Carillon Tower Advisers, an investment management firm, published its “Carillon Eagle Mid Cap Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Mid-cap stocks overall posted solid gains in the final quarter of 2021. As was the case for the majority of the year, the Russell Midcap® Growth Index (up 2.85%) lagged behind its Russell Midcap® Value Index (up 8.54%) counterpart. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, Carillon Eagle Mid Cap Growth Fund mentioned Tyler Technologies, Inc. (NYSE:TYL) and explained its insights for the company. Founded in 1966, Tyler Technologies, Inc. (NYSE:TYL) is a Plano, Texas-based software company with a $13.8 billion market capitalization. Tyler Technologies, Inc. (NYSE:TYL) delivered a -37.88% return since the beginning of the year, while its 12-month returns are down by -26.67%. The stock closed at $334.20 per share on June 28, 2022.
Here is what Carillon Eagle Mid Cap Growth Fund has to say about Tyler Technologies, Inc. (NYSE:TYL) in its Q1 2022 investor letter:
“Tyler Technologies (NYSE:TYL), a provider of software for state and local governments with a focus on enterprise resource planning (ERP), courts and justice, public safety, and payments, delivered mixed earnings results. Revenue for the quarter was slightly ahead, but the revenue and profitability guidance for the full year came in below expectations. This was due to a mix shift toward cloud deals that carry lower up-front revenue recognition, as well as to duplicative data center expenses as the company transitions to a new cloud hosting vendor. Despite the near-term profitability pressures, the company is seeing a deal pipeline at pre-pandemic levels, suggesting a positive longer-term outlook.”
Our calculations show that Tyler Technologies, Inc. (NYSE:TYL)fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Tyler Technologies, Inc. (NYSE:TYL) was in 28 hedge fund portfolios at the end of the first quarter of 2022, compared to 33 funds in the previous quarter. Tyler Technologies, Inc. (NYSE:TYL) delivered a -26.00% return in the past 3 months.
In May 2021, we also shared another hedge fund’s views on Tyler Technologies, Inc. (NYSE:TYL) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.