Bentley Systems (NASDAQ:BSY) Cut to "Neutral" at Rosenblatt Securities

Key Points

• Bentley Systems has been downgraded from a "buy" to a "neutral" rating by Rosenblatt Securities, with a revised target price of $58.00, indicating a potential upside of 9.28% from the current price.
• The company reported a 10.2% year-over-year increase in revenue for the last quarter, achieving $364.11 million, alongside an earnings per share of $0.32, which exceeded analyst expectations.
• Insiders have been actively selling shares, with one director selling over 355,000 shares recently, leading to a notable 2.17% decrease in their ownership stake.

Bentley Systems (NASDAQ:BSY - Get Free Report) was downgraded by equities research analysts at Rosenblatt Securities from a "buy" rating to a "neutral" rating in a research report issued to clients and investors on Thursday, MarketBeat reports. They currently have a $58.00 target price on the stock, up from their previous target price of $53.00. Rosenblatt Securities' price target would suggest a potential upside of 8.43% from the company's previous close.

A number of other research analysts also recently issued reports on BSY. Royal Bank Of Canada boosted their price objective on Bentley Systems from $53.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. UBS Group upped their price target on shares of Bentley Systems from $48.00 to $53.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Mizuho reduced their price objective on shares of Bentley Systems from $60.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. lowered their target price on shares of Bentley Systems from $52.00 to $45.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Finally, Wall Street Zen downgraded shares of Bentley Systems from a "buy" rating to a "hold" rating in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bentley Systems presently has a consensus rating of "Hold" and a consensus price target of $56.60.

Bentley Systems Stock Performance

BSY traded down $0.03 during trading on Thursday, hitting $53.49. The company's stock had a trading volume of 1,589,018 shares, compared to its average volume of 1,630,579. The business's 50 day simple moving average is $54.04 and its 200-day simple moving average is $47.66. The firm has a market cap of $15.62 billion, a PE ratio of 67.71, a P/E/G ratio of 4.35 and a beta of 1.10. Bentley Systems has a one year low of $36.51 and a one year high of $59.25. The company has a quick ratio of 0.49, a current ratio of 0.51 and a debt-to-equity ratio of 1.07.

Bentley Systems (NASDAQ:BSY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.32 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. Bentley Systems had a return on equity of 28.41% and a net margin of 17.91%. The company had revenue of $364.11 million for the quarter, compared to analysts' expectations of $363.51 million. During the same period last year, the firm earned $0.31 EPS. Bentley Systems's revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts predict that Bentley Systems will post 0.88 EPS for the current fiscal year.

Insider Transactions at Bentley Systems

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

Hedge Funds Weigh In On Bentley Systems

A number of institutional investors and hedge funds have recently made changes to their positions in BSY. Arrowstreet Capital Limited Partnership bought a new stake in Bentley Systems in the fourth quarter worth $422,000. O Shaughnessy Asset Management LLC raised its stake in shares of Bentley Systems by 46.2% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,377 shares of the company's stock valued at $298,000 after acquiring an additional 2,015 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in shares of Bentley Systems in the 4th quarter worth about $2,224,000. Aviva PLC purchased a new position in shares of Bentley Systems during the 4th quarter worth about $4,207,000. Finally, FIL Ltd grew its holdings in Bentley Systems by 100.5% during the 4th quarter. FIL Ltd now owns 7,384 shares of the company's stock valued at $345,000 after purchasing an additional 3,702 shares during the last quarter. 44.16% of the stock is owned by hedge funds and other institutional investors.

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.