Swiss National Bank Trims Stock Position in Tyler Technologies, Inc. $TYL

Key Points

• Swiss National Bank trimmed its stake in Tyler Technologies by 4.7% in Q3, selling 6,100 shares and now holds 124,300 shares (~0.29%) worth about $65.03 million.
• Tyler slightly missed quarterly expectations—EPS $2.64 vs. $2.71 and revenue $575.2M vs. $591.1M—and several analysts have cut price targets, leaving a consensus rating of Moderate Buy with an average target of $467.54.
• Insiders recently bought shares (Abigail Marshall Diaz-Pedrosa 610 shares at $325.08; Director Andrew D. Teed 1,600 shares at $309.91) even as insiders sold 8,174 shares in the past 90 days, while institutional investors own about 93.3% of the stock.

Swiss National Bank cut its holdings in shares of Tyler Technologies, Inc. (NYSE:TYL - Free Report) by 4.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 124,300 shares of the technology company's stock after selling 6,100 shares during the period. Swiss National Bank owned about 0.29% of Tyler Technologies worth $65,029,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Root Financial Partners LLC purchased a new position in shares of Tyler Technologies during the 3rd quarter valued at approximately $28,000. Twin Peaks Wealth Advisors LLC acquired a new position in Tyler Technologies during the second quarter worth $32,000. Advisors Asset Management Inc. acquired a new stake in shares of Tyler Technologies in the first quarter valued at about $38,000. Geneos Wealth Management Inc. increased its stake in shares of Tyler Technologies by 137.9% during the first quarter. Geneos Wealth Management Inc. now owns 69 shares of the technology company's stock worth $40,000 after purchasing an additional 40 shares in the last quarter. Finally, Quent Capital LLC acquired a new position in shares of Tyler Technologies during the 3rd quarter worth about $49,000. 93.30% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Abigail Marshall Diaz-Pedrosa purchased 610 shares of the business's stock in a transaction dated Friday, February 20th. The stock was acquired at an average price of $325.08 per share, for a total transaction of $198,298.80. Following the acquisition, the insider directly owned 1,123 shares of the company's stock, valued at approximately $365,064.84. This represents a 118.91% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew D. Teed purchased 1,600 shares of the business's stock in a transaction dated Monday, February 23rd. The shares were purchased at an average price of $309.91 per share, with a total value of $495,856.00. Following the acquisition, the director directly owned 5,118 shares in the company, valued at approximately $1,586,119.38. The trade was a 45.48% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have sold 8,174 shares of company stock worth $3,228,243. 1.10% of the stock is currently owned by company insiders.

Tyler Technologies Stock Down 1.7%

NYSE TYL opened at $348.26 on Thursday. Tyler Technologies, Inc. has a 52 week low of $283.71 and a 52 week high of $621.34. The business's fifty day simple moving average is $381.91 and its 200-day simple moving average is $456.08. The firm has a market cap of $14.97 billion, a PE ratio of 48.37, a P/E/G ratio of 2.38 and a beta of 0.90.

Tyler Technologies (NYSE:TYL - Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The technology company reported $2.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.71 by ($0.07). Tyler Technologies had a net margin of 13.53% and a return on equity of 10.42%. The firm had revenue of $575.18 million during the quarter, compared to analysts' expectations of $591.09 million. During the same period in the prior year, the company posted $2.43 EPS. The company's revenue for the quarter was up 6.3% compared to the same quarter last year. Research analysts expect that Tyler Technologies, Inc. will post 8.52 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on the company. BTIG Research cut their price objective on Tyler Technologies from $560.00 to $470.00 and set a "buy" rating for the company in a research note on Monday, February 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $750.00 price target on shares of Tyler Technologies in a research note on Tuesday, February 3rd. Wells Fargo & Company dropped their price target on Tyler Technologies from $420.00 to $335.00 and set an "equal weight" rating for the company in a research report on Friday, February 13th. The Goldman Sachs Group set a $420.00 price objective on Tyler Technologies in a report on Friday, February 13th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $543.00 target price (down from $671.00) on shares of Tyler Technologies in a research note on Friday, February 13th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Tyler Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $467.54.

Tyler Technologies Profile

Tyler Technologies, Inc is a provider of software and technology services for the public sector, delivering integrated systems that help government and public agencies manage operations, finances and citizen services. Headquartered in Plano, Texas, the company focuses on developing and implementing solutions for local and state governments, school districts, courts and public safety organizations. Its offerings are aimed at modernizing administrative workflows, improving transparency and enabling digital interactions between governments and the communities they serve.

Tyler's product portfolio spans enterprise resource planning and financial management, tax and billing systems, court case and records management, public safety solutions (including computer-aided dispatch and records management), land and property management, permitting and licensing, and enterprise asset management.

Want to see what other hedge funds are holding TYL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tyler Technologies, Inc. (NYSE:TYL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.