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

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 target price increased by Oppenheimer from $59.00 to $65.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's price objective suggests a potential upside of 21.52% from the company's current price.

A number of other brokerages have also recently commented on BSY. Robert W. Baird set a $64.00 price target on Bentley Systems and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Mizuho dropped their price target on Bentley Systems from $60.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Wall Street Zen lowered Bentley Systems from a "buy" rating to a "hold" rating in a research note on Wednesday, July 16th. KeyCorp boosted their price objective on Bentley Systems from $56.00 to $59.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. Finally, JPMorgan Chase & Co. decreased their price objective on Bentley Systems from $52.00 to $45.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. One investment 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. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $56.60.

Bentley Systems Stock Performance

Shares of NASDAQ BSY traded down $0.03 during trading on Thursday, reaching $53.49. 1,589,018 shares of the stock traded hands, compared to its average volume of 1,630,579. Bentley Systems has a 52-week low of $36.51 and a 52-week high of $59.25. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.51 and a quick ratio of 0.49. The company has a 50-day moving average of $54.04 and a 200-day moving average of $47.66. The stock has a market capitalization of $15.62 billion, a P/E ratio of 67.71, a price-to-earnings-growth ratio of 4.35 and a beta of 1.10.

Bentley Systems (NASDAQ:BSY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.32 EPS for the quarter, beating 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 firm had revenue of $364.11 million for the quarter, compared to analysts' expectations of $363.51 million. During the same quarter in the prior year, the firm earned $0.31 EPS. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. Analysts forecast that Bentley Systems will post 0.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other Bentley Systems news, insider David R. Shaman sold 19,348 shares of the company's stock in a transaction dated 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 in the company, valued at $36,887,808.64. This represents a 2.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith A. Bentley sold 150,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the director owned 3,859,327 shares in the company, valued at $214,347,021.58. This represents a 3.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,189,869 shares of company stock worth $60,880,388 in the last ninety days. 20.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bentley Systems

A number of institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP increased its stake in Bentley Systems by 37.6% in the 2nd quarter. Allworth Financial LP now owns 702 shares of the company's stock worth $38,000 after acquiring an additional 192 shares during the last quarter. Blue Trust Inc. increased its stake in Bentley Systems by 19.3% in the 2nd quarter. Blue Trust Inc. now owns 1,305 shares of the company's stock worth $70,000 after acquiring an additional 211 shares during the last quarter. Axxcess Wealth Management LLC increased its position in shares of Bentley Systems by 3.7% during the 1st quarter. Axxcess Wealth Management LLC now owns 8,471 shares of the company's stock valued at $333,000 after purchasing an additional 301 shares during the last quarter. Prentiss Smith & Co. Inc. increased its position in shares of Bentley Systems by 0.5% during the 1st quarter. Prentiss Smith & Co. Inc. now owns 64,171 shares of the company's stock valued at $2,524,000 after purchasing an additional 315 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of Bentley Systems by 3.5% during the 1st quarter. Venturi Wealth Management LLC now owns 9,438 shares of the company's stock valued at $371,000 after purchasing an additional 315 shares during the last quarter. 44.16% of the stock is currently 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.