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

Tyler Technologies (NYSE:TYL) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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, hitting $419.00. The stock had a trading volume of 305,806 shares, compared to its average volume of 207,239. The stock has a market capitalization of $17.78 billion, a price-to-earnings ratio of 107.71, a price-to-earnings-growth ratio of 4.05 and a beta of 0.81. Tyler Technologies has a 12-month low of $361.16 and a 12-month high of $454.74. The stock has a 50-day simple moving average of $422.70 and a two-hundred day simple moving average of $414.49. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.20.

Tyler Technologies (NYSE:TYL) last issued its quarterly earnings data on Wednesday, February 14th. The technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.33 by $0.06. Tyler Technologies had a return on equity of 8.85% and a net margin of 8.50%. The company had revenue of $480.94 million for the quarter, compared to analyst estimates of $483.34 million. On average, equities research analysts expect that Tyler Technologies will post 6.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, insider John S. Marr, Jr. sold 6,500 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $427.82, for a total value of $2,780,830.00. Following the transaction, the insider now owns 6,400 shares in the company, valued at $2,738,048. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO H Lynn Moore, Jr. sold 7,500 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $435.19, for a total value of $3,263,925.00. Following the completion of the sale, the chief executive officer now directly owns 75,000 shares of the company’s stock, valued at $32,639,250. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John S. Marr, Jr. sold 6,500 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $427.82, for a total value of $2,780,830.00. Following the completion of the sale, the insider now directly owns 6,400 shares of the company’s stock, valued at $2,738,048. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,608 shares of company stock worth $21,974,819. 1.50% of the stock is currently owned by corporate insiders.

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.