Wells Fargo & Company Reaffirms Equal Weight Rating for Tyler Technologies (NYSE:TYL)

Tyler Technologies (NYSE:TYL)‘s stock had its “equal weight” rating restated by equities researchers at Wells Fargo & Company in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $615.00 target price on the technology company’s stock, down from their prior target price of $670.00. Wells Fargo & Company‘s target price suggests a potential upside of 7.06% from the company’s current price.

A number of other brokerages have also weighed in on TYL. Oppenheimer lifted their price objective on Tyler Technologies from $625.00 to $700.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Needham & Company LLC boosted their price target on Tyler Technologies from $600.00 to $700.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Robert W. Baird boosted their price target on Tyler Technologies from $625.00 to $700.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Truist Financial reissued a “buy” rating and set a $685.00 price target (up previously from $600.00) on shares of Tyler Technologies in a research note on Friday, October 25th. Finally, StockNews.com lowered Tyler Technologies from a “buy” rating to a “hold” rating in a research note on Friday, December 6th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $643.77.

Tyler Technologies Stock Performance

Shares of TYL stock opened at $574.46 on Tuesday. The stock has a market capitalization of $24.59 billion, a PE ratio of 104.83, a price-to-earnings-growth ratio of 5.54 and a beta of 0.78. Tyler Technologies has a 52-week low of $397.80 and a 52-week high of $638.56. The stock’s 50-day moving average price is $607.90 and its 200 day moving average price is $579.55. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.18.

Tyler Technologies (NYSE:TYL) last announced its quarterly earnings data on Wednesday, October 23rd. The technology company reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.09. Tyler Technologies had a return on equity of 9.79% and a net margin of 11.39%. The company had revenue of $543.34 million for the quarter, compared to analyst estimates of $547.34 million. During the same quarter in the previous year, the company earned $1.66 EPS. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities research analysts forecast that Tyler Technologies will post 7.36 EPS for the current year.

Insider Transactions at Tyler Technologies

In other news, CFO Brian K. Miller sold 6,752 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $613.75, for a total transaction of $4,144,040.00. Following the completion of the sale, the chief financial officer now directly owns 11,918 shares in the company, valued at $7,314,672.50. This represents a 36.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John S. Marr, Jr. sold 12,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $613.66, for a total value of $7,363,920.00. Following the sale, the insider now owns 6,983 shares of the company’s stock, valued at approximately $4,285,187.78. The trade was a 63.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,252 shares of company stock worth $26,096,928 in the last ninety days. Insiders own 2.20% of the company’s stock.

Institutional Trading of Tyler Technologies

Institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC purchased a new stake in Tyler Technologies during the 3rd quarter worth $27,000. Quarry LP purchased a new stake in Tyler Technologies during the 3rd quarter worth $78,000. Tobam purchased a new stake in Tyler Technologies during the 3rd quarter worth $78,000. Brooklyn Investment Group purchased a new stake in Tyler Technologies during the 3rd quarter worth $79,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Tyler Technologies during the 3rd quarter worth $82,000. 93.30% of the stock is 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.