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Tyler (TYL) & Kentucky Extend Payment Services Deal for a Year
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Tyler Technologies (TYL - Free Report) recently announced that the Commonwealth of Kentucky signed a one-year contract extension for its digital government and payment processing services. The deal can be attributed to the Texas-based company’s acquisition of NIC in April 2021.
The relationship between Kentucky and NIC is 19-year long. The newly signed agreement reflects a further extension of their relationship. Tyler’s subsidiary, NIC, manages more than 300 services on behalf of Kentucky and processes more than $7 billion in payment processing annually.
It is worth mentioning that Tyler has been benefiting from the public sector’s ongoing transition from on-premise and outdated systems to scalable cloud-based systems.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.
Last month, Tyler reported overwhelming results for the second quarter of 2022, wherein its top and bottom lines surpassed the respective Zacks Consensus Estimate and marked a year-over-year improvement as well.
It reported second-quarter 2022 non-GAAP earnings of $1.88 per share, which beat the Zacks Consensus Estimate of $1.83 per share and improved 2.9% from the year-ago quarter. Revenues increased 16% year over year to $468.7 million and outpaced the consensus mark of $456.2 million.
The company 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 May, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding. However, Tyler faces significant integration risks due to frequent acquisitions.
Zacks Rank & Stocks to Consider
Tyler currently carries a Zacks Rank #4 (Sell). Shares of TYL have decreased 28% year to date (“YTD”).
The Zacks Consensus Estimate for Clearfield's fourth-quarter fiscal 2022 earnings has been revised upward by 10 cents to 80 cents per share over the past 30 days. For fiscal 2022, earnings estimates have moved 36 cents north to $3.13 per share in the past 30 days.
Clearfield’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 33.9%. Shares of CLFD have soared 48.4% YTD.
The Zacks Consensus Estimate for Silicon Laboratories’ third-quarter 2022 earnings has increased 22.9% to $1.02 per share over the past 30 days. For 2022, earnings estimates have moved 14.2% up to $4.18 per share in the past 30 days.
Silicon Laboratories’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 63.6%. Shares of SLAB have decreased 35.2% YTD.
The Zacks Consensus Estimate for Taiwan Semiconductor's third-quarter 2022 earnings has been revised a penny southward to $1.69 per share over the past seven days. For 2022, earnings estimates have moved 37 cents north to $6.30 per share in the past 60 days.
TSM's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 3.9%. Shares of the company have decreased 28.5% YTD.
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Tyler (TYL) & Kentucky Extend Payment Services Deal for a Year
Tyler Technologies (TYL - Free Report) recently announced that the Commonwealth of Kentucky signed a one-year contract extension for its digital government and payment processing services. The deal can be attributed to the Texas-based company’s acquisition of NIC in April 2021.
The relationship between Kentucky and NIC is 19-year long. The newly signed agreement reflects a further extension of their relationship. Tyler’s subsidiary, NIC, manages more than 300 services on behalf of Kentucky and processes more than $7 billion in payment processing annually.
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.
Last month, Tyler reported overwhelming results for the second quarter of 2022, wherein its top and bottom lines surpassed the respective Zacks Consensus Estimate and marked a year-over-year improvement as well.
Tyler Technologies, Inc. Price and Consensus
Tyler Technologies, Inc. price-consensus-chart | Tyler Technologies, Inc. Quote
It reported second-quarter 2022 non-GAAP earnings of $1.88 per share, which beat the Zacks Consensus Estimate of $1.83 per share and improved 2.9% from the year-ago quarter. Revenues increased 16% year over year to $468.7 million and outpaced the consensus mark of $456.2 million.
The company 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 May, Tyler acquired Quatred, a systems integrator and solution provider that assists clients by implementing advanced touchless technologies, including barcoding. However, Tyler faces significant integration risks due to frequent acquisitions.
Zacks Rank & Stocks to Consider
Tyler currently carries a Zacks Rank #4 (Sell). Shares of TYL have decreased 28% year to date (“YTD”).
Some better-ranked stocks from the broader Computer and Technology sector are Clearfield (CLFD - Free Report) , Silicon Laboratories (SLAB - Free Report) and Taiwan Semiconductor (TSM - Free Report) . While Clearfield and Silicon Laboratories each sport a Zacks Rank #1 (Strong Buy), TSM 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 Clearfield's fourth-quarter fiscal 2022 earnings has been revised upward by 10 cents to 80 cents per share over the past 30 days. For fiscal 2022, earnings estimates have moved 36 cents north to $3.13 per share in the past 30 days.
Clearfield’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 33.9%. Shares of CLFD have soared 48.4% YTD.
The Zacks Consensus Estimate for Silicon Laboratories’ third-quarter 2022 earnings has increased 22.9% to $1.02 per share over the past 30 days. For 2022, earnings estimates have moved 14.2% up to $4.18 per share in the past 30 days.
Silicon Laboratories’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 63.6%. Shares of SLAB have decreased 35.2% YTD.
The Zacks Consensus Estimate for Taiwan Semiconductor's third-quarter 2022 earnings has been revised a penny southward to $1.69 per share over the past seven days. For 2022, earnings estimates have moved 37 cents north to $6.30 per share in the past 60 days.
TSM's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 3.9%. Shares of the company have decreased 28.5% YTD.