Tyler Technologies (NYSE:TYL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The technology company reported $2.91 EPS for the quarter, beating the consensus estimate of $2.78 by $0.13. The firm had revenue of $584.01 million for the quarter, compared to analyst estimates of $587.59 million. Tyler Technologies had a return on equity of 10.34% and a net margin of 13.66%. The business's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.40 earnings per share. As a group, equities analysts expect that Tyler Technologies, Inc. will post 8.52 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TYL shares. Piper Sandler reduced their target price on shares of Tyler Technologies from $747.00 to $708.00 and set an "overweight" rating for the company in a report on Friday, April 25th. Cantor Fitzgerald began coverage on shares of Tyler Technologies in a report on Tuesday, June 3rd. They set a "neutral" rating and a $600.00 price objective for the company. Robert W. Baird cut their price objective on shares of Tyler Technologies from $785.00 to $700.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Wall Street Zen lowered shares of Tyler Technologies from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. Finally, Needham & Company LLC restated a "buy" rating and issued a $750.00 price target on shares of Tyler Technologies in a research report on Tuesday, May 13th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $688.27.

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.