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

by · The Cerbat Gem

Tyler Technologies (NYSE:TYL – Get Free Report) posted its earnings results on Wednesday. The technology company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $543.34 million during the quarter, compared to analyst estimates of $547.34 million. During the same period in the prior year, the business posted $1.66 earnings per share. Tyler Technologies’s revenue for the quarter was up 9.8% on a year-over-year basis. 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 Down 0.6 %

NYSE TYL traded down $3.64 during mid-day trading on Wednesday, reaching $582.22. The stock had a trading volume of 294,338 shares, compared to its average volume of 226,356. The stock has a market cap of $24.72 billion, a PE ratio of 131.72, a price-to-earnings-growth ratio of 5.44 and a beta of 0.78. Tyler Technologies has a 1 year low of $361.16 and a 1 year high of $606.93. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.06 and a quick ratio of 1.06. The company has a fifty day moving average price of $583.84 and a 200 day moving average price of $524.37.

Insider Buying and Selling at Tyler Technologies

In other news, Director Daniel M. Pope sold 275 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $578.26, for a total transaction of $159,021.50. Following the transaction, the director now directly owns 3,218 shares of the company’s stock, valued at $1,860,840.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Brian K. Miller sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $567.96, for a total value of $1,135,920.00. Following the sale, the chief financial officer now owns 11,950 shares in the company, valued at approximately $6,787,122. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Daniel M. Pope sold 275 shares of Tyler Technologies stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $578.26, for a total transaction of $159,021.50. Following the completion of the sale, the director now directly owns 3,218 shares of the company’s stock, valued at approximately $1,860,840.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,375 shares of company stock worth $17,049,739. Insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Evercore ISI upgraded Tyler Technologies to a “hold” rating in a research report on Friday, July 26th. Oppenheimer upped their price objective on shares of Tyler Technologies from $550.00 to $625.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Truist Financial reaffirmed a “buy” rating and set a $600.00 target price (up previously from $560.00) on shares of Tyler Technologies in a research note on Friday, July 26th. Wells Fargo & Company increased their price target on shares of Tyler Technologies from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, BTIG Research lifted their price objective on Tyler Technologies from $550.00 to $630.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $601.38.

View Our Latest Stock Report on TYL

About Tyler Technologies

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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.

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