Tyler Technologies (NYSE:TYL) Reaches New 52-Week High at $598.93

Tyler Technologies, Inc. (NYSE:TYL) shares hit a new 52-week high on Tuesday . The stock traded as high as $598.93 and last traded at $595.76, with a volume of 1055 shares trading hands. The stock had previously closed at $588.99.

Wall Street Analysts Forecast Growth

TYL has been the topic of several research analyst reports. The Goldman Sachs Group increased their price objective on shares of Tyler Technologies from $515.00 to $627.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Oppenheimer increased their price objective on shares of Tyler Technologies from $550.00 to $625.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. BTIG Research increased their price objective on shares of Tyler Technologies from $550.00 to $630.00 and gave the company a “buy” rating in a research report on Friday, July 26th. DA Davidson increased their price objective on shares of Tyler Technologies from $456.00 to $525.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, JMP Securities increased 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 report on Monday, July 22nd. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $582.31.

Tyler Technologies Trading Down 1.6 %

The business’s 50 day moving average price is $559.59 and its two-hundred day moving average price is $490.26. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $25.01 billion, a price-to-earnings ratio of 132.61, a P/E/G ratio of 5.37 and a beta of 0.78.

Tyler Technologies (NYSE:TYL) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.34 by $0.06. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. The company had revenue of $540.98 million for the quarter, compared to the consensus estimate of $541.01 million. During the same period last year, the company posted $1.53 EPS. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities analysts predict that Tyler Technologies, Inc. will post 7.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Glenn A. Carter sold 3,350 shares of Tyler Technologies stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $582.57, for a total transaction of $1,951,609.50. Following the sale, the director now directly owns 2,654 shares in the company, valued at approximately $1,546,140.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Glenn A. Carter sold 3,350 shares of Tyler Technologies stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $582.57, for a total transaction of $1,951,609.50. Following the sale, the director now directly owns 2,654 shares in the company, valued at approximately $1,546,140.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brian K. Miller sold 2,000 shares of Tyler Technologies 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 sale, the chief financial officer now owns 11,950 shares in the company, valued at $6,787,122. The disclosure for this sale can be found here. Insiders have sold a total of 19,375 shares of company stock worth $11,211,739 in the last ninety days. Company insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Independence Bank of Kentucky bought a new position in Tyler Technologies during the 2nd quarter worth approximately $25,000. Kapitalo Investimentos Ltda bought a new position in Tyler Technologies during the 4th quarter worth approximately $26,000. Covestor Ltd raised its holdings in Tyler Technologies by 153.6% during the 1st quarter. Covestor Ltd now owns 71 shares of the technology company’s stock worth $30,000 after purchasing an additional 43 shares during the last quarter. Blue Trust Inc. raised its holdings in Tyler Technologies by 329.4% during the 2nd quarter. Blue Trust Inc. now owns 73 shares of the technology company’s stock worth $37,000 after purchasing an additional 56 shares during the last quarter. Finally, Lynx Investment Advisory bought a new position in Tyler Technologies during the 2nd quarter worth approximately $38,000. Institutional investors own 93.30% 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.