Tyler Technologies, Inc. $TYL Stake Reduced by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Tyler Technologies, Inc. (NYSE:TYL) by 97.6% in the third quarter, Holdings Channel reports. The firm owned 2,385 shares of the technology company’s stock after selling 97,942 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Tyler Technologies were worth $760,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Tyler Technologies during the 3rd quarter worth about $3,090,000. Vise Technologies Inc. acquired a new stake in shares of Tyler Technologies in the third quarter valued at about $464,000. CHICAGO TRUST Co NA increased its position in shares of Tyler Technologies by 22.6% in the third quarter. CHICAGO TRUST Co NA now owns 3,166 shares of the technology company’s stock valued at $1,009,000 after acquiring an additional 583 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Tyler Technologies in the third quarter valued at about $1,147,000. Finally, V Square Quantitative Management LLC raised its holdings in Tyler Technologies by 16.6% during the third quarter. V Square Quantitative Management LLC now owns 1,192 shares of the technology company’s stock worth $380,000 after acquiring an additional 170 shares in the last quarter. Institutional investors own 93.30% of the company’s stock.

Insiders Place Their Bets

In other news, Director Daniel M. Pope sold 680 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $407.56, for a total value of $277,140.80. Following the transaction, the director directly owned 2,643 shares of the company’s stock, valued at $1,077,181.08. This represents a 20.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO H Lynn Moore, Jr. sold 10,000 shares of the stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $393.17, for a total transaction of $3,931,700.00. Following the completion of the transaction, the chief executive officer directly owned 100,392 shares in the company, valued at $39,471,122.64. The trade was a 9.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 38,430 shares of company stock valued at $14,883,788 over the last ninety days. 1.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TYL has been the subject of several recent research reports. The Goldman Sachs Group increased their price target on Tyler Technologies from $345.00 to $385.00 and gave the company a “neutral” rating in a research report on Tuesday, November 3rd. Weiss Ratings raised Tyler Technologies from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 22nd. Piper Sandler started coverage on Tyler Technologies in a research report on Monday, September 28th. They set an “overweight” rating and a $450.00 price target on the stock. TD Cowen upped their price objective on Tyler Technologies from $400.00 to $450.00 and gave the stock a “buy” rating in a research note on Monday, October 26th. Finally, UBS Group set a $395.00 price objective on Tyler Technologies in a report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Tyler Technologies has an average rating of “Moderate Buy” and a consensus price target of $440.88.

Tyler Technologies Stock Performance

TYL opened at $420.33 on Monday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.51. Tyler Technologies, Inc. has a 12-month low of $270.71 and a 12-month high of $481.57. The business has a 50 day moving average of $357.96 and a 200-day moving average of $336.87. The stock has a market cap of $16.71 billion, a price-to-earnings ratio of 52.94, a PEG ratio of 2.77 and a beta of 0.74.

Tyler Technologies (NYSE:TYL) last posted its earnings results on Wednesday, October 28th. The technology company reported $3.52 earnings per share for the quarter, topping analysts’ consensus estimates of $3.48 by $0.04. Tyler Technologies had a return on equity of 12.21% and a net margin of 13.51%. The business had revenue of $647.57 million for the quarter, compared to analyst estimates of $651.38 million. During the same period in the previous year, the firm earned $2.91 EPS. The firm’s revenue was up 8.7% compared to the same quarter last year. On average, equities research analysts expect that Tyler Technologies, Inc. will post 10.11 earnings per share for the current year.

About Tyler Technologies

Tyler Technologies provides software and technology services primarily to public-sector organizations. Its customers include state and local governments, courts, public safety agencies, schools, and other public entities.

The company’s offerings include software for financial management, tax and property appraisal, courts and justice, public safety, education, utility billing, and permitting. Tyler also provides digital services such as online payments and tools for public access to government information.

Founded in 1966 and headquartered in Plano, Texas, Tyler Technologies serves customers mainly in the United States, with operations and customers in other markets as well.