This morning, Truist Securities reiterated their Buy rating on Tyler Technologies’s stock with a price target of $600.00.

Based on the provided documents, Tyler Technologies received a reiteration of a Buy rating on their stock from Truist Securities for the following reasons:

Strong Financial Performance and Cloud Adoption: Tyler Technologies demonstrated robust second-quarter financial results, surpassing revenue, EPS, and cash flow estimates. This performance is attributed to significant growth in SaaS revenue, with a 20%+ increase for the 14th consecutive quarter and 97% of new software contract value being SaaS deals. The company’s successful transition to cloud-based solutions, evidenced by increased cloud momentum and a reported 21.8% year-over-year growth in ARR on cloud flips, indicates a strong market position and potential for sustained growth.
Strategic Wins and Market Expansion: The company has executed strategic wins, including the successful go-live of the Idaho State Court System on a SaaS model and securing significant contracts, such as with the Idaho State Police for Public Safety solutions. These achievements not only demonstrate Tyler’s competitive advantage in securing tier 1 wins but also its ability to serve as a reference point for other statewide and large county court systems, potentially leading to more system flips in the future. Furthermore, Tyler’s ability to cross-sell and expand its product offerings within existing client relationships, as seen with deals in New York, Oklahoma, and Georgia, underscores its capacity to leverage its comprehensive suite of solutions to drive revenue growth.

These factors collectively highlight Tyler Technologies’ strong operational execution, market leadership in providing ERP and mission-critical software solutions to the public sector, and its continuous innovation in cloud-based offerings. The company’s strategic wins, coupled with a healthy pipeline of opportunities and a focus on SaaS and cloud adoption, underpin the optimistic outlook and Buy rating reiteration by Truist Securities.

BTIG Matt VanVliet 54% 1-year accuracy 7 / 13 met price target	8%upside $630	Buy Maintained	26 Jul 2024
JMP Securities Trevor Walsh 67% 1-year accuracy 36 / 54 met price target	0%downside $580	Market Outperform Reiterated	26 Jul 2024
Barclays Saket Kalia 54% 1-year accuracy 27 / 50 met price target	1%downside $577	Equal-Weight Maintained	26 Jul 2024
DA Davidson Peter Heckmann 76% 1-year accuracy 31 / 41 met price target	10%downside $525	Neutral Maintained	26 Jul 2024
Goldman Sachs Gabriela Borges 60% 1-year accuracy 18 / 30 met price target	8%upside $627	Buy Maintained	26 Jul 2024

Tyler TechnologiesTYL

Fund manager confidence

285% more call options, than puts

109% more funds holding in top 10

43% more first-time investments, than exits

19% more capital invested

3% more funds holding

4% less repeat investments, than reductions

15.96% less ownership

Research analyst outlook

14 analyst ratings

Financial journalist opinion

Tyler Technologies
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