Why Tyler Technologies Stock Slipped on Monday
Tyler Technologies (NYSE: TYL) was given the cold shoulder by analysts on the first trading day of the week. On the back of an analyst's price cut, the company's share price eroded, although not by an alarming figure. It declined 0.6% for an uninspiring performance, considering the S&P 500's (SNPINDEX: ^GSPC) marginal (less than 0.1%) Monday rise.That was roughly proportionate with the cut enacted by Wells Fargo's Michael Turrin. He shaved $20 off his Tyler price target for a new fair-value assessment of $590 per share. In doing so, he maintained his equal weight (read: hold) recommendation on the specialty tech stock. The reasons for Turrin's move weren't immediately clear. Analysts often make tweaks to their stock evaluations after earnings; this one closely follows Tyler's latest earnings release. Last week, the company unveiled its first-quarter results, posting revenue that grew 10% year over year to $565 million, and non-GAAP (generally accepted accounting principles) adjusted net income that ballooned by nearly 30% to $122 million. Continue reading
Tyler Technologies (NYSE: TYL) was given the cold shoulder by analysts on the first trading day of the week. On the back of an analyst's price cut, the company's share price eroded, although not by an alarming figure. It declined 0.6% for an uninspiring performance, considering the S&P 500's (SNPINDEX: ^GSPC) marginal (less than 0.1%) Monday rise.
That was roughly proportionate with the cut enacted by Wells Fargo's Michael Turrin. He shaved $20 off his Tyler price target for a new fair-value assessment of $590 per share. In doing so, he maintained his equal weight (read: hold) recommendation on the specialty tech stock.
The reasons for Turrin's move weren't immediately clear. Analysts often make tweaks to their stock evaluations after earnings; this one closely follows Tyler's latest earnings release. Last week, the company unveiled its first-quarter results, posting revenue that grew 10% year over year to $565 million, and non-GAAP (generally accepted accounting principles) adjusted net income that ballooned by nearly 30% to $122 million.
