Needham & Company LLC Raises Tyler Technologies (NYSE:TYL) Price Target to $700.00

Tyler Technologies (NYSE:TYL - Get Free Report) had its price objective increased by investment analysts at Needham & Company LLC from $600.00 to $700.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Needham & Company LLC's price target indicates a potential upside of 19.48% from the company's previous close.

Several other analysts have also recently commented on TYL. Oppenheimer raised their target price on shares of Tyler Technologies from $550.00 to $625.00 and gave the stock an "outperform" rating in a research note on Friday, July 26th. Evercore ISI upgraded Tyler Technologies to a "hold" rating in a report on Friday, July 26th. DA Davidson upped their target price on Tyler Technologies from $525.00 to $550.00 and gave the company a "neutral" rating in a report on Thursday, October 17th. Wells Fargo & Company increased their price objective on Tyler Technologies from $580.00 to $600.00 and gave the stock an "overweight" rating in a report on Friday, July 26th. Finally, Barclays raised Tyler Technologies from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $577.00 to $700.00 in a research report on Monday, October 7th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $601.38.

Tyler Technologies Stock Performance

NYSE TYL traded down $0.91 on Tuesday, reaching $585.86. 205,026 shares of the company's stock traded hands, compared to its average volume of 225,972. The firm has a market cap of $25.00 billion, a price-to-earnings ratio of 121.05, a P/E/G ratio of 5.44 and a beta of 0.78. The stock has a 50 day moving average price of $583.84 and a 200-day moving average price of $524.37. Tyler Technologies has a fifty-two week low of $361.16 and a fifty-two week high of $606.93. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.06 and a current ratio of 1.06.

Tyler Technologies (NYSE:TYL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.34 by $0.06. The company had revenue of $540.98 million during the quarter, compared to analysts' expectations of $541.01 million. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. Tyler Technologies's revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.53 EPS. Equities research analysts predict that Tyler Technologies will post 7.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Daniel M. Pope sold 275 shares of the business's stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $578.26, for a total transaction of $159,021.50. Following the completion of the transaction, the director now directly owns 3,218 shares in the company, valued at approximately $1,860,840.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Tyler Technologies news, CEO H Lynn Moore, Jr. sold 6,250 shares of the company's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $576.49, for a total transaction of $3,603,062.50. Following the completion of the transaction, the chief executive officer now owns 75,000 shares of the company's stock, valued at $43,236,750. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Daniel M. Pope sold 275 shares of the company's stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $578.26, for a total value of $159,021.50. Following the transaction, the director now directly owns 3,218 shares of the company's stock, valued at approximately $1,860,840.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 29,375 shares of company stock valued at $17,049,739. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tyler Technologies

Large investors have recently added to or reduced their stakes in the business. Independence Bank of Kentucky acquired a new stake in shares of Tyler Technologies during the 2nd quarter worth $25,000. Covestor Ltd grew its stake in shares of Tyler Technologies by 153.6% in the 1st quarter. Covestor Ltd now owns 71 shares of the technology company's stock valued at $30,000 after buying an additional 43 shares during the period. Blue Trust Inc. increased its position in shares of Tyler Technologies by 329.4% during the second quarter. Blue Trust Inc. now owns 73 shares of the technology company's stock worth $37,000 after acquiring an additional 56 shares in the last quarter. Lynx Investment Advisory purchased a new stake in Tyler Technologies in the 2nd quarter valued at $38,000. Finally, Larson Financial Group LLC boosted its holdings in Tyler Technologies by 675.0% during the 1st quarter. Larson Financial Group LLC now owns 93 shares of the technology company's stock worth $40,000 after acquiring an additional 81 shares during the last quarter. Institutional investors own 93.30% of the company's stock.

Tyler Technologies Company Profile

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.