Tyler Technologies (NYSE:TYL) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Tyler Technologies (NYSE:TYL) issued its quarterly earnings results on Wednesday. The technology company reported $2.52 EPS for the quarter, topping the consensus estimate of $2.43 by $0.09, Briefing.com reports. The firm had revenue of $543.34 million for the quarter, compared to analysts’ expectations of $547.34 million. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. Tyler Technologies’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.66 earnings per share. Tyler Technologies updated its FY24 guidance to $9.47-9.62 EPS and its FY 2024 guidance to 9.470-9.620 EPS.

Tyler Technologies Stock Down 0.9 %

Shares of Tyler Technologies stock opened at $605.86 on Friday. The stock has a 50-day simple moving average of $584.88 and a 200-day simple moving average of $526.68. Tyler Technologies has a 52-week low of $361.16 and a 52-week high of $631.43. The firm has a market cap of $25.85 billion, a price-to-earnings ratio of 125.18, a P/E/G ratio of 5.42 and a beta of 0.78. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.06 and a quick ratio of 1.06.

Insider Activity at Tyler Technologies

In other news, CEO H Lynn Moore, Jr. sold 6,250 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $576.49, for a total transaction of $3,603,062.50. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Tyler Technologies news, CEO H Lynn Moore, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $590.98, for a total transaction of $2,954,900.00. Following the completion of the sale, the chief executive officer now owns 75,000 shares of the company’s stock, valued at $44,323,500. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO H Lynn Moore, Jr. sold 6,250 shares of Tyler Technologies stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $576.49, for a total transaction of $3,603,062.50. Following the completion of the transaction, the chief executive officer now directly owns 75,000 shares in the company, valued at approximately $43,236,750. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,375 shares of company stock valued at $17,049,739. 2.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. StockNews.com upgraded Tyler Technologies from a “hold” rating to a “buy” rating in a research report on Friday. Robert W. Baird raised their target price on shares of Tyler Technologies from $625.00 to $700.00 and gave the stock an “outperform” rating in a report on Friday. Piper Sandler lifted their price objective on shares of Tyler Technologies from $625.00 to $701.00 and gave the stock an “overweight” rating in a research report on Friday. Needham & Company LLC boosted their target price on shares of Tyler Technologies from $600.00 to $700.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Wells Fargo & Company raised their target price on Tyler Technologies from $580.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $642.62.

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.