Montanaro Asset Management Ltd Decreases Stock Position in Tyler Technologies, Inc. (NYSE:TYL)

Key Points

• Montanaro Asset Management Ltd has reduced its stake in Tyler Technologies by 20.8%, now holding 41,461 shares which constitute 7.1% of its portfolio.
• Several institutional investors have increased their holdings, with Prudential PLC and Westpac Banking Corp rising by 2.3% and 19.3% respectively during the 1st quarter.
• Analysts have varied views on the stock, with the consensus price target set at $688.27 and ratings ranging from "hold" to "buy" based on recent price adjustments.

Montanaro Asset Management Ltd trimmed its position in shares of Tyler Technologies, Inc. (NYSE:TYL - Free Report) by 20.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,461 shares of the technology company's stock after selling 10,899 shares during the period. Tyler Technologies accounts for 7.1% of Montanaro Asset Management Ltd's portfolio, making the stock its largest holding. Montanaro Asset Management Ltd owned 0.10% of Tyler Technologies worth $24,105,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Prudential PLC increased its holdings in Tyler Technologies by 2.3% in the 1st quarter. Prudential PLC now owns 1,189 shares of the technology company's stock valued at $691,000 after acquiring an additional 27 shares during the last quarter. Resona Asset Management Co. Ltd. increased its holdings in Tyler Technologies by 4.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 18,471 shares of the technology company's stock valued at $10,736,000 after acquiring an additional 840 shares during the last quarter. Westpac Banking Corp increased its holdings in Tyler Technologies by 19.3% in the 1st quarter. Westpac Banking Corp now owns 229 shares of the technology company's stock valued at $133,000 after acquiring an additional 37 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in Tyler Technologies by 6.5% in the 1st quarter. Public Sector Pension Investment Board now owns 6,620 shares of the technology company's stock valued at $3,849,000 after acquiring an additional 404 shares during the last quarter. Finally, Meridian Wealth Management LLC grew its stake in shares of Tyler Technologies by 2.9% in the 1st quarter. Meridian Wealth Management LLC now owns 923 shares of the technology company's stock worth $537,000 after buying an additional 26 shares in the last quarter. 93.30% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Robert W. Baird reduced their target price on shares of Tyler Technologies from $785.00 to $700.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Cantor Fitzgerald assumed coverage on shares of Tyler Technologies in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $600.00 target price on the stock. Wells Fargo & Company reduced their target price on shares of Tyler Technologies from $640.00 to $610.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC restated a "buy" rating and issued a $750.00 target price on shares of Tyler Technologies in a report on Tuesday, May 13th. Finally, Piper Sandler reduced their target price on shares of Tyler Technologies from $747.00 to $708.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $688.27.

Tyler Technologies Trading Down 1.7%

TYL stock opened at $584.39 on Tuesday. Tyler Technologies, Inc. has a 12 month low of $513.52 and a 12 month high of $661.31. The company has a 50-day moving average price of $577.31 and a 200 day moving average price of $579.21. The stock has a market cap of $25.28 billion, a PE ratio of 83.48, a P/E/G ratio of 4.56 and a beta of 0.85.

Tyler Technologies (NYSE:TYL - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The technology company reported $2.91 EPS for the quarter, topping analysts' consensus estimates of $2.78 by $0.13. Tyler Technologies had a net margin of 13.66% and a return on equity of 10.34%. The firm had revenue of $584.01 million during the quarter, compared to analysts' expectations of $587.59 million. During the same period in the previous year, the company earned $2.40 EPS. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. Sell-side analysts forecast that Tyler Technologies, Inc. will post 8.52 EPS for the current year.

Insider Buying and Selling

In other Tyler Technologies news, CFO Brian K. Miller sold 1,200 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $580.72, for a total value of $696,864.00. Following the completion of the sale, the chief financial officer directly owned 13,772 shares of the company's stock, valued at $7,997,675.84. The trade was a 8.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John S. Marr, Jr. sold 4,000 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $568.66, for a total transaction of $2,274,640.00. Following the completion of the sale, the insider directly owned 6,983 shares of the company's stock, valued at approximately $3,970,952.78. This trade represents a 36.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,352 shares of company stock worth $14,655,376 over the last 90 days. Corporate insiders own 1.10% of the company's stock.

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.

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