Tyler Technologies (NYSE:TYL) Updates FY 2024 Earnings Guidance

Tyler Technologies (NYSE:TYL) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 9.100-9.300 for the period, compared to the consensus earnings per share estimate of 9.020. The company issued revenue guidance of $2.1 billion-$2.1 billion, compared to the consensus revenue estimate of $2.1 billion. Tyler Technologies also updated its FY24 guidance to $9.10-9.30 EPS.

Tyler Technologies Stock Performance

Shares of NYSE TYL traded up $0.56 during trading on Wednesday, reaching $419.00. 308,354 shares of the stock traded hands, compared to its average volume of 207,239. The company has a 50-day moving average of $422.70 and a 200-day moving average of $414.49. Tyler Technologies has a 52-week low of $361.16 and a 52-week high of $454.74. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $17.78 billion, a P/E ratio of 107.71, a price-to-earnings-growth ratio of 4.05 and a beta of 0.81.

Tyler Technologies (NYSE:TYL) last released its quarterly earnings results on Wednesday, February 14th. The technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.06. Tyler Technologies had a net margin of 8.50% and a return on equity of 8.85%. The firm had revenue of $480.94 million during the quarter, compared to analyst estimates of $483.34 million. Analysts forecast that Tyler Technologies will post 6.77 EPS for the current fiscal year.

Analyst Ratings Changes

TYL has been the topic of a number of research analyst reports. DA Davidson upped their target price on Tyler Technologies from $412.00 to $434.00 and gave the stock a neutral rating in a report on Thursday, February 22nd. JMP Securities restated a market outperform rating and set a $490.00 target price on shares of Tyler Technologies in a research note on Friday, February 16th. Needham & Company LLC lifted their price objective on shares of Tyler Technologies from $475.00 to $500.00 and gave the stock a buy rating in a research note on Thursday, February 15th. JPMorgan Chase & Co. raised their price objective on shares of Tyler Technologies from $500.00 to $526.00 and gave the stock an overweight rating in a research note on Thursday, February 15th. Finally, Piper Sandler restated an overweight rating and issued a $520.00 price target on shares of Tyler Technologies in a report on Wednesday. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tyler Technologies has an average rating of Moderate Buy and an average target price of $460.46.

Insider Activity at Tyler Technologies

In other news, CEO H Lynn Moore, Jr. sold 10,000 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $435.98, for a total transaction of $4,359,800.00. Following the completion of the sale, the chief executive officer now owns 75,000 shares in the company, valued at approximately $32,698,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tyler Technologies news, CEO H Lynn Moore, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $435.98, for a total value of $4,359,800.00. Following the transaction, the chief executive officer now directly owns 75,000 shares of the company’s stock, valued at approximately $32,698,500. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brian K. Miller sold 5,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $442.99, for a total value of $2,214,950.00. Following the completion of the sale, the chief financial officer now directly owns 14,610 shares of the company’s stock, valued at $6,472,083.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,608 shares of company stock valued at $21,974,819. Company insiders own 1.50% of the company’s stock.

About Tyler Technologies

Tyler Technologies, Inc provides integrated information management solutions and services for the public sector. It operates in two segments, Enterprise Software and Platform Technologies. The company offers platform and transformative technology solutions, including cybersecurity for government agencies; data and insights solutions; digital solutions that helps workers and policymakers to share, communicate, and leverage data; payments solutions, such as billing, presentment, merchant onboarding, collections, reconciliation, and disbursements; platform technologies, an application development platform that enables government workers to build solutions and applications; and outdoor recreation solutions, including campsite reservations, activity registrations, licensing sales and renewals, and real-time data for conservation and park management.