Lynn Moore Jr., President and CEO of Tyler Technologies Inc . (NYSE:TYL), executed several stock transactions as reported in a recent SEC filing. On November 27, Moore sold a total of 3,250 shares of common stock, amounting to approximately $2.05 million. The shares were sold at prices ranging from $629.96 to $632.66 per share. The transaction occurred near the stock's 52-week high of $637.52, with Tyler Technologies showing a remarkable 52% return over the past year. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
In addition to these sales, Moore acquired 3,250 shares through the exercise of stock options at a price of $205.66 per share. Following these transactions, Moore's direct ownership stands at 75,000 shares in this $26.7 billion market cap company. InvestingPro subscribers can access 18 additional investment tips and a comprehensive Pro Research Report for deeper insights into Tyler Technologies' valuation and growth prospects.
In other recent news, Tyler Technologies reported robust third-quarter earnings and revenue growth, primarily driven by its software-as-a-service (SaaS) offerings. The company's total revenues rose to $543.3 million, marking a 9.8% increase year-over-year. Subscription revenue and SaaS revenues also saw significant increases of 17.6% and 20.3% respectively, while new software bookings surged 78% to $105.6 million.
Tyler Technologies also secured a significant $35 million contract with the Kentucky Court of Justice. The company updated its 2024 guidance, projecting total revenues between $2.125 billion and $2.145 billion, GAAP diluted EPS to range from $6.13 to $6.28, and a free cash flow margin between 21% and 23%.
Analysts from Truist Securities, Loop Capital, Piper Sandler, and Baird have all expressed confidence in the company's continued growth and profitability. Truist Securities confirmed its Buy rating on Tyler Technologies, with a steady price target of $685. Loop Capital, Piper Sandler, and Baird have all increased their price targets for Tyler Technologies to $680, $701, and $700 respectively. These adjustments reflect the firms' confidence in Tyler Technologies' continued growth and profitability.
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