Tyler Technologies, Inc. (NYSE:TYL) Shares Sold by Azimuth Capital Investment Management LLC

Key Points

• Azimuth Capital Investment Management LLC cut its holdings in Tyler Technologies by 51.0%, resulting in ownership of 18,581 shares worth approximately $10.8 million at the end of the quarter.
• Multiple institutional investors, including Vanguard Group Inc. and GAMMA Investing LLC, have significantly increased their stakes in Tyler Technologies during the first quarter.
• Tyler Technologies stock is currently down 1.3% and has a market cap of $24.78 billion, with earnings of $2.91 per share reported for the last quarter, exceeding analyst expectations.

Azimuth Capital Investment Management LLC cut its holdings in shares of Tyler Technologies, Inc. (NYSE:TYL - Free Report) by 51.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,581 shares of the technology company's stock after selling 19,320 shares during the period. Azimuth Capital Investment Management LLC's holdings in Tyler Technologies were worth $10,803,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Tyler Technologies by 2.8% during the first quarter. Vanguard Group Inc. now owns 5,459,163 shares of the technology company's stock valued at $3,173,903,000 after purchasing an additional 148,762 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Tyler Technologies by 6.3% in 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 acquiring an additional 59,554 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Tyler Technologies by 57,694.7% in the 1st quarter. GAMMA Investing LLC now owns 878,480 shares of the technology company's stock valued at $510,739,000 after acquiring an additional 876,960 shares in the last quarter. Northern Trust Corp lifted its position in shares of Tyler Technologies by 13.9% in the 4th quarter. Northern Trust Corp now owns 497,367 shares of the technology company's stock valued at $286,802,000 after acquiring an additional 60,654 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Tyler Technologies by 3.1% in the 1st quarter. JPMorgan Chase & Co. now owns 480,085 shares of the technology company's stock valued at $279,117,000 after acquiring an additional 14,219 shares in the last quarter. 93.30% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tyler Technologies

In other news, CFO Brian K. Miller sold 3,333 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $568.46, for a total transaction of $1,894,677.18. Following the transaction, the chief financial officer owned 11,231 shares in the company, valued at $6,384,374.26. This represents a 22.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Abigail Marshall Diaz-Pedrosa sold 375 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $573.60, for a total transaction of $215,100.00. Following the transaction, the insider owned 247 shares in the company, valued at approximately $141,679.20. This trade represents a 60.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,102 shares of company stock worth $16,303,524. Company insiders own 1.10% of the company's stock.

Tyler Technologies Stock Down 1.3%

TYL stock opened at $572.89 on Friday. Tyler Technologies, Inc. has a 12-month low of $513.52 and a 12-month high of $661.31. The company has a market cap of $24.78 billion, a price-to-earnings ratio of 81.84, a PEG ratio of 4.46 and a beta of 0.85. The company has a 50 day moving average of $577.13 and a two-hundred day moving average of $578.87.

Tyler Technologies (NYSE:TYL - Get Free Report) last released its earnings results on Wednesday, July 30th. The technology company reported $2.91 earnings per share (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 company had revenue of $584.01 million during the quarter, compared to the consensus estimate of $587.59 million. During the same quarter in the prior year, the firm earned $2.40 EPS. The company's revenue was up 10.2% compared to the same quarter last year. On average, research analysts anticipate that Tyler Technologies, Inc. will post 8.52 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TYL shares. Wall Street Zen downgraded shares of Tyler Technologies from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. DA Davidson set a $585.00 price target on shares of Tyler Technologies and gave the company a "neutral" rating in a research report on Tuesday, August 5th. Cantor Fitzgerald started coverage on shares of Tyler Technologies in a research report on Tuesday, June 3rd. They issued a "neutral" rating and a $600.00 price target for the company. Wells Fargo & Company reduced their price target 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, Robert W. Baird reduced their price target 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. Four investment 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 stock currently has an average rating of "Moderate Buy" and an average target price of $688.27.

Tyler Technologies Company 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.

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