On Thursday, Tyler Technologies Inc . (NYSE:TYL) maintained its Neutral rating with a consistent price target of $550.00 at DA Davidson. The technology firm's revenue fell slightly short of expectations, while its Non-GAAP earnings per share (EPS) exceeded forecasts.
The company saw a year-over-year increase of 8% in third-quarter bookings, reaching $586 million. Over the trailing twelve months, Tyler Tech's bookings have shown a robust growth of 13%. These figures reflect the company's ongoing business momentum.
Management confirmed the midpoint of their previous revenue guidance for 2024, with a narrowed range, indicating a steady outlook. Additionally, they increased the midpoint of their Non-GAAP EPS guidance by 2%, suggesting improved profitability expectations.
Tyler Technologies is scheduled to conduct a conference call on Friday morning at 10:00 AM ET to discuss the quarterly results in more detail. Following this call, updates to the forecasts are expected to be made, which could provide further insights into the company's financial trajectory.
The reaffirmed guidance and the slight adjustment to the EPS forecast indicate a cautious but positive perspective on the company's performance. Stakeholders and investors will be looking forward to the updates post the conference call for any potential changes to the current financial outlook.
In other recent news, Tyler Technologies reported a strong third-quarter performance with SaaS revenue reaching $166.6 million, indicating a 20.3% year-over-year increase. The company also saw a 15.2% year-over-year increase in transaction revenue, reaching $180.6 million.
Analyst firm BTIG maintained a Buy rating on the company following these results. Tyler Technologies also refined its full-year 2024 revenue outlook to a range of $2,125 million to $2,145 million. The company has also increased its full-year 2024 Non-GAAP earnings per share (EPS) guidance to $9.47-$9.62.
In partnership developments, 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 enhancing efficiency.
In analyst updates, Barclays (LON:BARC) upgraded Tyler Tech to Overweight, while Needham maintained a Buy rating and DA Davidson kept a Neutral rating. These are the recent developments for Tyler Technologies.
InvestingPro Insights
Tyler Technologies' recent performance aligns with several key metrics and trends highlighted by InvestingPro. The company's revenue growth of 6.7% over the last twelve months, as reported by InvestingPro, supports the 8% year-over-year increase in third-quarter bookings mentioned in the article. This consistent growth trajectory is further reinforced by the company's strong return over the last year, with a 55.61% price total return.
InvestingPro Tips indicate that 16 analysts have revised their earnings upwards for the upcoming period, which corresponds with the company's increased Non-GAAP EPS guidance mentioned in the article. Additionally, the tip suggesting that Tyler Technologies operates with a moderate level of debt could be seen as a positive factor contributing to its financial stability and growth potential.
It's worth noting that Tyler Technologies is trading near its 52-week high, with its current price at 95.93% of the 52-week high. This aligns with the company's positive performance and outlook discussed in the article. For investors seeking 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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