Tyler Technologies (TYL) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Tyler Technologies (NYSE:TYL) from a buy rating to a hold rating in a research note published on Saturday morning.

According to Zacks, “Tyler Technologies, Inc. is engaged in providing integrated information management solutions and services to the public sector. It provides software products and services; professional IT services; subscription-based services; property appraisal outsourcing services. Its products generally automate three major functional areas (1) financial management and education, (2) courts and justice and (3) property appraisal and tax. Tyler operates in two reportable segments: Enterprise Software Solutions (ESS) and Appraisal and Tax Software Solutions and Services. The Enterprise Software Solutions (ESS) segment provides software systems to municipal and county governments and schools. The Appraisal and Tax Software Solutions and Services segment provides systems and software that automate the appraisal and assessment of real and personal property as well as property appraisal outsourcing services for local governments and taxing authorities. Tyler Technologies, Inc. is headquartered in Dallas, Texas. “

Several other equities research analysts have also issued reports on the company. B. Riley lowered Tyler Technologies from a buy rating to a neutral rating and set a $184.00 target price for the company. in a research report on Friday, October 27th. Piper Jaffray Companies reaffirmed a buy rating and set a $200.00 target price on shares of Tyler Technologies in a research report on Friday, October 27th. Maxim Group set a $197.00 target price on Tyler Technologies and gave the company a buy rating in a research report on Thursday, October 26th. Needham & Company LLC reaffirmed a buy rating on shares of Tyler Technologies in a research report on Tuesday, October 24th. Finally, KeyCorp reaffirmed a buy rating and set a $180.00 target price on shares of Tyler Technologies in a research report on Friday, October 6th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Tyler Technologies has a consensus rating of Buy and an average price target of $193.00.

Tyler Technologies (NYSE:TYL) opened at $183.70 on Friday. Tyler Technologies has a 52 week low of $139.61 and a 52 week high of $188.21. The firm has a market capitalization of $6,829.51, a price-to-earnings ratio of 55.76 and a beta of 0.97.

Tyler Technologies (NYSE:TYL) last issued its quarterly earnings data on Wednesday, October 25th. The technology company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.03. Tyler Technologies had a return on equity of 12.81% and a net margin of 16.34%. The business had revenue of $214.15 million for the quarter, compared to analysts’ expectations of $216.80 million. During the same period last year, the business earned $0.94 EPS. The business’s revenue was up 10.1% on a year-over-year basis. equities analysts forecast that Tyler Technologies will post 3.28 EPS for the current year.

In related news, VP Brian K. Miller sold 9,760 shares of Tyler Technologies stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $169.01, for a total value of $1,649,537.60. Following the completion of the sale, the vice president now owns 53,194 shares of the company’s stock, valued at approximately $8,990,317.94. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Brian K. Miller sold 5,000 shares of Tyler Technologies stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $171.63, for a total value of $858,150.00. Following the completion of the sale, the vice president now directly owns 53,194 shares of the company’s stock, valued at approximately $9,129,686.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 224,781 shares of company stock valued at $39,741,082. Insiders own 10.30% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in Tyler Technologies by 40.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,027,797 shares of the technology company’s stock worth $180,554,000 after acquiring an additional 294,817 shares during the last quarter. Legal & General Group Plc increased its holdings in Tyler Technologies by 25.2% in the 2nd quarter. Legal & General Group Plc now owns 26,654 shares of the technology company’s stock worth $4,682,000 after acquiring an additional 5,361 shares during the last quarter. Howard Hughes Medical Institute purchased a new stake in Tyler Technologies in the 2nd quarter worth about $1,048,000. State Board of Administration of Florida Retirement System increased its holdings in Tyler Technologies by 1.6% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 43,016 shares of the technology company’s stock worth $7,557,000 after acquiring an additional 680 shares during the last quarter. Finally, Shelton Capital Management purchased a new stake in Tyler Technologies in the 2nd quarter worth about $460,000. 93.34% of the stock is owned by institutional investors.

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Tyler Technologies Company Profile

Tyler Technologies, Inc is a provider of information management solutions and services for the public sector, with a focus on local governments. The Company operates through two segments: Enterprise Software (ES) segment and The Appraisal and Tax (A&T) segment. ES segment provides municipal and county governments and schools with software systems and services for information technology and automation needs that includes back-office functions, such as financial management, courts and justice processes, public safety, planning regulatory and maintenance, and land and vital records management.

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