Bentley Systems (NASDAQ:BSY) Price Target Raised to $65.00 at Oppenheimer

Key Points

• Oppenheimer has raised its price target for Bentley Systems from $59.00 to $65.00, indicating a potential upside of 19.60% based on the company's last closing price.
• In its recent quarterly earnings report, Bentley Systems reported $0.32 earnings per share, surpassing analysts' expectations of $0.29, with revenue growing 10.2% year-over-year.
• Currently, Bentley Systems has a mix of ratings with one sell, four hold, and six buy ratings, while the consensus target price is approximately $55.40.

Bentley Systems (NASDAQ:BSY - Get Free Report) had its price objective upped by Oppenheimer from $59.00 to $65.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's price target would suggest a potential upside of 22.92% from the company's current price.

Other equities research analysts have also issued research reports about the company. Rosenblatt Securities lowered Bentley Systems from a "buy" rating to a "neutral" rating and boosted their target price for the company from $53.00 to $58.00 in a research note on Thursday. Mizuho lowered their target price on Bentley Systems from $60.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. UBS Group raised their target price on shares of Bentley Systems from $48.00 to $53.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. KeyCorp lifted their price objective on shares of Bentley Systems from $56.00 to $59.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Finally, Piper Sandler raised their target price on shares of Bentley Systems from $57.00 to $63.00 and gave the stock an "overweight" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $56.60.

Bentley Systems Stock Down 1.1%

NASDAQ:BSY traded down $0.61 during mid-day trading on Thursday, reaching $52.88. The stock had a trading volume of 452,253 shares, compared to its average volume of 1,534,978. The business's 50 day moving average is $54.04 and its 200 day moving average is $47.68. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.51 and a quick ratio of 0.51. The stock has a market cap of $15.45 billion, a P/E ratio of 67.07, a PEG ratio of 4.35 and a beta of 1.10. Bentley Systems has a fifty-two week low of $36.51 and a fifty-two week high of $59.25.

Bentley Systems (NASDAQ:BSY - Get Free Report) last posted its quarterly 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 business had revenue of $364.11 million during the quarter, compared to analysts' expectations of $363.51 million. During the same quarter last year, the company posted $0.31 earnings per share. Bentley Systems's quarterly revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts predict that Bentley Systems will post 0.88 earnings per share for the current year.

Insiders Place Their Bets

In other Bentley Systems news, Director Keith A. Bentley sold 150,000 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $55.54, for a total transaction of $8,331,000.00. Following the completion of the transaction, the director owned 3,859,327 shares of the company's stock, valued at approximately $214,347,021.58. The trade was a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Raymond B. Bentley sold 355,103 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $49.96, for a total value of $17,740,945.88. Following the sale, the director owned 15,992,321 shares in the company, valued at approximately $798,976,357.16. This trade represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,189,869 shares of company stock valued at $60,880,388. 20.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bentley Systems

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its position in Bentley Systems by 207.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,062,057 shares of the company's stock worth $165,259,000 after buying an additional 2,066,725 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of Bentley Systems by 8,187,760.9% during the first quarter. Bessemer Group Inc. now owns 1,883,208 shares of the company's stock valued at $74,086,000 after buying an additional 1,883,185 shares during the period. Vanguard Group Inc. increased its stake in shares of Bentley Systems by 5.3% during the first quarter. Vanguard Group Inc. now owns 17,999,856 shares of the company's stock valued at $708,114,000 after buying an additional 898,115 shares during the period. Federated Hermes Inc. purchased a new position in shares of Bentley Systems during the first quarter valued at approximately $15,960,000. Finally, Sone Capital Management LLC purchased a new position in shares of Bentley Systems during the fourth quarter valued at approximately $17,884,000. 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.