Zacks Investment Research lowered shares of Tyler Technologies (NYSE:TYL) from a hold rating to a sell rating in a research note issued to investors on Wednesday.
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. “
TYL has been the topic of a number of other reports. B. Riley reaffirmed a neutral rating and set a $184.00 target price on shares of Tyler Technologies in a research report on Thursday, October 26th. 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. Maxim Group set a $197.00 target price on Tyler Technologies and gave the stock a buy rating in a research report on Thursday, October 26th. Citigroup began coverage on Tyler Technologies in a research report on Friday, September 22nd. They issued a buy rating and a $200.00 price target for the company. Finally, Needham & Company LLC reissued a buy rating on shares of Tyler Technologies in a research report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Tyler Technologies currently has an average rating of Buy and an average price target of $193.00.
Tyler Technologies (NYSE:TYL) last issued its earnings results on Wednesday, October 25th. The technology company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.03. Tyler Technologies had a return on equity of 12.81% and a net margin of 16.34%. The company had revenue of $214.15 million for the quarter, compared to analyst estimates of $216.80 million. During the same period in the prior year, the firm earned $0.94 earnings per share. Tyler Technologies’s revenue for the quarter was up 10.1% on a year-over-year basis. equities research analysts predict that Tyler Technologies will post 3.28 EPS for the current fiscal year.
In other Tyler Technologies news, CEO John S. Marr, Jr. sold 17,000 shares of the company’s stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $184.93, for a total value of $3,143,810.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Luther King, Jr. sold 1,500 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $176.95, for a total value of $265,425.00. Following the completion of the transaction, the director now owns 72,864 shares of the company’s stock, valued at approximately $12,893,284.80. The disclosure for this sale can be found here. Insiders sold a total of 352,207 shares of company stock valued at $63,349,769 over the last three months. 10.30% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in shares of Tyler Technologies by 40.2% during 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 period. Legal & General Group Plc grew its stake in shares of Tyler Technologies by 25.2% during 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 period. Howard Hughes Medical Institute bought a new position in shares of Tyler Technologies during the 2nd quarter worth $1,048,000. State Board of Administration of Florida Retirement System grew its stake in shares of Tyler Technologies by 1.6% during 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 period. Finally, Shelton Capital Management bought a new position in shares of Tyler Technologies during the 2nd quarter worth $460,000. Hedge funds and other institutional investors own 91.75% of the company’s stock.
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About Tyler Technologies
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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