Tyler Technologies TYL shares rallied 6.6% in the last trading session to close at $517.57. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 13% loss over the past four weeks.
Tyler Technologies’ stock appreciated on continued optimism surrounding the demand for its solution, as the public sector continues to transition from on-premise and outdated systems to scalable cloud-based systems. The growing hybrid working trend is also driving the demand for its connectivity and cloud services.
This information management software provider is expected to post quarterly earnings of $2.88 per share in its upcoming report, which represents a year-over-year change of +14.3%. Revenues are expected to be $594.76 million, up 9.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Tyler Technologies, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TYL going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Tyler Technologies belongs to the Zacks Internet - Software and Services industry. Another stock from the same industry, Globant GLOB, closed the last trading session 0.8% higher at $59.41. Over the past month, GLOB has returned -1.7%.
For Globant, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.54. This represents a change of -5.5% from what the company reported a year ago. Globant currently has a Zacks Rank of #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
