Sumitomo Mitsui DS Asset Management Company Ltd Buys 817 Shares of Tyler Technologies, Inc. (NYSE:TYL)

by · The Cerbat Gem

Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Tyler Technologies, Inc. (NYSE:TYL – Free Report) by 15.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,048 shares of the technology company’s stock after acquiring an additional 817 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Tyler Technologies were worth $3,516,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Tyler Technologies by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 5,310,401 shares of the technology company’s stock worth $3,062,190,000 after acquiring an additional 62,420 shares during the last quarter. Geode Capital Management LLC grew its holdings in Tyler Technologies by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 1,136,734 shares of the technology company’s stock worth $654,406,000 after acquiring an additional 27,826 shares during the last quarter. Franklin Resources Inc. grew its holdings in Tyler Technologies by 7.9% during the 4th quarter. Franklin Resources Inc. now owns 984,615 shares of the technology company’s stock worth $567,768,000 after acquiring an additional 71,869 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Tyler Technologies by 3.9% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 939,373 shares of the technology company’s stock worth $541,680,000 after acquiring an additional 35,198 shares during the last quarter. Finally, Norges Bank bought a new stake in Tyler Technologies during the 4th quarter worth about $528,465,000. Institutional investors own 93.30% of the company’s stock.

Tyler Technologies Price Performance

Tyler Technologies stock opened at $590.47 on Friday. The company’s 50 day simple moving average is $569.92 and its 200 day simple moving average is $580.79. Tyler Technologies, Inc. has a fifty-two week low of $503.54 and a fifty-two week high of $661.31. The firm has a market capitalization of $25.46 billion, a price-to-earnings ratio of 88.93, a PEG ratio of 4.55 and a beta of 0.84.

Tyler Technologies (NYSE:TYL – Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The technology company reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.22. Tyler Technologies had a net margin of 13.23% and a return on equity of 10.29%. The business had revenue of $562.43 million for the quarter, compared to analyst estimates of $556.45 million. During the same quarter last year, the firm earned $2.20 EPS. Tyler Technologies’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, analysts predict that Tyler Technologies, Inc. will post 8.52 EPS for the current fiscal year.

Insider Activity

In other Tyler Technologies news, CFO Brian K. Miller sold 3,333 shares of Tyler Technologies stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $568.46, for a total value of $1,894,677.18. Following the transaction, the chief financial officer owned 11,231 shares of the company’s stock, valued at approximately $6,384,374.26. The trade was a 22.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Brenda A. Cline sold 2,500 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $577.41, for a total transaction of $1,443,525.00. Following the sale, the director directly owned 2,519 shares of the company’s stock, valued at $1,454,495.79. This represents a 49.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,500 shares of company stock worth $15,177,230 over the last quarter. 1.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $750.00 price objective on shares of Tyler Technologies in a report on Tuesday, May 13th. Wall Street Zen lowered shares of Tyler Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. Robert W. Baird reduced their target price on shares of Tyler Technologies from $785.00 to $700.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Barclays reduced their target price on shares of Tyler Technologies from $700.00 to $695.00 and set an “overweight” rating on the stock in a research note on Friday, April 25th. Finally, Piper Sandler reduced their target price on shares of Tyler Technologies from $747.00 to $708.00 and set an “overweight” rating on the stock in a research note on Friday, April 25th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $680.50.

Get Our Latest Research Report on Tyler Technologies

Tyler Technologies Profile

(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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