Tyler Technologies (NYSE:TYL) Releases Earnings Results, Beats Estimates By $0.06 EPS

Tyler Technologies (NYSE:TYL) posted its quarterly earnings results on Wednesday. The technology company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.34 by $0.06, Briefing.com reports. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.82%. The business had revenue of $540.98 million for the quarter, compared to the consensus estimate of $541.01 million. During the same period in the prior year, the business posted $1.53 earnings per share. Tyler Technologies’s revenue for the quarter was up 7.3% compared to the same quarter last year. Tyler Technologies updated its FY24 guidance to $9.25-9.45 EPS and its FY 2024 guidance to 9.250-9.450 EPS.

Tyler Technologies Price Performance

Shares of Tyler Technologies stock traded up $25.76 during midday trading on Friday, reaching $590.10. The company had a trading volume of 406,138 shares, compared to its average volume of 222,774. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $25.06 billion, a price-to-earnings ratio of 133.05, a price-to-earnings-growth ratio of 4.84 and a beta of 0.76. The stock has a fifty day simple moving average of $497.34 and a 200 day simple moving average of $455.55. Tyler Technologies has a 1-year low of $361.16 and a 1-year high of $593.50.

Insider Transactions at Tyler Technologies

In other news, Director Brenda A. Cline sold 5,000 shares of Tyler Technologies stock in a transaction on Monday, April 29th. The shares were sold at an average price of $458.83, for a total transaction of $2,294,150.00. Following the transaction, the director now directly owns 1,358 shares of the company’s stock, valued at $623,091.14. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Brenda A. Cline sold 5,000 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $458.83, for a total transaction of $2,294,150.00. Following the transaction, the director now directly owns 1,358 shares in the company, valued at approximately $623,091.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John S. Marr, Jr. sold 6,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $483.21, for a total transaction of $2,899,260.00. Following the transaction, the insider now owns 6,983 shares in the company, valued at $3,374,255.43. The disclosure for this sale can be found here. Insiders have sold a total of 26,241 shares of company stock valued at $12,495,890 over the last three months. 2.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Piper Sandler upped their price target on shares of Tyler Technologies from $529.00 to $625.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial reissued a “buy” rating and set a $600.00 target price (up from $560.00) on shares of Tyler Technologies in a research report on Friday. JMP Securities increased their target price on shares of Tyler Technologies from $490.00 to $580.00 and gave the stock a “market outperform” rating in a research report on Monday. DA Davidson increased their target price on shares of Tyler Technologies from $456.00 to $525.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Wells Fargo & Company increased their target price on shares of Tyler Technologies from $580.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $576.15.

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.