Bentley Systems (NASDAQ:BSY) Shares Down 7% - Here's Why

Key Points

• Bentley Systems' stock price dropped 7% on Tuesday, closing at $52.82 after trading as low as $53.10.
• Despite the decline, analysts maintain a mix of ratings, with six giving it a Buy rating and an average price target of $56.60.
• The company reported an earnings per share of $0.32, beating estimates, and demonstrated a 10.2% year-over-year revenue increase.

Bentley Systems, Incorporated (NASDAQ:BSY - Get Free Report)'s stock price was down 7% during trading on Tuesday . The stock traded as low as $53.10 and last traded at $52.82. Approximately 2,022,960 shares traded hands during trading, an increase of 21% from the average daily volume of 1,677,584 shares. The stock had previously closed at $56.79.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BSY shares. Robert W. Baird set a $64.00 price target on shares of Bentley Systems and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Wall Street Zen cut shares of Bentley Systems from a "buy" rating to a "hold" rating in a report on Wednesday, July 16th. The Goldman Sachs Group boosted their price target on shares of Bentley Systems from $42.00 to $47.00 and gave the company a "sell" rating in a report on Thursday, August 7th. Piper Sandler raised their price objective on Bentley Systems from $57.00 to $63.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Finally, UBS Group boosted their target price on Bentley Systems from $53.00 to $60.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $56.60.

Bentley Systems Stock Down 7.5%

The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.07. The firm's 50 day simple moving average is $54.01 and its 200-day simple moving average is $50.19. The stock has a market capitalization of $15.35 billion, a price-to-earnings ratio of 66.52, a price-to-earnings-growth ratio of 4.44 and a beta of 1.07.

Bentley Systems (NASDAQ:BSY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. Bentley Systems had a net margin of 17.91% and a return on equity of 28.41%. The firm had revenue of $364.11 million for the quarter, compared to analyst estimates of $363.51 million. During the same period in the previous year, the business earned $0.31 EPS. The company's revenue was up 10.2% compared to the same quarter last year. Equities analysts expect that Bentley Systems, Incorporated will post 0.88 earnings per share for the current fiscal year.

Bentley Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 23rd were paid a dividend of $0.07 per share. The ex-dividend date was Tuesday, September 23rd. This represents a $0.28 annualized dividend and a dividend yield of 0.5%. Bentley Systems's payout ratio is currently 35.44%.

Insider Buying and Selling at Bentley Systems

In other news, insider David R. Shaman sold 19,348 shares of the business's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $56.96, for a total transaction of $1,102,062.08. Following the transaction, the insider directly owned 647,609 shares in the company, valued at $36,887,808.64. The trade was a 2.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 20,713 shares of company stock worth $1,180,690. 20.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Bentley Systems

Large investors have recently modified their holdings of the stock. City Holding Co. bought a new position in shares of Bentley Systems in the first quarter valued at about $26,000. Geneos Wealth Management Inc. raised its position in shares of Bentley Systems by 1,529.3% in the first quarter. Geneos Wealth Management Inc. now owns 668 shares of the company's stock valued at $26,000 after purchasing an additional 627 shares during the period. Allworth Financial LP raised its position in shares of Bentley Systems by 37.6% in the second quarter. Allworth Financial LP now owns 702 shares of the company's stock valued at $38,000 after purchasing an additional 192 shares during the period. Assetmark Inc. raised its position in shares of Bentley Systems by 682.8% in the second quarter. Assetmark Inc. now owns 728 shares of the company's stock valued at $39,000 after purchasing an additional 635 shares during the period. Finally, Twin Tree Management LP grew its stake in shares of Bentley Systems by 361.9% in the first quarter. Twin Tree Management LP now owns 739 shares of the company's stock valued at $29,000 after acquiring an additional 579 shares in the last quarter. 44.16% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.