Tyler Technologies price target lowered to $570 from $595 at DA Davidson

DA Davidson lowered the firm’s price target on Tyler Technologies (TYL) to $570 from $595 and keeps a Neutral rating on the shares. The company’s Q1 results were solid, with revenue just above estimates, though the quarter’s light SaaS Bookings were a surprise, the analyst tells investors in a research note. Management relayed that Q4 had benefited from a number of municipalities trying to lock down projects to get their American Rescue Plan stimulus funding, and that likely pulled an estimated $10M of bookings into the Q4 that would have normally closed in Q1, the firm adds.