Tyler Technologies (TYL) Trading Down 7.9% After Analyst Downgrade

Shares of Tyler Technologies, Inc. (NYSE:TYL) fell 7.9% during mid-day trading on Thursday after Robert W. Baird lowered their price target on the stock from $260.00 to $250.00. Robert W. Baird currently has an outperform rating on the stock. Tyler Technologies traded as low as $191.91 and last traded at $195.00. 734,660 shares changed hands during mid-day trading, an increase of 264% from the average session volume of 201,958 shares. The stock had previously closed at $211.66.

Other equities analysts also recently issued reports about the stock. KeyCorp reissued a “hold” rating on shares of Tyler Technologies in a report on Friday. Zacks Investment Research raised shares of Tyler Technologies from a “hold” rating to a “buy” rating and set a $267.00 price target on the stock in a report on Tuesday, July 24th. JMP Securities cut their price target on shares of Tyler Technologies from $250.00 to $245.00 and set a “market outperform” rating on the stock in a report on Thursday. Finally, B. Riley boosted their price target on shares of Tyler Technologies from $200.00 to $206.00 and gave the stock a “neutral” rating in a report on Monday, July 30th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $233.36.

In other Tyler Technologies news, insider John S. Marr, Jr. sold 24,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $231.89, for a total transaction of $5,565,360.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John S. Marr, Jr. sold 30,460 shares of the company’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $244.50, for a total transaction of $7,447,470.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 133,397 shares of company stock worth $32,234,944. Insiders own 4.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC lifted its holdings in Tyler Technologies by 11.6% during the second quarter. Commonwealth Equity Services LLC now owns 2,153 shares of the technology company’s stock valued at $478,000 after purchasing an additional 223 shares during the last quarter. Securian Asset Management Inc lifted its holdings in shares of Tyler Technologies by 5.4% in the third quarter. Securian Asset Management Inc now owns 4,733 shares of the technology company’s stock worth $1,160,000 after buying an additional 242 shares in the last quarter. Zacks Investment Management lifted its holdings in shares of Tyler Technologies by 5.7% in the second quarter. Zacks Investment Management now owns 4,877 shares of the technology company’s stock worth $1,083,000 after buying an additional 261 shares in the last quarter. State Treasurer State of Michigan lifted its holdings in shares of Tyler Technologies by 2.3% in the second quarter. State Treasurer State of Michigan now owns 13,100 shares of the technology company’s stock worth $2,910,000 after buying an additional 300 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of Tyler Technologies by 3.2% in the second quarter. Louisiana State Employees Retirement System now owns 9,600 shares of the technology company’s stock worth $2,132,000 after buying an additional 300 shares in the last quarter. 91.71% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market capitalization of $8.05 billion, a PE ratio of 61.29, a PEG ratio of 5.49 and a beta of 0.82.

Tyler Technologies (NYSE:TYL) last announced its quarterly earnings results on Wednesday, October 31st. The technology company reported $1.23 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.23. Tyler Technologies had a net margin of 19.91% and a return on equity of 11.70%. The firm had revenue of $236.10 million for the quarter, compared to the consensus estimate of $240.98 million. During the same period in the prior year, the firm posted $1.05 earnings per share. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, sell-side analysts expect that Tyler Technologies, Inc. will post 3.79 EPS for the current fiscal year.

About Tyler Technologies (NYSE:TYL)

Tyler Technologies, Inc provides integrated information management solutions and services for the public sector in the United States and internationally. It operates through two segments, Enterprise Software, and Appraisal and Tax. The company's financial management solutions include modular fund accounting systems for government agencies or not-for-profit entities; and utility billing systems for the billing and collection of metered and non-metered services.

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