John S. Marr Jr., the Executive Chair of the Board at Tyler Technologies Inc . (NYSE:TYL), recently reported significant stock transactions. On November 12 and 13, Marr executed sales of Tyler Technologies' common stock, totaling approximately $6.8 million. The shares were sold in multiple transactions at prices ranging from $611.79 to $627.65 per share.
In addition to these sales, Marr also exercised stock options on November 12 and 13, acquiring shares at a price of $205.66 each. The total value of these acquisitions was approximately $2.26 million.
Following these transactions, Marr's direct ownership stands at 51,388 shares, with additional shares held indirectly through various trusts and partnerships.
In other recent news, Tyler Technologies witnessed robust third-quarter earnings and revenue growth, primarily driven by its Software-as-a-Service (SaaS) offerings. Total (EPA:TTEF) revenues rose to $543.3 million, reflecting a 9.8% increase year-over-year. Significant increases were also observed in subscription revenue and SaaS revenues, while new software bookings surged 78% to $105.6 million.
Loop Capital, Piper Sandler, and Baird have all raised their price targets for Tyler Technologies following the company's strong Q3 performance. Loop Capital increased its price target to $680, Piper Sandler to $701, and Baird to $700. These adjustments reflect the firms' confidence in Tyler Technologies' continued growth and profitability.
Among other recent developments, Tyler Technologies signed a significant $35 million contract with the Kentucky Court of Justice. The company also 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%. These recent developments highlight the company's strong trajectory in the public sector software industry.
InvestingPro Insights
Tyler Technologies Inc. (NYSE:TYL) has been demonstrating strong market performance, as evidenced by recent insider transactions and key financial metrics. According to InvestingPro data, the company's market capitalization stands at an impressive $26.28 billion, reflecting its significant presence in the technology sector.
The stock's recent performance has been particularly noteworthy, with a substantial 27.23% price total return over the past six months and a year-to-date return of 47.53%. This aligns with an InvestingPro Tip indicating that Tyler Technologies has seen a "large price uptick over the last six months." The company is currently trading near its 52-week high, with its price at 97.45% of the peak, further underscoring its strong market position.
Despite the recent insider sales by Executive Chair John S. Marr Jr., the company's financial health appears robust. Tyler Technologies boasts a revenue of $2.08 billion for the last twelve months as of Q3 2024, with a solid revenue growth of 8.04% over the same period. The company's profitability is also evident, with an adjusted operating income of $276 million and an EBITDA of $368.94 million.
Investors should note that Tyler Technologies is trading at a high earnings multiple, with a P/E ratio of 110.72. This valuation suggests that the market has high growth expectations for the company. Additionally, an InvestingPro Tip highlights that 18 analysts have revised their earnings upwards for the upcoming period, indicating positive sentiment about the company's future performance.
For those interested in a deeper analysis, InvestingPro offers 16 additional tips for Tyler Technologies, providing a comprehensive view of the company's financial position and market outlook.
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