Westwood Holdings Group Inc. Sells 600 Shares of Tyler Technologies, Inc. (NYSE:TYL)

Key Points

• Westwood Holdings Group Inc. reduced its stake in Tyler Technologies by 7.6%, owning 7,319 shares valued at approximately $4.26 million.
• Tyler Technologies reported earnings per share (EPS) of $2.91, exceeding analysts' expectations, with revenue of $584.01 million for the quarter.
• Several hedge funds, including Wells Fargo and Cerity Partners, increased their stakes in Tyler Technologies, highlighting significant institutional interest in the company.

Westwood Holdings Group Inc. cut its holdings in shares of Tyler Technologies, Inc. (NYSE:TYL - Free Report) by 7.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,319 shares of the technology company's stock after selling 600 shares during the quarter. Westwood Holdings Group Inc.'s holdings in Tyler Technologies were worth $4,255,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in TYL. Massachusetts Financial Services Co. MA lifted 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 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 first 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 fourth 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Tyler Technologies by 52.6% in 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 valued at $163,448,000 after acquiring an additional 97,718 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its position in shares of Tyler Technologies by 28.0% in the first quarter. Handelsbanken Fonder AB now owns 254,851 shares of the technology company's stock valued at $148,168,000 after acquiring an additional 55,800 shares in the last quarter. 93.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. DA Davidson set a $585.00 target price on Tyler Technologies and gave the stock a "neutral" rating in a research report on Tuesday, August 5th. Wall Street Zen downgraded Tyler Technologies from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Piper Sandler decreased their target price on Tyler Technologies from $747.00 to $708.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. Cantor Fitzgerald assumed coverage on Tyler Technologies in a research report on Tuesday, June 3rd. They issued a "neutral" rating and a $600.00 target price on the stock. Finally, Wells Fargo & Company decreased their target price on Tyler Technologies from $640.00 to $610.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Tyler Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $688.27.

Insider Activity

In other news, CFO Brian K. Miller sold 3,333 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was 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 of the company's stock, valued at approximately $6,384,374.26. This represents a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Brenda A. Cline sold 2,500 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $577.41, for a total value of $1,443,525.00. Following the transaction, the director directly owned 2,519 shares in the company, valued at approximately $1,454,495.79. This represents a 49.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,352 shares of company stock valued at $14,655,376. 1.10% of the stock is currently owned by corporate insiders.

Tyler Technologies Stock Performance

TYL stock traded down $6.20 during midday trading on Friday, reaching $593.99. 252,619 shares of the company traded hands, compared to its average volume of 390,199. Tyler Technologies, Inc. has a 52-week low of $513.52 and a 52-week high of $661.31. The business has a 50 day moving average of $576.89 and a 200-day moving average of $579.36. The firm has a market capitalization of $25.70 billion, a price-to-earnings ratio of 84.86, a P/E/G ratio of 4.56 and a beta of 0.85.

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

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.