Tyler Technologies’ (TYL) Buy Rating Reiterated at Needham & Company LLC

Tyler Technologies (NYSE:TYL)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $750.00 target price on the technology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 106.76% from the stock’s previous close.

TYL has been the subject of several other research reports. Piper Sandler reduced their price objective on shares of Tyler Technologies from $708.00 to $671.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Stifel Nicolaus assumed coverage on Tyler Technologies in a report on Wednesday, January 7th. They set a “buy” rating and a $550.00 target price on the stock. UBS Group reiterated an “overweight” rating on shares of Tyler Technologies in a research note on Wednesday, October 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Tyler Technologies in a report on Friday, January 9th. Finally, Wells Fargo & Company reduced their target price on Tyler Technologies from $525.00 to $470.00 and set an “equal weight” rating for the company in a report on Thursday, January 8th. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $611.14.

Tyler Technologies Stock Performance

Shares of TYL opened at $362.73 on Tuesday. The firm has a market cap of $15.61 billion, a PE ratio of 50.45, a PEG ratio of 2.49 and a beta of 0.91. The firm’s 50 day moving average price is $446.92 and its 200 day moving average price is $499.79. Tyler Technologies has a twelve month low of $362.56 and a twelve month high of $661.31.

Insiders Place Their Bets

In other news, Director Glenn A. Carter sold 500 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $458.73, for a total transaction of $229,365.00. Following the sale, the director directly owned 3,172 shares in the company, valued at approximately $1,455,091.56. The trade was a 13.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brian K. Miller sold 1,000 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $469.08, for a total value of $469,080.00. Following the completion of the transaction, the chief financial officer owned 12,781 shares of the company’s stock, valued at $5,995,311.48. The trade was a 7.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,500 shares of company stock worth $1,605,605 in the last ninety days. 1.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tyler Technologies

A number of hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. acquired a new stake in shares of Tyler Technologies during the 1st quarter valued at about $38,000. NewEdge Advisors LLC lifted its stake in Tyler Technologies by 17.8% during the first quarter. NewEdge Advisors LLC now owns 251 shares of the technology company’s stock worth $146,000 after purchasing an additional 38 shares during the period. Woodline Partners LP acquired a new stake in Tyler Technologies during the first quarter valued at approximately $2,102,000. Geneos Wealth Management Inc. grew its stake in shares of Tyler Technologies by 137.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 69 shares of the technology company’s stock valued at $40,000 after purchasing an additional 40 shares during the period. Finally, Truist Financial Corp raised its holdings in shares of Tyler Technologies by 10.7% in the 2nd quarter. Truist Financial Corp now owns 5,858 shares of the technology company’s stock worth $3,473,000 after buying an additional 565 shares in the last quarter. Institutional investors and hedge funds own 93.30% of the company’s stock.

Tyler Technologies Company Profile

Tyler Technologies, Inc is a provider of software and technology services for the public sector, delivering integrated systems that help government and public agencies manage operations, finances and citizen services. Headquartered in Plano, Texas, the company focuses on developing and implementing solutions for local and state governments, school districts, courts and public safety organizations. Its offerings are aimed at modernizing administrative workflows, improving transparency and enabling digital interactions between governments and the communities they serve.

Tyler’s product portfolio spans enterprise resource planning and financial management, tax and billing systems, court case and records management, public safety solutions (including computer-aided dispatch and records management), land and property management, permitting and licensing, and enterprise asset management.