JMP Securities Reiterates Market Outperform Rating on Tyler Tech (TYL)
JMP Securities analyst Trevor Walsh reiterated a Market Outperform rating and $580.00 price target on Tyler Tech (NYSE: TYL).
The analyst comments "We reiterate our Market Outperform rating and $580 price target on Tyler Technologies, Inc. after the company reported strong F2Q24 results, including revenue of $541.0M, up 7% y/y (consensus $541.0M), non-GAAP EPS of $2.40 (consensus $2.30), and 203 new software subscription contracts (up 19% y/y), with CEO Lynn Moore noting, “each of our key metrics across revenues, earnings, operating margin and cash flow exceeded our expectations. These results are especially meaningful given the significant shift towards SaaS in our new software contract mix, which pressured revenues and margins” ; the stock is up 35% YTD versus up 12% for the Russell 3000."
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Shares of Tyler Tech closed at $564.34 yesterday.