Zacks Investment Research Lowers Tyler Technologies (NYSE:TYL) to Sell

Tyler Technologies (NYSE:TYL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, December 27th.

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 analysts have also commented on TYL. Northland Securities restated a “buy” rating and issued a $200.00 price objective on shares of Tyler Technologies in a report on Thursday, September 21st. Citigroup assumed coverage on shares of Tyler Technologies in a report on Friday, September 22nd. They set a “buy” rating and a $200.00 target price on the stock. KeyCorp reiterated a “buy” rating and set a $180.00 target price on shares of Tyler Technologies in a report on Friday, October 6th. Needham & Company LLC reiterated a “buy” rating on shares of Tyler Technologies in a report on Tuesday, October 24th. Finally, B. Riley reiterated a “neutral” rating and set a $184.00 target price on shares of Tyler Technologies in a report on Thursday, October 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $193.00.

Shares of Tyler Technologies (TYL) opened at $187.89 on Wednesday. Tyler Technologies has a one year low of $143.38 and a one year high of $188.21. The stock has a market cap of $7,060.00, a PE ratio of 48.30 and a beta of 0.98.

Tyler Technologies (NYSE:TYL) last posted its quarterly earnings results 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 net margin of 16.34% and a return on equity of 12.81%. The business had revenue of $214.15 million during the quarter, compared to analysts’ expectations of $216.80 million. During the same quarter in the prior year, the company posted $0.94 EPS. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. analysts predict that Tyler Technologies will post 3.28 earnings per share for the current year.

In other news, CEO John S. Marr, Jr. sold 17,000 shares of Tyler Technologies stock in a transaction dated Tuesday, December 5th. The shares were 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 SEC, which is available at this hyperlink. Also, President H Lynn Moore, Jr. sold 6,000 shares of Tyler Technologies stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $179.57, for a total transaction of $1,077,420.00. Following the completion of the sale, the president now directly owns 61,278 shares in the company, valued at approximately $11,003,690.46. The disclosure for this sale can be found here. Insiders sold a total of 352,207 shares of company stock worth $63,349,769 over the last ninety days. Insiders own 10.30% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in TYL. Janus Henderson Group PLC lifted its stake in shares of Tyler Technologies by 327.0% in the second quarter. Janus Henderson Group PLC now owns 1,865,432 shares of the technology company’s stock valued at $327,700,000 after purchasing an additional 1,428,513 shares during the period. Atlantic Trust Group LLC acquired a new stake in shares of Tyler Technologies in the third quarter valued at about $76,095,000. Koch Industries Inc. lifted its stake in shares of Tyler Technologies by 18,128.1% in the second quarter. Koch Industries Inc. now owns 401,747 shares of the technology company’s stock valued at $399,000 after purchasing an additional 399,543 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Tyler Technologies by 40.2% in the second quarter. JPMorgan Chase & Co. now owns 1,027,797 shares of the technology company’s stock valued at $180,554,000 after purchasing an additional 294,817 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of Tyler Technologies by 71.8% in the second quarter. Franklin Resources Inc. now owns 536,791 shares of the technology company’s stock valued at $94,299,000 after purchasing an additional 224,410 shares during the period. Hedge funds and other institutional investors own 91.75% of the company’s stock.

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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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