Bank of New York Mellon Corp Buys Shares of 2,634,258 Bentley Systems, Incorporated $BSY

Key Points

• Bank of New York Mellon acquired 2.63 million Bentley Systems shares worth approximately $78.7 million, giving it a 0.90% stake. Institutional investors collectively own 44.16% of the company.
• Analysts maintain a generally positive outlook, with nine Buy, four Hold, and one Sell rating. Bentley Systems has an overall “Moderate Buy” consensus and an average price target of $45, above its cited $36.90 share price.
• Bentley Systems reported quarterly EPS of $0.35, beating estimates by $0.03, while revenue rose 12.8% year over year to $410.73 million, slightly below consensus expectations.

Bank of New York Mellon Corp purchased a new stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,634,258 shares of the company's stock, valued at approximately $78,738,000. Bank of New York Mellon Corp owned about 0.90% of Bentley Systems as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Los Angeles Capital Management LLC acquired a new stake in Bentley Systems in the fourth quarter valued at approximately $25,000. Geneos Wealth Management Inc. boosted its position in shares of Bentley Systems by 1,529.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 668 shares of the company's stock worth $26,000 after purchasing an additional 627 shares in the last quarter. Physician Wealth Advisors Inc. boosted its position in shares of Bentley Systems by 80.2% in the 1st quarter. Physician Wealth Advisors Inc. now owns 791 shares of the company's stock worth $28,000 after purchasing an additional 352 shares in the last quarter. CX Institutional grew its stake in Bentley Systems by 898.9% during the 2nd quarter. CX Institutional now owns 939 shares of the company's stock worth $28,000 after buying an additional 845 shares during the last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in Bentley Systems during the 2nd quarter worth $30,000. 44.16% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on BSY shares. Bank of America started coverage on Bentley Systems in a report on Tuesday, May 12th. They issued a "buy" rating and a $40.00 price target for the company. Piper Sandler restated an "overweight" rating and set a $45.00 price objective on shares of Bentley Systems in a report on Friday, August 7th. UBS Group decreased their price objective on shares of Bentley Systems from $43.00 to $40.00 and set a "neutral" rating for the company in a research report on Monday, May 4th. Rosenblatt Securities reiterated a "buy" rating and issued a $50.00 target price on shares of Bentley Systems in a research note on Monday, August 10th. Finally, BNP Paribas Exane assumed coverage on shares of Bentley Systems in a research report on Thursday, June 18th. They set an "outperform" rating and a $40.00 target price on the stock. Nine analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Bentley Systems presently has an average rating of "Moderate Buy" and an average target price of $45.00.

Bentley Systems Stock Down 2.1%

NASDAQ:BSY opened at $36.90 on Wednesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.59 and a quick ratio of 0.59. The company's fifty day moving average price is $33.04 and its 200-day moving average price is $33.89. Bentley Systems, Incorporated has a 1-year low of $28.08 and a 1-year high of $57.25. The firm has a market capitalization of $10.72 billion, a P/E ratio of 40.55, a PEG ratio of 2.38 and a beta of 0.98.

Bentley Systems (NASDAQ:BSY - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.03. Bentley Systems had a net margin of 18.10% and a return on equity of 28.43%. The company had revenue of $410.73 million during the quarter, compared to the consensus estimate of $412.12 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The firm's quarterly revenue was up 12.8% on a year-over-year basis. As a group, equities research analysts anticipate that Bentley Systems, Incorporated will post 1.19 EPS for the current year.

Bentley Systems Company Profile

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.

Want to see what other hedge funds are holding BSY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bentley Systems, Incorporated (NASDAQ:BSY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source