Tyler Technologies Inc., a public-sector software and service provider, experienced a significant surge in its stock price on Thursday. The company’s stock (TYL) rose by 10.2%, establishing itself as one of the top-performing components of the S&P 500.
Impressive Third-Quarter Performance
Tyler Technologies reported third-quarter earnings of $2.14 per share, surpassing the FactSet consensus estimate of $2 per share. This accomplishment contributed to the stock’s remarkable growth.
Largest One-Day Gain Since March 2020
According to Dow Jones Market Data, Tyler Technologies’ stock is on track to achieve its most substantial one-day gain since March 26, 2020, when it soared by 10.3%. This remarkable increase highlights the company’s continued success.
A Promising Year for Investors
Tyler Technologies has seen positive momentum in recent days, with the stock rising in three out of the past four trading sessions. In 2023, the stock has experienced a notable 26.2% increase, positioning it for its best year since 2020 when it posted a staggering 45.5% gain.
Still Below All-Time High
Despite its impressive performance, Tyler Technologies’ stock currently trades about 26% below its all-time high of $552.14 achieved on November 16, 2021. This indicates the potential for further growth in the future.
Strong Outlook for 2023
In addition to its stellar Q3 results, Tyler Technologies anticipates adjusted earnings for 2023 to range between $7.66 and $7.80 per share. While slightly below the analyst consensus estimate of $7.72 per share, this outlook reflects the company’s confidence in its continued success.
Tyler Technologies Inc.’s strong third-quarter performance and optimistic outlook provide compelling reasons for investors to be enthusiastic about the company’s future prospects.