Tyler Technologies (NYSE:TYL) Releases Earnings Results, Beats Expectations By $0.06 EPS

Tyler Technologies (NYSE:TYL) posted its quarterly earnings data on Wednesday. The technology company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.34 by $0.06, Briefing.com reports. Tyler Technologies had a return on equity of 9.82% and a net margin of 10.24%. The firm had revenue of $540.98 million during the quarter, compared to analyst estimates of $541.01 million. During the same period in the prior year, the business posted $1.53 EPS. Tyler Technologies’s revenue was up 7.3% on a year-over-year basis. Tyler Technologies updated its FY24 guidance to $9.25-9.45 EPS and its FY 2024 guidance to 9.250-9.450 EPS.

Tyler Technologies Price Performance

Shares of NYSE:TYL traded up $29.03 on Friday, reaching $593.37. The company’s stock had a trading volume of 133,615 shares, compared to its average volume of 220,869. The company has a 50-day simple moving average of $497.34 and a 200 day simple moving average of $455.55. Tyler Technologies has a 52-week low of $361.16 and a 52-week high of $593.37. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $25.19 billion, a P/E ratio of 133.28, a PEG ratio of 4.84 and a beta of 0.76.

Insider Activity

In related news, Director Brenda A. Cline sold 5,000 shares of Tyler Technologies stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $458.83, for a total value of $2,294,150.00. Following the completion of the transaction, the director now owns 1,358 shares in the company, valued at $623,091.14. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Brian K. Miller sold 2,671 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $465.03, for a total transaction of $1,242,095.13. Following the sale, the chief financial officer now owns 13,536 shares in the company, valued at approximately $6,294,646.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brenda A. Cline sold 5,000 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $458.83, for a total transaction of $2,294,150.00. Following the transaction, the director now owns 1,358 shares in the company, valued at approximately $623,091.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,241 shares of company stock worth $12,495,890. 2.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

TYL has been the subject of a number of analyst reports. Robert W. Baird upped their price target on Tyler Technologies from $500.00 to $525.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Oppenheimer raised their target price on shares of Tyler Technologies from $550.00 to $625.00 and gave the stock an “outperform” rating in a research note on Friday. Wells Fargo & Company upped their price target on shares of Tyler Technologies from $580.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday. The Goldman Sachs Group raised 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. Finally, Piper Sandler increased their price target on Tyler Technologies from $529.00 to $625.00 and gave the stock an “overweight” rating in a research note on Friday. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $576.15.

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.