Tyler Technologies price target raised to $500 from $475 at Needham

Needham analyst Scott Berg raised the firm’s price target on Tyler Technologies to $500 from $475 and keeps a Buy rating on the shares. The company reported solid Q4 results and issued 2024 guidance implying a non-GAAP operating margin of 24.3% vs. the firm’s prior estimate of 23.4% and the Street at 23.7%, the analyst tells investors in a research note. The firm also believes that the transition to the public Cloud with AWS and shuttering a data center at end of 2Q23 is progressing ahead of schedule.