Tyler Technologies (NYSE:TYL) Issues FY24 Earnings Guidance

Tyler Technologies (NYSE:TYL) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $9.47-9.62 for the period, compared to the consensus EPS estimate of $9.37. The company issued revenue guidance of $2.125-2.145 billion, compared to the consensus revenue estimate of $2.14 billion. Tyler Technologies also updated its FY 2024 guidance to 9.470-9.620 EPS.

Tyler Technologies Stock Performance

Shares of NYSE TYL traded up $30.79 during mid-day trading on Thursday, reaching $613.01. 433,773 shares of the company were exchanged, compared to its average volume of 227,363. The stock has a market capitalization of $26.16 billion, a P/E ratio of 128.75, a P/E/G ratio of 5.42 and a beta of 0.78. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.19. The company’s 50-day simple moving average is $583.86 and its 200-day simple moving average is $524.77. Tyler Technologies has a twelve month low of $361.16 and a twelve month high of $631.43.

Tyler Technologies (NYSE:TYL) last issued its quarterly earnings data on Wednesday, October 23rd. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.43 by $0.09. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. The company had revenue of $543.34 million during the quarter, compared to analysts’ expectations of $547.34 million. During the same quarter in the previous year, the company posted $1.66 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis. As a group, research analysts predict that Tyler Technologies will post 7.21 earnings per share for the current year.

Wall Street Analyst Weigh In

TYL has been the topic of several recent research reports. Piper Sandler increased their price objective on Tyler Technologies from $529.00 to $625.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Truist Financial reaffirmed a “buy” rating and set a $600.00 price target (up from $560.00) on shares of Tyler Technologies in a research report on Friday, July 26th. Needham & Company LLC boosted their price objective on shares of Tyler Technologies from $600.00 to $700.00 and gave the company a “buy” rating in a report on Tuesday. BTIG Research raised their target price on shares of Tyler Technologies from $550.00 to $630.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, JMP Securities lifted their price target on shares of Tyler Technologies from $490.00 to $580.00 and gave the company a “market outperform” rating in a research report on Monday, July 22nd. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $601.38.

Insiders Place Their Bets

In related news, CFO Brian K. Miller sold 2,000 shares of Tyler Technologies stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $567.96, for a total transaction of $1,135,920.00. Following the sale, the chief financial officer now directly owns 11,950 shares of the company’s stock, valued at approximately $6,787,122. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Brian K. Miller sold 2,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $567.96, for a total transaction of $1,135,920.00. Following the sale, the chief financial officer now owns 11,950 shares of the company’s stock, valued at $6,787,122. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO H Lynn Moore, Jr. sold 6,250 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $576.49, for a total value of $3,603,062.50. Following the sale, the chief executive officer now owns 75,000 shares in the company, valued at $43,236,750. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,375 shares of company stock valued at $17,049,739. 2.20% of the stock is currently owned by corporate insiders.

About Tyler Technologies

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.