ING Groep NV Reduces Position in Tyler Technologies, Inc. (NYSE:TYL)

Key Points

• ING Groep NV has significantly reduced its holdings in Tyler Technologies, Inc. by 51.2%, now owning 2,665 shares valued at approximately $1.55 million.
• Institutional investors are actively adjusting their positions, with Massachusetts Financial Services Co. increasing its stake by 6.3% and GAMMA Investing LLC boosting its position by an extraordinary 57,694.7%.
• Tyler Technologies reported earnings of $2.91 per share, exceeding expectations while revenue for the quarter was $584 million, a 10.2% increase year-over-year.

ING Groep NV reduced its holdings in shares of Tyler Technologies, Inc. (NYSE:TYL - Free Report) by 51.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,665 shares of the technology company's stock after selling 2,801 shares during the period. ING Groep NV's holdings in Tyler Technologies were worth $1,549,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its position in shares of Tyler Technologies by 6.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 998,927 shares of the technology company's stock worth $580,766,000 after purchasing an additional 59,554 shares during the period. GAMMA Investing LLC boosted its position in shares of Tyler Technologies by 57,694.7% in the first quarter. GAMMA Investing LLC now owns 878,480 shares of the technology company's stock worth $510,739,000 after purchasing an additional 876,960 shares during the period. Northern Trust Corp boosted its position in shares of Tyler Technologies by 13.9% in the fourth quarter. Northern Trust Corp now owns 497,367 shares of the technology company's stock worth $286,802,000 after purchasing an additional 60,654 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Tyler Technologies by 52.6% during the fourth 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 during the last quarter. Finally, Handelsbanken Fonder AB boosted its position in shares of Tyler Technologies by 28.0% during the first 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 during the last quarter. 93.30% of the stock is owned by hedge funds and other institutional investors.

Tyler Technologies Stock Down 1.0%

TYL stock traded down $6.20 during trading on Friday, hitting $593.99. The company had a trading volume of 252,619 shares, compared to its average volume of 390,199. The firm has a market capitalization of $25.70 billion, a P/E ratio of 84.86, a PEG ratio of 4.61 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 company has a 50 day simple moving average of $576.89 and a 200-day simple moving average of $579.41.

Tyler Technologies (NYSE:TYL - Get Free Report) last posted its earnings results on Wednesday, July 30th. The technology company reported $2.91 EPS for the quarter, beating analysts' consensus estimates of $2.78 by $0.13. The business had revenue of $584.01 million for the quarter, compared to the consensus estimate of $587.59 million. Tyler Technologies had a net margin of 13.66% and a return on equity of 10.34%. The company'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 EPS. Sell-side analysts forecast that Tyler Technologies, Inc. will post 8.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO H Lynn Moore, Jr. sold 5,250 shares of the firm's 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 sale, the chief executive officer directly owned 81,775 shares in the company, valued at approximately $47,492,466.75. This trade represents a 6.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John S. Marr, Jr. sold 4,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $568.66, for a total transaction of $2,274,640.00. Following the completion of the transaction, the insider directly owned 6,983 shares of the company's stock, valued at approximately $3,970,952.78. This represents a 36.42% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,352 shares of company stock worth $14,655,376. Insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on TYL. Needham & Company LLC reiterated a "buy" rating and set a $750.00 price objective on shares of Tyler Technologies in a research report on Tuesday, May 13th. Robert W. Baird lowered their price objective on shares of Tyler Technologies from $785.00 to $700.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Barclays increased their price objective on shares of Tyler Technologies from $695.00 to $715.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Wells Fargo & Company lowered their price objective on shares of Tyler Technologies from $640.00 to $610.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Finally, Wall Street Zen downgraded shares of Tyler Technologies from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $688.27.

Tyler Technologies Profile

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.