Lord Abbett & CO. LLC Decreases Stake in Tyler Technologies, Inc. (NYSE:TYL)

Lord Abbett & CO. LLC trimmed its position in shares of Tyler Technologies, Inc. (NYSE:TYL) by 99.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,119 shares of the technology company’s stock after selling 21,873,478 shares during the period. Lord Abbett & CO. LLC’s holdings in Tyler Technologies were worth $8,142,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Oak Thistle LLC boosted its position in shares of Tyler Technologies by 213.7% during the 4th quarter. Oak Thistle LLC now owns 2,328 shares of the technology company’s stock worth $1,342,000 after acquiring an additional 1,586 shares in the last quarter. Kensington Investment Counsel LLC boosted its stake in Tyler Technologies by 0.8% in the fourth quarter. Kensington Investment Counsel LLC now owns 2,496 shares of the technology company’s stock valued at $1,439,000 after acquiring an additional 20 shares in the last quarter. Diversified Trust Co acquired a new position in Tyler Technologies in the fourth quarter valued at $596,000. Fiduciary Alliance LLC purchased a new position in shares of Tyler Technologies during the fourth quarter worth about $1,594,000. Finally, Barclays PLC increased its position in shares of Tyler Technologies by 2.5% during the third quarter. Barclays PLC now owns 88,296 shares of the technology company’s stock worth $51,543,000 after purchasing an additional 2,169 shares in the last quarter. Institutional investors and hedge funds own 93.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on TYL shares. Wells Fargo & Company dropped their price target on Tyler Technologies from $640.00 to $610.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC restated a “buy” rating and set a $750.00 target price on shares of Tyler Technologies in a research report on Thursday. StockNews.com raised shares of Tyler Technologies from a “hold” rating to a “buy” rating in a report on Thursday. Truist Financial reiterated a “buy” rating and set a $775.00 price target (up previously from $685.00) on shares of Tyler Technologies in a research note on Friday, February 14th. Finally, Piper Sandler dropped their price objective 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. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $674.67.

Tyler Technologies Price Performance

Tyler Technologies stock opened at $523.80 on Monday. The company has a quick ratio of 1.21, a current ratio of 1.35 and a debt-to-equity ratio of 0.18. The firm’s 50-day simple moving average is $577.35 and its 200 day simple moving average is $593.99. Tyler Technologies, Inc. has a 52 week low of $452.57 and a 52 week high of $661.31. The firm has a market capitalization of $22.58 billion, a PE ratio of 86.44, a P/E/G ratio of 4.93 and a beta of 0.84.

Tyler Technologies (NYSE:TYL) last announced its quarterly earnings results on Wednesday, April 23rd. The technology company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.22. Tyler Technologies had a net margin of 12.30% and a return on equity of 10.15%. The company had revenue of $562.43 million for the quarter, compared to the consensus estimate of $556.45 million. During the same quarter in the prior year, the firm earned $2.20 earnings per share. On average, equities research analysts predict that Tyler Technologies, Inc. will post 8.52 EPS for the current fiscal year.

Insider Transactions at Tyler Technologies

In other Tyler Technologies news, CEO H Lynn Moore, Jr. sold 6,514 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $617.59, for a total transaction of $4,022,981.26. Following the sale, the chief executive officer now directly owns 75,734 shares of the company’s stock, valued at $46,772,561.06. This trade represents a 7.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John S. Marr, Jr. sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $619.00, for a total transaction of $3,714,000.00. Following the completion of the transaction, the insider now directly owns 6,983 shares of the company’s stock, valued at approximately $4,322,477. This represents a 46.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,064 shares of company stock valued at $8,688,030 over the last three months. 1.10% of the stock is currently owned by insiders.

Tyler Technologies Profile

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.