Tyler's (TYL) Payment Solution Selected by Harris County
Tyler Technologies TYL recently revealed that its digital payment solution — Tyler Disbursements — has been implemented by Harris County. The new solution will help the county pay jurors for their jury services through multiple payment options, thereby eliminating the need for paper checks.
Tyler Disbursements offers a hassle-free solution to pay jurors accurately and on time. With this software solution, jurors will not have to wait for paper checks coming through the United States Postal Service.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems.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.
Earlier this month, the company revealed that its strategic partner Champ Titles, Inc. and the Kentucky Transportation Cabinet have signed an agreement to implement TYL’s electronic solutions for vehicle titling and liens. In the same month, the company disclosed that Licking County, Ohio, the Clerk of Courts and the Courts of Common Pleas, General and Domestic Relations Division selected its Enterprise Justice software suite, including its re:Search portal.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
Growth 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 announced that it completed the acquisition of Orlando, FL-headquartered Computing System Innovations, LLC to enhance its electronic filing and redaction solutions.
Tyler intends to integrate CSI’s 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, Tyler 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 targeted 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 offers TYL residential and commercial reassessments and delivers litigation support, expert witness testimony solutions for property appraisal matters and auditing and monitoring services.
In October 2022, the company bought Rapid Financial Solutions for $68 million in cash to bolster its payment offering for all clients. In May 2022, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding.
However, TYL’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
Tyler currently carries a Zacks Rank #3 (Hold). Shares of the company have increased 18.2% year to date (YTD).
Some better-ranked stocks from the broader technology sector are NVIDIA NVDA, Paylocity Holding PCTY and Palo Alto Networks PANW. NVIDIA and Paylocity each sport a Zacks Rank #1 (Strong Buy), while Palo Alto Networks carries a Zacks Rank #2 (Buy). 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 8 cents to $3.32 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 21 cents to $10.67 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 surged 186.9% 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 31 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 declined 8.7% YTD.
The Zacks Consensus Estimate for Palo Alto Networks' first-quarter fiscal 2024 earnings has been revised upward by a penny to $1.16 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 4 cents to $5.34 per share in the past 30 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 62.6% YTD.
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