Zacks Investment Research Upgrades Tyler Technologies (NYSE:TYL) to “Strong-Buy”

Zacks Investment Research upgraded shares of Tyler Technologies (NYSE:TYL) from a sell rating to a strong-buy rating in a research note issued to investors on Thursday, Zacks.com reports. They currently have $479.00 price target on the technology company’s stock.

According to Zacks, “Tyler’s first-quarter results benefited from higher recurring revenues, better cost management and increased margins. Public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems are positives. Coronavirus-led remote-working trend is also driving demand for its connectivity and cloud services. Strong liquidity position is helping it pursue acquisitions. Key acquisitions are expected to drive growth. However, the pandemic has negatively impacted Tyler’s prospects. It is seeing delays in procurement processes and lengthening sales cycles, as public entities focus on issues related to the pandemic. Also, many of its customers are likely to face budget pressures in the near term. Shares have underperformed the industry in the past year.”

Several other equities research analysts have also recently commented on the company. Northcoast Research raised Tyler Technologies from a neutral rating to a buy rating and set a $500.00 price target for the company in a report on Wednesday, March 17th. BTIG Research reiterated a hold rating on shares of Tyler Technologies in a report on Tuesday. DA Davidson boosted their price target on shares of Tyler Technologies from $370.00 to $395.00 and gave the company a neutral rating in a research report on Friday, February 12th. They noted that the move was a valuation call. Needham & Company LLC restated a buy rating and set a $480.00 price objective on shares of Tyler Technologies in a research report on Tuesday. Finally, JMP Securities boosted their target price on shares of Tyler Technologies from $435.00 to $480.00 and gave the company a market outperform rating in a report on Thursday, February 11th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $448.22.

Shares of NYSE TYL opened at $424.52 on Thursday. The firm has a 50-day simple moving average of $419.38. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a market capitalization of $17.29 billion, a PE ratio of 96.26 and a beta of 0.56. Tyler Technologies has a 52 week low of $319.58 and a 52 week high of $479.79.

Tyler Technologies (NYSE:TYL) last announced its quarterly earnings data on Wednesday, April 28th. The technology company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.48. Tyler Technologies had a net margin of 16.23% and a return on equity of 9.51%. The company had revenue of $294.80 million during the quarter, compared to analysts’ expectations of $289.70 million. During the same quarter in the prior year, the company earned $1.25 EPS. Tyler Technologies’s revenue was up 6.5% compared to the same quarter last year. Equities research analysts expect that Tyler Technologies will post 3.93 earnings per share for the current fiscal year.

In related news, Chairman John S. Marr, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $397.09, for a total transaction of $3,970,900.00. Following the completion of the transaction, the chairman now owns 84,453 shares of the company’s stock, valued at approximately $33,535,441.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Luther King, Jr. sold 7,935 shares of Tyler Technologies stock in a transaction that occurred on Wednesday, May 12th. The shares were sold at an average price of $387.70, for a total transaction of $3,076,399.50. Following the completion of the sale, the director now owns 80,767 shares of the company’s stock, valued at approximately $31,313,365.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,935 shares of company stock valued at $11,130,300. Company insiders own 2.70% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Advisor Partners LLC boosted its holdings in Tyler Technologies by 5.9% during the 1st quarter. Advisor Partners LLC now owns 841 shares of the technology company’s stock valued at $357,000 after acquiring an additional 47 shares during the period. Colony Group LLC boosted its stake in shares of Tyler Technologies by 4.5% in the first quarter. Colony Group LLC now owns 5,547 shares of the technology company’s stock valued at $2,355,000 after purchasing an additional 237 shares during the period. Virtu Financial LLC acquired a new position in shares of Tyler Technologies in the first quarter valued at approximately $501,000. Squarepoint Ops LLC increased its stake in Tyler Technologies by 60.4% during the 1st quarter. Squarepoint Ops LLC now owns 10,615 shares of the technology company’s stock worth $4,506,000 after buying an additional 3,996 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its holdings in Tyler Technologies by 7.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 40,734 shares of the technology company’s stock worth $17,293,000 after buying an additional 2,926 shares in the last quarter. Hedge funds and other institutional investors own 91.01% of the company’s stock.

About Tyler Technologies

Tyler Technologies, Inc provides integrated information management solutions and services for the public sector in the United States and internationally. The company operates in two segments, Enterprise Software, and Appraisal and Tax. It offers financial management solutions, including modular fund accounting systems for government agencies or not-for-profit entities; utility billing systems for the billing and collection of metered and non-metered services; products to automate city and county functions, such as municipal courts, parking tickets, equipment and project costing, animal and business licenses, permits and inspections, code enforcement, citizen complaint tracking, ambulance billing, fleet maintenance, and cemetery records management; and student information and transportation solutions for K-12 schools.

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