Core Insights - Conestoga Capital Advisors reported that equity markets reached new all-time highs in Q3 2025, but their Smid Cap Composite underperformed the Russell 2500 Growth Index, returning -1.1% net-of-fees compared to the index's +10.7% [1] - The stock market rally that began in April continued with a narrow and "low quality" leadership [1] Company Overview: Tyler Technologies, Inc. (NYSE:TYL) - Tyler Technologies, Inc. provides integrated information management solutions and services for public sector agencies, including courts, schools, municipalities, and state governments across the U.S. [3] - As of October 17, 2025, Tyler Technologies' stock closed at $505.60 per share, with a market capitalization of $21.873 billion [2] - The company experienced a one-month return of -5.38% and a 52-week loss of 14.08% [2] Financial Performance - In Q2 2025, Tyler Technologies reported $596.1 million in revenue, reflecting a 10.2% increase compared to Q2 2024 [4] - Despite concerns regarding federal budgetary pressures affecting state and local municipalities, Tyler Technologies has not seen significant changes in public demand or purchasing behavior, with budgets remaining stable [3] Hedge Fund Interest - Tyler Technologies was held by 46 hedge fund portfolios at the end of Q2 2025, an increase from 44 in the previous quarter [4] - The company is not listed among the 30 most popular stocks among hedge funds [4]