Tyler Tech stock maintains a neutral rating with DA Davidson, PT stable at $550 By Investing.com
on Thursday, Tyler Technologies Inc . (NYSE:) maintained its neutral rating with an unchanged price target of $550.00 DA Davidson. The technology company's revenue fell slightly short of expectations, while Non-GAAP earnings per share (EPS) exceeded forecasts.
The company saw an 8% year-over-year increase in bookings for the third quarter, reaching $586 million. Over the next twelve months, Tyler Tech's bookings showed strong growth of 13%. These figures reflect the company's continued business momentum.
Management confirmed the midpoint of their previous revenue guidance for 2024, with a narrowed range, reflecting a stable outlook. Additionally, they raised the midpoint of their Non-GAAP EPS guidance by 2%, suggesting improved earnings expectations.
Tyler Technologies is scheduled to hold a conference call Friday morning at 10:00 AM ET to further discuss quarterly results. After this call, it is expected that updates will be made to the forecasts, which may provide more information about the company's financial performance.
The confirmed guidance and slight revision to the EPS forecast reflects a cautious but positive outlook on the company's performance. Stakeholders and investors will be looking forward to the updates sent to the conference for any possible changes to the current financial outlook.
In other recent news, Tyler Technologies reported strong third-quarter performance with SaaS revenue reaching $166.6 million, representing a year-over-year increase of 20.3%. The company also saw a year-over-year increase of 15.2% in revenue, reaching $180.6 million.
Analyst firm BTIG maintained a buy rating on the company following the results. Tyler Technologies also adjusted its full-year 2024 revenue outlook to a range of $2,125 million to $2,145 million. The company also raised full-year 2024 Non-GAAP earnings per share (EPS) to $9.47-$9.62.
In developing the partnership, Tyler Technologies has entered into agreements with the Phoenix Municipal Court and the Arkansas Department of Labor and Licensing to implement its cloud-based solutions aimed at improving efficiency.
In analyst reviews, Barclays upgraded Tyler Tech to overweight, while Needham maintained a buy rating and DA Davidson maintained a neutral rating. These are the latest developments of Tyler Technologies.
InvestingPro Insights
Tyler Technologies' recent performance is consistent with several key metrics and trends highlighted by InvestingPro. The company's revenue growth of 6.7% over the past twelve months, as reported by InvestingPro, supports the 8% year-over-year increase in third-quarter bookings mentioned in the article. This consistent growth pattern is further reinforced by the company's strong returns over the past year, with a total price gain of 55.61%.
InvestingPro Tips indicates that 16 analysts have revised their estimates higher for the future, which is consistent with the increase in the company's Non-GAAP EPS guidance mentioned in the article. Additionally, the tip that suggests that Tyler Technologies is operating with a limited level of debt can be seen as a positive factor that contributes to its financial stability and growth potential.
Notably, Tyler Technologies is trading near its 52-week high, with its current price at 95.93% of the 52-week high. This is in line with the company's good performance and vision discussed in the article. For investors looking for a more comprehensive analysis, InvestingPro offers 17 additional tips for Tyler Technologies, providing a deeper understanding of the company's financial position and market performance.
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