Tyler Technologies (NYSE:TYL) Hits New 12-Month High - Here's What Happened

Tyler Technologies, Inc. (NYSE:TYL - Get Free Report) shares reached a new 52-week high on Thursday . The stock traded as high as $660.55 and last traded at $647.37, with a volume of 101223 shares trading hands. The stock had previously closed at $610.27.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TYL. StockNews.com upgraded shares of Tyler Technologies from a "hold" rating to a "buy" rating in a research report on Friday. DA Davidson reissued a "neutral" rating and issued a $575.00 target price on shares of Tyler Technologies in a research note on Thursday, January 30th. JMP Securities raised their price target on Tyler Technologies from $580.00 to $700.00 and gave the company a "market outperform" rating in a report on Friday, October 25th. Truist Financial reaffirmed a "buy" rating and set a $775.00 price objective (up from $685.00) on shares of Tyler Technologies in a research note on Friday. Finally, Wells Fargo & Company reissued an "equal weight" rating and issued a $615.00 price target (down previously from $670.00) on shares of Tyler Technologies in a report on Tuesday, January 7th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Tyler Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $667.83.

Tyler Technologies Stock Performance

The company has a market capitalization of $27.49 billion, a price-to-earnings ratio of 117.22, a P/E/G ratio of 4.78 and a beta of 0.78. The company has a 50 day moving average price of $596.21 and a 200 day moving average price of $594.48. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.21 and a current ratio of 1.21.

Tyler Technologies (NYSE:TYL - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The technology company reported $1.87 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.57). Tyler Technologies had a net margin of 11.39% and a return on equity of 9.79%. Equities research analysts predict that Tyler Technologies, Inc. will post 7.36 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Brian K. Miller sold 6,752 shares of Tyler Technologies stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $613.75, for a total transaction of $4,144,040.00. Following the sale, the chief financial officer now directly owns 11,918 shares in the company, valued at $7,314,672.50. The trade was a 36.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John S. Marr, Jr. sold 12,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $613.66, for a total transaction of $7,363,920.00. Following the transaction, the insider now directly owns 6,983 shares of the company's stock, valued at $4,285,187.78. This represents a 63.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,502 shares of company stock valued at $18,941,368. Insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Tyler Technologies

Several hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC grew its holdings in Tyler Technologies by 2.3% in the fourth quarter. Integrated Wealth Concepts LLC now owns 786 shares of the technology company's stock worth $453,000 after purchasing an additional 18 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Tyler Technologies by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,668 shares of the technology company's stock worth $2,115,000 after buying an additional 20 shares during the period. Kensington Investment Counsel LLC lifted its position in Tyler Technologies by 0.8% during the fourth quarter. Kensington Investment Counsel LLC now owns 2,496 shares of the technology company's stock valued at $1,439,000 after purchasing an additional 20 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in Tyler Technologies by 18.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the technology company's stock valued at $78,000 after purchasing an additional 21 shares during the last quarter. Finally, Baron Wealth Management LLC grew its position in Tyler Technologies by 1.5% during the 4th quarter. Baron Wealth Management LLC now owns 1,487 shares of the technology company's stock worth $857,000 after purchasing an additional 22 shares during the period. 93.30% of the stock is owned by institutional investors.

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.