Tyler's (TYL) Solution to Streamline Rhode Island DBR Operations
Tyler Technologies, Inc. TYL has inked an agreement with the Rhode Island Department of Business Regulation (“DBR”) for its State Regulatory Platform suite. The DBR, a client of Tyler since 2012, already utilizes Tyler’s CAVU eLicense solution and Tyler Payments.
With the deployment of Tyler’s State Regulatory Platform suite in the cloud, powered by Amazon Web Services, the agency aims to leverage additional integrated capabilities, along with heightened security and stability. The suite encompasses licensing, inspections and enforcement applications, streamlining the processing and management of more than 100 license types across various business and industry regulations. These include accountancy, design professionals, commercial licensing, securities regulation, business regulation and banking regulation.
By automating key processes, the State Regulatory Platform solution is expected to enhance efficiency for Rhode Island DBR regulators, ensuring swift and secure operations while delivering exceptional service to licensees and stakeholders. This move reinforces Tyler’s commitment to providing cutting-edge solutions that empower regulatory agencies to manage and oversee diverse industry segments seamlessly.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
Tyler Benefits From the Public Sector’s Cloud Transition
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems.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.
The public sector market in which Tyler operates is one of the largest in the United States, spanning approximately 3,000 counties, various public departments across 36,000 towns and cities and more than a thousand dozen schools across the country.
Within these diverse prospects lie numerous opportunities, including the deployment of IT services and solutions for property assessment, judicial functions, record-keeping, finance, road maintenance, law enforcement, public safety, healthcare, election administration and more. Government departments grapple with the challenge of retaining IT professionals who often seek more lucrative prospects elsewhere.
However, Tyler’s near-term growth prospects are likely to be negatively impacted by delays in procurement processes and lengthening sales cycles amid ongoing macroeconomic uncertainties. Additionally, many of its customers are expected to face budget pressures in the near term due to a probable slowdown concern.
Zacks Rank & Stocks to Consider
Currently, Tyler carries a Zacks Rank #3 (Hold). The stock has risen 21.4% in the trailing 12 months.
Some better-ranked stocks from the broader technology sector are Zoom Video Communications Inc. ZM, Amazon.com AMZN and NVIDIA Corporation NVDA. Zoom and Amazon each sport a Zacks Rank #1 (Strong Buy), and NVIDIA 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 Zoom’s fiscal 2024 earnings has been revised upward by 28 cents to $4.94 per share in the past 60 days, suggesting year-over-year growth of 13%. The long-term estimated earnings growth rate for the stock stands at 33.5%. Shares of ZM have risen 1.4% over the past year.
The Zacks Consensus Estimate for Amazon’s 2023 earnings has been revised upward by 2 cents to $2.69 per share in the past 30 days, which calls for an increase of 278.9% on a year-over-year basis. The long-term expected earnings growth rate for the stock is pegged at 28.5%. AMZN stock has returned 57.6% over the past year.
The consensus mark for NVIDIA’s fiscal 2024 earnings has been revised upward by 2 cents to $12.31 per share over the past 30 days, indicating a whopping 269% increase from fiscal 2023. It has a long-term earnings growth expectation of 13.5%. In the trailing 12 months, NVDA stock has surged 223.7%.
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