Tyler Technologies (NYSE:TYL) Given a $585.00 Price Target by DA Davidson Analysts

Key Points

• DA Davidson raised its price target for Tyler Technologies from $570.00 to $585.00, maintaining a "neutral" rating, which indicates a potential downside of 3.05% from the company's previous close.
• Analysts have mixed views on the stock, with Barclays increasing its target to $715.00 while Wells Fargo lowered its price target to $610.00, showcasing a range of ratings among analysts.
• In the latest earnings report, Tyler Technologies reported earnings per share of $2.91, surpassing expectations and reflecting a 10.2% increase in revenue compared to the same quarter last year.

Tyler Technologies (NYSE:TYL - Get Free Report) has been given a $585.00 price objective by investment analysts at DA Davidson in a research note issued on Tuesday, Marketbeat Ratings reports. The firm currently has a "neutral" rating on the technology company's stock. DA Davidson's target price would suggest a potential downside of 1.76% from the company's previous close.

A number of other equities analysts have also commented on the stock. Barclays raised their target price on shares of Tyler Technologies from $695.00 to $715.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Wall Street Zen lowered Tyler Technologies from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Cantor Fitzgerald started coverage on Tyler Technologies in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $600.00 price objective for the company. Piper Sandler dropped 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. Finally, 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 report on Tuesday, April 22nd. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $688.27.

Tyler Technologies Stock Performance

Shares of TYL traded down $16.31 during midday trading on Tuesday, hitting $595.46. 263,140 shares of the company traded hands, compared to its average volume of 292,837. The stock has a market cap of $25.76 billion, a price-to-earnings ratio of 84.94, a PEG ratio of 4.67 and a beta of 0.85. Tyler Technologies has a 52 week low of $513.52 and a 52 week high of $661.31. The firm has a 50 day moving average of $575.98 and a 200-day moving average of $579.13.

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. The business had revenue of $584.01 million for the quarter, compared to the consensus estimate of $587.59 million. Tyler Technologies had a return on equity of 10.34% and a net margin of 13.66%. The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.40 earnings per share. Sell-side analysts predict that Tyler Technologies will post 8.52 earnings per share for the current fiscal year.

Insider Transactions at Tyler Technologies

In related news, CEO H Lynn Moore, Jr. sold 5,250 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $580.77, for a total transaction of $3,049,042.50. Following the sale, the chief executive officer owned 81,775 shares in the company, valued at approximately $47,492,466.75. This trade represents a 6.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian K. Miller sold 3,333 shares of the stock in a transaction dated 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 in the company, valued at approximately $6,384,374.26. The trade was a 22.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,352 shares of company stock valued at $17,449,676. Company insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On Tyler Technologies

Several institutional investors have recently bought and sold shares of TYL. Prudential PLC lifted its holdings in Tyler Technologies by 186.2% in the 4th quarter. Prudential PLC now owns 1,162 shares of the technology company's stock worth $670,000 after buying an additional 756 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Tyler Technologies by 22.5% in the fourth quarter. Wells Fargo & Company MN now owns 108,107 shares of the technology company's stock valued at $62,339,000 after purchasing an additional 19,858 shares during the last quarter. Aviva PLC raised its position in shares of Tyler Technologies by 482.0% in the 4th quarter. Aviva PLC now owns 25,672 shares of the technology company's stock valued at $14,804,000 after purchasing an additional 21,261 shares in the last quarter. Cerity Partners LLC grew its position in shares of Tyler Technologies by 13.1% during the fourth quarter. Cerity Partners LLC now owns 4,350 shares of the technology company's stock worth $2,528,000 after buying an additional 503 shares in the last quarter. Finally, Bank of Nova Scotia raised its holdings in Tyler Technologies by 15.5% in the fourth quarter. Bank of Nova Scotia now owns 6,300 shares of the technology company's stock valued at $3,633,000 after acquiring an additional 847 shares in the last quarter. 93.30% of the stock is currently owned by hedge funds and other institutional investors.

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.