Shares of Tyler Technologies, Inc. (NYSE:TYL) rose 6.7% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $183.98 and last traded at $181.86. Approximately 519,735 shares were traded during trading, an increase of 197% from the average daily volume of 175,002 shares. The stock had previously closed at $170.51.
The technology company reported $1.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.03. Tyler Technologies had a return on equity of 13.02% and a net margin of 14.73%. The firm had revenue of $214.15 million for the quarter, compared to analysts’ expectations of $216.80 million. During the same quarter in the prior year, the firm posted $0.94 earnings per share. Tyler Technologies’s revenue for the quarter was up 10.1% compared to the same quarter last year.
TYL has been the topic of several research reports. Piper Jaffray Companies restated a “buy” rating and set a $200.00 price objective on shares of Tyler Technologies in a research note on Sunday, August 27th. Zacks Investment Research upgraded Tyler Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. KeyCorp restated a “buy” rating and set a $180.00 price objective on shares of Tyler Technologies in a research note on Friday, October 6th. Citigroup Inc began coverage on Tyler Technologies in a research note on Friday, September 22nd. They set a “buy” rating and a $200.00 price objective on the stock. Finally, Maxim Group set a $197.00 target price on Tyler Technologies and gave the company a “buy” rating in a report on Monday, July 17th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Tyler Technologies presently has an average rating of “Buy” and a consensus price target of $192.29.
In related news, VP Brian K. Miller sold 9,760 shares of the stock in a transaction that occurred on 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 transaction, the vice president now directly owns 53,194 shares of the company’s stock, valued at approximately $8,990,317.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John S. Marr, Jr. sold 24,627 shares of the stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $170.23, for a total value of $4,192,254.21. Following the completion of the transaction, the chief executive officer now directly owns 339,457 shares of the company’s stock, valued at $57,785,765.11. The disclosure for this sale can be found here. Insiders sold a total of 243,357 shares of company stock valued at $41,622,109 over the last three months. Corporate insiders own 10.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Aperio Group LLC boosted its stake in Tyler Technologies by 13.5% during the 3rd quarter. Aperio Group LLC now owns 9,982 shares of the technology company’s stock valued at $1,740,000 after purchasing an additional 1,187 shares in the last quarter. First Trust Advisors LP boosted its stake in Tyler Technologies by 836.3% during the 3rd quarter. First Trust Advisors LP now owns 41,384 shares of the technology company’s stock valued at $7,214,000 after purchasing an additional 36,964 shares in the last quarter. Nationwide Fund Advisors boosted its stake in Tyler Technologies by 1.0% during the 3rd quarter. Nationwide Fund Advisors now owns 370,470 shares of the technology company’s stock valued at $64,580,000 after purchasing an additional 3,589 shares in the last quarter. Personal Capital Advisors Corp boosted its stake in Tyler Technologies by 4.9% during the 3rd quarter. Personal Capital Advisors Corp now owns 108,971 shares of the technology company’s stock valued at $18,996,000 after purchasing an additional 5,119 shares in the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in Tyler Technologies by 2.6% during the 3rd quarter. Mutual of America Capital Management LLC now owns 28,257 shares of the technology company’s stock valued at $4,926,000 after purchasing an additional 723 shares in the last quarter. 90.48% of the stock is owned by hedge funds and other institutional investors.
The stock’s 50-day moving average price is $173.85 and its 200 day moving average price is $170.56. The stock has a market capitalization of $6.78 billion, a PE ratio of 54.48 and a beta of 0.93.
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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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