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Based in Plano, Texas, Tyler Technologies, Inc. (TYL) is a premier provider of end-to-end information management solutions and services for local governments. With a market cap of $21.84 billion, Tyler Technologies excels in delivering innovative software and technology that empower municipalities, schools, and other public sector organizations to streamline operations and improve service delivery. The company is poised to announce its fiscal Q2 earnings results on Wednesday, Jul. 24.
Ahead of the event, analysts expect TYL to report a profit of $1.80 per share, up 17.7% from $1.53 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
TYL's adjusted earnings of $1.74 per share for the last reported quarter surpassed the consensus estimate by 17.6%. The performance was driven by a significant rise in subscription revenues, reflecting the company's increasing shift to a software-as-a-service model.
For fiscal 2024, analysts expect TYL to report EPS of $7.10, up 22.4% from $5.80 in fiscal 2023.
TYL stock has gained 23% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 17.1% gains and the Technology Select Sector SPDR Fund's (XLK) 20.4% returns over the same time frame.
Tyler rose over 2% after announcing a contract with the Arizona Supreme Court to extend its Enterprise Supervision solution to juvenile probation in all 15 Arizona counties.
Additionally, TYL reported Q1 earnings on Apr. 24. The company reported revenue of $512.4 million, surpassing Street forecasts of $507.8 million. The information management software provider also set an optimistic outlook for the full year, expecting revenue to range between $2.11 billion and $2.14 billion. TYL shares gained more than 9% the day after the company reported earnings report.
The consensus opinion on TYL stock is bullish, with an overall “Strong Buy” rating. Out of 16 analysts covering the stock, 13 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and two recommend a “Hold.” TYL's average analyst price target is $526.73, indicating a potential upside of 2.4% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
