Tyler Technologies, Inc. (NYSE:TYL) Stock Position Decreased by Van ECK Associates Corp

November 06, 2024 03:10 AM PST | By Team Kalkine Media

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Tyler Technologies, Inc. (NYSE:TYL) Stock Position Decreased by Van ECK Associates Corp — Image source: Shutterstock

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Highlights:

Van ECK Associates Corp reduced its stake in Tyler Technologies by 94.5% in Q3 2024.

Tyler Technologies reported a 9.8% increase in revenue, reaching $543.34 million for the quarter.

The company’s stock has received positive ratings from analysts, with a consensus "Moderate Buy" and an average price estimate of $642.62.

In the third quarter of 2024, Van ECK Associates Corp significantly reduced its holdings in Tyler Technologies, Inc. (NYSE:TYL) , cutting its position by 94.5%. Following the sale of over 455,000 shares, Van ECK now holds just 26,321 shares in the company. Despite this reduction, Tyler Technologies remains strongly backed by institutional investors, with 93.30% of its stock owned by hedge funds and large institutions.

Tyler Technologies, a leader in providing integrated information management solutions for the public sector, reported a solid financial performance for the third quarter. The company posted earnings per share of $2.52, exceeding analysts’ consensus estimates of $2.43. Its quarterly revenue of $543.34 million marked a 9.8% year-over-year increase. The company also achieved a return on equity of 9.79%, with a net margin of 11.39%, demonstrating its ability to generate strong profits from shareholder equity.

Analysts have reacted positively to the company’s performance, with several increasing their price estimates for Tyler Technologies. Notable research firms, including DA Davidson and Robert W. Baird, raised their price targets for the stock, reflecting confidence in its growth prospects. Additionally, the stock has received favorable ratings, with the consensus recommendation indicating a "Moderate Buy."

Despite recent changes in ownership, including insider selling, Tyler Technologies continues to demonstrate robust financial health and growth potential. The company’s diverse portfolio of technology solutions for government agencies positions it well for continued success in its sector.

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