Castleark Management LLC Lowers Stake in Tyler Technologies, Inc. (NYSE:TYL)

Castleark Management LLC reduced its position in shares of Tyler Technologies, Inc. (NYSE:TYL) by 32.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,180 shares of the technology company’s stock after selling 570 shares during the quarter. Castleark Management LLC’s holdings in Tyler Technologies were worth $502,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Kapitalo Investimentos Ltda purchased a new position in Tyler Technologies in the 4th quarter valued at about $26,000. Covestor Ltd raised its holdings in 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 acquiring an additional 43 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Tyler Technologies in the 4th quarter valued at about $31,000. Larson Financial Group LLC raised its holdings in Tyler Technologies by 675.0% in the 1st quarter. Larson Financial Group LLC now owns 93 shares of the technology company’s stock valued at $40,000 after acquiring an additional 81 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Tyler Technologies during the 4th quarter worth approximately $40,000. 93.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TYL. Wells Fargo & Company raised their price target on shares of Tyler Technologies from $580.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Oppenheimer lifted their target price on shares of Tyler Technologies from $550.00 to $625.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Piper Sandler lifted their target price on shares of Tyler Technologies from $529.00 to $625.00 and gave the company an “overweight” rating in a report on Friday, July 26th. The Goldman Sachs Group lifted their target price on shares of Tyler Technologies from $515.00 to $627.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Barclays lifted their target price on shares of Tyler Technologies from $515.00 to $577.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $582.31.

Insider Transactions at Tyler Technologies

In related news, Director Daniel M. Pope sold 275 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $578.26, for a total value of $159,021.50. Following the sale, the director now owns 3,218 shares of the company’s stock, valued at approximately $1,860,840.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Daniel M. Pope sold 275 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $578.26, for a total value of $159,021.50. Following the sale, the director now owns 3,218 shares of the company’s stock, valued at approximately $1,860,840.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John S. Marr, Jr. sold 6,000 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $483.21, for a total transaction of $2,899,260.00. Following the completion of the sale, the insider now directly owns 6,983 shares in the company, valued at approximately $3,374,255.43. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,516 shares of company stock worth $10,360,762. 2.20% of the stock is currently owned by insiders.

Tyler Technologies Stock Down 0.2 %

NYSE TYL traded down $1.40 during trading hours on Thursday, reaching $566.71. 79,105 shares of the company traded hands, compared to its average volume of 226,150. Tyler Technologies, Inc. has a 12 month low of $361.16 and a 12 month high of $593.50. The company has a current ratio of 1.06, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $24.06 billion, a PE ratio of 128.73, a PEG ratio of 5.30 and a beta of 0.76. The company has a 50 day moving average of $504.02 and a two-hundred day moving average of $460.20.

Tyler Technologies (NYSE:TYL) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.06. Tyler Technologies had a net margin of 10.24% and a return on equity of 9.66%. The company had revenue of $540.98 million for the quarter, compared to the consensus estimate of $541.01 million. During the same period last year, the firm posted $1.53 EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, equities analysts expect that Tyler Technologies, Inc. will post 7.23 earnings per share for the current year.

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.