Bentley Systems (NASDAQ:BSY) Price Target Raised to $47.00 at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has raised its price target for Bentley Systems from $42.00 to $47.00, maintaining a "sell" rating, which implies a potential downside of 10.47% from the current price.
• Other analysts have issued varying ratings and targets, with Robert W. Baird setting a target at $64.00 and Oppenheimer raising theirs to $65.00, indicating a generally positive outlook from several brokerages.
• Despite a 4.9% decline in stock price recently, Bentley Systems reported better than expected earnings, with a quarterly EPS of $0.32, surpassing the consensus estimate of $0.29.

Bentley Systems (NASDAQ:BSY - Get Free Report) had its price objective hoisted by stock analysts at The Goldman Sachs Group from $42.00 to $47.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "sell" rating on the stock. The Goldman Sachs Group's price target would suggest a potential downside of 10.47% from the company's current price.

A number of other brokerages have also recently commented on BSY. Robert W. Baird set a $64.00 target price on shares of Bentley Systems and gave the company an "outperform" rating in a report on Wednesday, July 30th. Oppenheimer lifted their target price on Bentley Systems from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Thursday. Piper Sandler lifted their price objective on Bentley Systems from $57.00 to $63.00 and gave the company an "overweight" rating in a research report on Thursday. UBS Group upped their price objective on Bentley Systems from $53.00 to $60.00 and gave the stock a "neutral" rating in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased their target price on Bentley Systems from $52.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $56.60.

Bentley Systems Stock Down 4.9%

Shares of NASDAQ:BSY traded down $2.72 on Thursday, hitting $52.50. 1,798,530 shares of the company traded hands, compared to its average volume of 1,529,523. Bentley Systems has a 52 week low of $36.51 and a 52 week high of $59.25. The company has a market cap of $15.32 billion, a PE ratio of 66.17, a PEG ratio of 4.64 and a beta of 1.10. The stock has a 50 day simple moving average of $53.82 and a 200-day simple moving average of $47.55. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.13.

Bentley Systems (NASDAQ:BSY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.03. The business had revenue of $364.11 million during the quarter, compared to analyst estimates of $363.51 million. Bentley Systems had a net margin of 18.46% and a return on equity of 29.18%. The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. As a group, research analysts expect that Bentley Systems will post 0.88 earnings per share for the current year.

Insider Activity at Bentley Systems

In related news, insider David R. Shaman sold 19,348 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $56.96, for a total value of $1,102,062.08. Following the transaction, the insider directly owned 647,609 shares of the company's stock, valued at $36,887,808.64. This represents a 2.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith A. Bentley sold 150,000 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $55.54, for a total value of $8,331,000.00. Following the sale, the director owned 3,859,327 shares in the company, valued at approximately $214,347,021.58. The trade was a 3.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,189,869 shares of company stock valued at $60,880,388 in the last three months. 20.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Bentley Systems

Large investors have recently bought and sold shares of the company. Future Fund LLC acquired a new stake in Bentley Systems during the 2nd quarter valued at approximately $898,000. Aviva PLC increased its holdings in Bentley Systems by 2.2% in the 2nd quarter. Aviva PLC now owns 39,932 shares of the company's stock worth $2,155,000 after acquiring an additional 863 shares in the last quarter. AGF Management Ltd. boosted its holdings in Bentley Systems by 7.4% in the 2nd quarter. AGF Management Ltd. now owns 109,983 shares of the company's stock worth $5,936,000 after buying an additional 7,536 shares during the last quarter. Andra AP fonden acquired a new stake in shares of Bentley Systems in the second quarter worth approximately $59,000. Finally, Resona Asset Management Co. Ltd. grew its holdings in shares of Bentley Systems by 66.2% during the second quarter. Resona Asset Management Co. Ltd. now owns 78,808 shares of the company's stock worth $4,244,000 after buying an additional 31,402 shares in the last quarter. Hedge funds and other institutional investors own 44.16% of the company's stock.

Bentley Systems Company Profile

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.

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