Tyler Technologies, Inc. (TYL) Shares Sold by Granite Point Capital Management L.P.
Granite Point Capital Management L.P. trimmed its stake in shares of Tyler Technologies, Inc. (NYSE:TYL) by 32.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,800 shares of the technology company’s stock after selling 1,850 shares during the quarter. Granite Point Capital Management L.P.’s holdings in Tyler Technologies were worth $662,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lakeview Capital Partners LLC bought a new position in shares of Tyler Technologies in the 2nd quarter worth about $211,000. CIBC Asset Management Inc bought a new position in shares of Tyler Technologies in the 3rd quarter worth about $218,000. D.A. Davidson & CO. lifted its position in shares of Tyler Technologies by 13.3% in the 2nd quarter. D.A. Davidson & CO. now owns 1,391 shares of the technology company’s stock worth $244,000 after buying an additional 163 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Tyler Technologies by 8.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,412 shares of the technology company’s stock worth $248,000 after buying an additional 114 shares during the last quarter. Finally, Fiduciary Trust Co. bought a new position in shares of Tyler Technologies in the 2nd quarter worth about $250,000. Hedge funds and other institutional investors own 93.34% of the company’s stock.
A number of research firms have recently issued reports on TYL. B. Riley downgraded shares of Tyler Technologies from a “buy” rating to a “neutral” rating and set a $184.00 price target on the stock. in a research report on Friday, October 27th. Piper Jaffray Companies restated a “buy” rating and issued a $200.00 price target on shares of Tyler Technologies in a research report on Friday, October 27th. Zacks Investment Research downgraded shares of Tyler Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, December 2nd. Needham & Company LLC restated a “buy” rating on shares of Tyler Technologies in a research report on Tuesday, October 24th. Finally, KeyCorp restated a “buy” rating and issued a $180.00 price target on shares of Tyler Technologies in a research report on Friday, October 6th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Tyler Technologies presently has an average rating of “Buy” and a consensus target price of $193.00.
Tyler Technologies, Inc. (TYL) traded down $1.74 during mid-day trading on Thursday, hitting $181.96. 218,200 shares of the company were exchanged, compared to its average volume of 193,681. Tyler Technologies, Inc. has a 1-year low of $139.61 and a 1-year high of $188.21. The firm has a market cap of $6,901.27, a PE ratio of 56.35 and a beta of 0.97.
Tyler Technologies (NYSE:TYL) last released its quarterly earnings data on Wednesday, October 25th. The technology company reported $1.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.03. Tyler Technologies had a net margin of 16.34% and a return on equity of 12.81%. The business had revenue of $214.15 million for the quarter, compared to analysts’ expectations of $216.80 million. During the same quarter last year, the company earned $0.94 EPS. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. sell-side analysts predict that Tyler Technologies, Inc. will post 3.28 earnings per share for the current year.
In related news, Director Luther King, Jr. sold 30,000 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $175.61, for a total value of $5,268,300.00. Following the sale, the director now owns 72,864 shares of the company’s stock, valued at approximately $12,795,647.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Larry D. Leinweber sold 50,000 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $182.21, for a total transaction of $9,110,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 241,781 shares of company stock worth $42,884,892. Corporate insiders own 10.30% of the company’s stock.
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About Tyler Technologies
Tyler Technologies, Inc is a provider of information management solutions and services for the public sector, with a focus on local governments. The Company operates through two segments: Enterprise Software (ES) segment and The Appraisal and Tax (A&T) segment. ES segment provides municipal and county governments and schools with software systems and services for information technology and automation needs that includes back-office functions, such as financial management, courts and justice processes, public safety, planning regulatory and maintenance, and land and vital records management.
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