Amundi Sells 5,164,950 Shares of Bentley Systems, Incorporated $BSY

Key Points

• Amundi slashed its Bentley Systems stake by 99.5% in the first quarter, selling 5.16 million shares and retaining 26,901 shares valued at approximately $945,000.
• Other major institutional investors increased their positions, including Arrowstreet Capital and Pictet Asset Management; institutions collectively own 44.16% of BSY.
• Bentley Systems reported quarterly EPS of $0.35, beating estimates of $0.32, while revenue rose 12.8% year over year to $410.7 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $45, versus a recent share price near $35.

Amundi decreased its position in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 99.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,901 shares of the company's stock after selling 5,164,950 shares during the quarter. Amundi's holdings in Bentley Systems were worth $945,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in BSY. Swedbank AB boosted its position in shares of Bentley Systems by 4.8% in the first quarter. Swedbank AB now owns 9,000,000 shares of the company's stock valued at $316,080,000 after acquiring an additional 410,799 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Bentley Systems by 253.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,781,449 shares of the company's stock valued at $167,924,000 after purchasing an additional 3,429,087 shares during the period. Pictet Asset Management Holding SA grew its position in shares of Bentley Systems by 150.9% during the 1st quarter. Pictet Asset Management Holding SA now owns 4,661,346 shares of the company's stock worth $163,703,000 after purchasing an additional 2,803,241 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Bentley Systems by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,468,512 shares of the company's stock worth $132,060,000 after purchasing an additional 216,257 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Bentley Systems by 8.9% in the fourth quarter. Bank of New York Mellon Corp now owns 3,185,756 shares of the company's stock valued at $121,584,000 after buying an additional 259,780 shares in the last quarter. Institutional investors own 44.16% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on BSY. Barclays cut their price target on Bentley Systems from $49.00 to $40.00 and set an "equal weight" rating for the company in a research note on Friday, May 29th. BMO Capital Markets lifted their price objective on Bentley Systems from $41.00 to $43.00 and gave the company an "outperform" rating in a report on Friday. Mizuho cut their target price on Bentley Systems from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Friday, May 8th. Zacks Research cut Bentley Systems from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 21st. Finally, Weiss Ratings downgraded Bentley Systems from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, July 16th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $45.00.

Bentley Systems Trading Down 0.4%

Shares of BSY opened at $35.21 on Friday. Bentley Systems, Incorporated has a 52-week low of $28.08 and a 52-week high of $57.25. The business's fifty day moving average is $32.14 and its 200-day moving average is $33.95. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.51 and a current ratio of 0.59. The firm has a market cap of $10.29 billion, a price-to-earnings ratio of 38.69, a PEG ratio of 2.26 and a beta of 0.98.

Bentley Systems (NASDAQ:BSY - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.03. The business had revenue of $410.73 million during the quarter, compared to the consensus estimate of $412.12 million. Bentley Systems had a return on equity of 28.43% and a net margin of 18.10%.Bentley Systems's revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.32 EPS. Equities analysts anticipate that Bentley Systems, Incorporated will post 1.2 EPS for the current fiscal year.

Bentley Systems Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, June 2nd were issued a $0.07 dividend. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.8%. Bentley Systems's dividend payout ratio is 31.82%.

Trending Headlines about Bentley Systems

Here are the key news stories impacting Bentley Systems this week:

• Positive Sentiment: BMO Capital Markets raised its price target on Bentley Systems from $41 to $43 and upgraded the stock to “outperform,” implying substantial upside from recent levels. The Fly
• Positive Sentiment: Second-quarter EPS beat expectations: BSY reported adjusted earnings of $0.35 per share versus the $0.32 consensus and $0.32 a year earlier. Revenue increased 12.8% year over year to $410.7 million, indicating continued growth. Bentley Systems Surpasses Q2 Earnings Estimates
• Positive Sentiment: Management’s outlook is supported by strong performances from the Seequent and Power Line Systems businesses, robust small- and medium-sized business annual recurring revenue growth, and healthy net revenue retention. Improving architecture billings and non-residential construction spending may also support demand. Bentley Systems: Bullish on Q2 EPS Beat and Improving Industry Trends
• Positive Sentiment: Coverage of BSY’s AI strategy and product expansion suggests that new technology initiatives and favorable infrastructure-sector trends could provide additional longer-term growth catalysts. BSY Q2 Deep Dive
• Neutral Sentiment: The quarterly revenue result was broadly in line with expectations, but it came in modestly below the $412.1 million analyst estimate. Investors may therefore focus on future bookings, recurring-revenue trends, and guidance for evidence that growth can accelerate. BSY Q2 Earnings Results

About Bentley Systems

Bentley Systems, Inc is a global software provider specializing in infrastructure engineering applications for the design, construction, and operations of roads, bridges, rail and transit systems, water and wastewater networks, power plants and grids, industrial facilities, and communications infrastructure. Founded in 1984 by brothers Keith and Barry Bentley, the company is headquartered in Exton, Pennsylvania, and maintains offices and development centers across North America, Europe, Asia, and Australia.

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