Tyler's (TYL) Community Readiness Chosen by Sumner County
Tyler Technologies TYL recently revealed that the Sumner County Sheriff’s Office in Tennessee has successfully implemented its Community Readiness solution. The solution has been deployed at Sumner County’s jail facility.
Powered by Amazon Web Services, the Community Readiness solution helps bridge the gap between the jail and the community by connecting incarcerated individuals to verified social care providers. The solution will help incarcerated persons in Sumner County make connections with resources to find a job or house and gain education after being released from jail.
By implementing this solution, the Sumner County Sheriff’s Office intends to guide incarcerated individuals on a path to a better life while improving and strengthening the local community. The solution will also reduce the physical paperwork of Sumner County’s staff, thereby allowing them to focus on the safety and effectiveness of the facility.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems. TYL has been consistently enhancing its core software applications and expanding complementary product and service portfolios to cater to the changing needs of customers while keeping pace with technological advancements.
Shares of Tyler have outperformed the Zacks Business – Software Services industry in the year-to-date (YTD) period. While TYL stock has rallied 21.4% YTD, the Computer – Mini Computers industry has risen 13.7%.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
Broadening Product Portfolio Through Acquisitions
TYL has been pursuing strategic takeovers to broaden its product and service offerings, enter new markets related to local governments, attract clients and expand geographically. In August 2023, the company completed the acquisition of Orlando, FL-headquartered Computing System Innovations, LLC (“CSI”) to enhance its electronic filing and redaction solutions.
Tyler intends to integrate CSI’s artificial intelligence (AI)-driven redaction and indexing solution, Intellidact Platform, into its eFile & Serve solution portfolio to automate data entry and document processing options for its clientele. It is also likely to leverage CSI’s AI and automation solution across its other verticals like Municipal & Schools, Property & Recording and Platform Solutions.
In March 2023, the company revealed that it acquired a Massachusetts-based analytics company offering exemplary real estate appraisals and assessments for states, counties and municipalities — Safeground Analytics.
With this buyout, the company intends to accelerate its appraisal service businesses by bringing a team of experienced appraisers, analysts, statisticians, economists, computer scientists and assessors from Safeground Analytics. The analytics company will offer TYL residential and commercial reassessments and deliver litigation support, expert witness testimony solutions for property appraisal matters, and auditing and monitoring services.
However, Tyler’s near-term growth prospects are likely to be affected by delays in procurement processes and lengthening sales cycles amid ongoing macroeconomic uncertainties. Also, many customers are expected to face budget pressures in the near term.
Additionally, high investments in R&D initiatives are likely to hurt margins. Intensifying competition from the likes of Oracle, SAP and Workday might keep Tyler’s pricing under pressure and negatively impact the gross margin.
Zacks Rank & Stocks to Consider
Currently, Tyler carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader technology sector are NVIDIA NVDA, Palo Alto Networks PANW and Paylocity Holding PCTY. NVIDIA and Palo Alto each sport a Zacks Rank #1 (Strong Buy), while Paylocity carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NVIDIA's third-quarter fiscal 2024 earnings has been revised upward by 2 cents to $3.34 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 7 cents to $10.74 per share in the past 30 days.
NVIDIA’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing on one occasion, the average surprise being 9.8%. Shares of NVDA have rallied 221.1% YTD.
The Zacks Consensus Estimate for Palo Alto Networks' first-quarter fiscal 2024 earnings has been revised upward by 6 cents to $1.16 per share in the past 60 days. For fiscal 2024, earnings estimates have increased by 39 cents to $5.34 per share in the past 60 days.
Palo Alto Networks’ earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 22.2%. Shares of PANW have surged 85.8% YTD.
The Zacks Consensus Estimate for Paylocity’s first-quarter fiscal 2024 earnings has remained unchanged at $1.07 per share in the past 60 days. For fiscal 2024, earnings estimates have moved 5 cents upward to $5.58 per share in the past 60 days.
Paylocity’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 39.7%. Shares of PCTY have risen 5.6% YTD.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Palo Alto Networks, Inc. (PANW) : Free Stock Analysis Report
Paylocity Holding Corporation (PCTY) : Free Stock Analysis Report
Tyler Technologies, Inc. (TYL) : Free Stock Analysis Report
