Rosenblatt Securities Reaffirms Buy Rating for Bentley Systems (NASDAQ:BSY)

Bentley Systems (NASDAQ:BSY)‘s stock had its “buy” rating restated by Rosenblatt Securities in a research note issued on Friday,Benzinga reports. They presently have a $62.00 target price on the stock. Rosenblatt Securities’ price objective points to a potential upside of 27.62% from the stock’s previous close.

Several other brokerages have also issued reports on BSY. The Goldman Sachs Group dropped their target price on shares of Bentley Systems from $57.00 to $50.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler boosted their target price on shares of Bentley Systems from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Friday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 target price on shares of Bentley Systems in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.86.

Bentley Systems Stock Performance

Shares of Bentley Systems stock traded down $2.51 during trading on Friday, hitting $48.58. 1,122,693 shares of the company’s stock were exchanged, compared to its average volume of 1,212,321. Bentley Systems has a 52-week low of $43.82 and a 52-week high of $57.19. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.49 and a current ratio of 0.49. The business has a 50-day simple moving average of $49.54 and a 200-day simple moving average of $50.44. The stock has a market capitalization of $14.12 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 4.10 and a beta of 1.04.

Bentley Systems (NASDAQ:BSY) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.08. Bentley Systems had a net margin of 29.17% and a return on equity of 31.71%. The company had revenue of $330.34 million during the quarter, compared to analysts’ expectations of $325.20 million. During the same quarter in the previous year, the company earned $0.20 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, research analysts forecast that Bentley Systems will post 0.9 EPS for the current year.

Insider Buying and Selling

In related news, Director Raymond B. Bentley sold 91,045 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $49.43, for a total transaction of $4,500,354.35. Following the sale, the director now directly owns 16,598,656 shares of the company’s stock, valued at $820,471,566.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bentley Systems news, Director Barry J. Bentley sold 34,987 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $48.37, for a total value of $1,692,321.19. Following the sale, the director now directly owns 12,213,248 shares of the company’s stock, valued at approximately $590,754,805.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Raymond B. Bentley sold 91,045 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $49.43, for a total transaction of $4,500,354.35. Following the completion of the sale, the director now directly owns 16,598,656 shares in the company, valued at approximately $820,471,566.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 326,032 shares of company stock valued at $16,168,176 in the last ninety days. Company insiders own 21.12% of the company’s stock.

Institutional Investors Weigh In On Bentley Systems

A number of large investors have recently modified their holdings of BSY. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Bentley Systems in the 3rd quarter valued at $287,000. Quest Partners LLC acquired a new position in shares of Bentley Systems in the 3rd quarter valued at $221,000. Swiss National Bank boosted its holdings in shares of Bentley Systems by 0.7% in the 3rd quarter. Swiss National Bank now owns 470,900 shares of the company’s stock valued at $23,926,000 after buying an additional 3,400 shares in the last quarter. Mizuho Markets Americas LLC boosted its holdings in shares of Bentley Systems by 5.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 550,157 shares of the company’s stock valued at $27,953,000 after buying an additional 29,473 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in shares of Bentley Systems by 4.3% in the 3rd quarter. CIBC Asset Management Inc now owns 9,203 shares of the company’s stock valued at $468,000 after buying an additional 378 shares in the last quarter. 44.16% of the stock is owned by hedge funds and other institutional investors.

About Bentley Systems

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling engineering applications, such as MicroStation, OpenBridge, OpenBuildings, OpenCities, OpenComms, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation engineering applications, including ADINA, AutoPIPE, CUBE, DYNAMEQ, EMME, LEGION, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS.