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

by · The Cerbat Gem

Tyler Technologies (NYSE:TYL – Get Free Report) announced its quarterly earnings results on Wednesday. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.09, Briefing.com reports. Tyler Technologies had a return on equity of 9.66% and a net margin of 10.24%. The business had revenue of $543.34 million for the quarter, compared to analyst estimates of $547.34 million. During the same quarter in the prior year, the company earned $1.66 earnings per share. The company’s quarterly revenue 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 Performance

Shares of NYSE:TYL traded down $3.64 during midday trading on Wednesday, reaching $582.22. The company 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 P/E ratio of 131.72, a P/E/G ratio of 5.44 and a beta of 0.78. The company’s 50 day moving average price is $583.86 and its 200 day moving average price is $524.77. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.19. Tyler Technologies has a 52-week low of $361.16 and a 52-week high of $606.93.

Insider Buying and Selling

In related news, CEO H Lynn Moore, Jr. sold 6,250 shares of Tyler Technologies stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $576.49, for a total value of $3,603,062.50. Following the sale, the chief executive officer now owns 75,000 shares of the company’s stock, valued at approximately $43,236,750. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO H Lynn Moore, Jr. sold 6,250 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $576.49, for a total transaction of $3,603,062.50. Following the completion of the transaction, the chief executive officer now owns 75,000 shares in the company, valued at approximately $43,236,750. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO H Lynn Moore, Jr. sold 5,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $576.62, for a total value of $2,883,100.00. Following the completion of the sale, the chief executive officer now owns 75,000 shares in the company, valued at $43,246,500. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,375 shares of company stock worth $17,049,739. Insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

TYL has been the subject of several research reports. DA Davidson lifted their price target on shares of Tyler Technologies from $525.00 to $550.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Oppenheimer upped their target price 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. Barclays upgraded Tyler Technologies from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $577.00 to $700.00 in a research note on Monday, October 7th. Wells Fargo & Company increased their price objective on Tyler Technologies from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Piper Sandler lifted their target price on Tyler Technologies from $529.00 to $625.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $601.38.

View Our Latest Stock Analysis on TYL

About Tyler Technologies

(Get Free Report)

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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