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

Tyler Technologies (NYSE:TYL) announced its quarterly earnings data on Wednesday. The technology company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.43 by $0.09, Briefing.com reports. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. The firm had revenue of $543.34 million during the quarter, compared to analysts’ expectations of $547.34 million. During the same quarter last year, the business earned $1.66 earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. 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 Performance

Shares of TYL opened at $582.22 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market capitalization of $24.72 billion, a price-to-earnings ratio of 131.72, a PEG ratio of 5.44 and a beta of 0.78. 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 1 year low of $361.16 and a 1 year high of $606.93.

Analyst Ratings Changes

Several analysts recently commented on the stock. Piper Sandler raised their price objective on shares of Tyler Technologies from $529.00 to $625.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Evercore ISI upgraded shares of Tyler Technologies to a “hold” rating in a research note on Friday, July 26th. JMP Securities raised their price objective on shares of Tyler Technologies from $490.00 to $580.00 and gave the company a “market outperform” rating in a research note on Monday, July 22nd. Needham & Company LLC raised their price objective 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, Oppenheimer raised their price objective on shares of Tyler Technologies from $550.00 to $625.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Tyler Technologies presently has an average rating of “Moderate Buy” and an average target price of $601.38.

Insider Activity at Tyler Technologies

In related news, CEO H Lynn Moore, Jr. sold 6,250 shares of the company’s 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 transaction, the chief executive officer now owns 75,000 shares of the company’s stock, valued at approximately $43,236,750. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO H Lynn Moore, Jr. sold 6,250 shares of the company’s 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 transaction, the chief executive officer now owns 75,000 shares of the company’s stock, valued at approximately $43,236,750. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brian K. Miller sold 2,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,375 shares of company stock valued at $17,049,739. Company insiders own 2.20% of the company’s stock.

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.