Bentley Systems, Incorporated $BSY Shares Sold by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors LLC reduced its stake in Bentley Systems by 10.7%, owning 125,669 shares worth $6.78 million after selling 14,997 shares.
• Bentley Systems had a strong earnings report with a Q2 EPS of $0.32, exceeding estimates, and a revenue of $364.11 million, reflecting a 10.2% year-over-year increase.
• Wall Street analysts have varied price targets for Bentley Systems, with Oppenheimer setting the highest at $65.00, while the consensus rating remains a "Hold" with an average target price of $56.64.

Concurrent Investment Advisors LLC cut its stake in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 10.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 125,669 shares of the company's stock after selling 14,997 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Bentley Systems were worth $6,782,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BSY. Bessemer Group Inc. increased its stake in shares of Bentley Systems by 8,187,760.9% in the 1st quarter. Bessemer Group Inc. now owns 1,883,208 shares of the company's stock worth $74,086,000 after acquiring an additional 1,883,185 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Bentley Systems by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 17,999,856 shares of the company's stock worth $708,114,000 after acquiring an additional 898,115 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of Bentley Systems in the 1st quarter worth $15,960,000. Nuveen LLC acquired a new stake in shares of Bentley Systems in the 1st quarter worth $11,901,000. Finally, Edgestream Partners L.P. acquired a new stake in shares of Bentley Systems in the 1st quarter worth $10,150,000. 44.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BSY. Oppenheimer raised their target price on Bentley Systems from $59.00 to $65.00 and gave the stock an "outperform" rating in a research note 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 report on Thursday, August 7th. The Goldman Sachs Group raised their price objective on Bentley Systems from $42.00 to $47.00 and gave the stock a "sell" rating in a research report on Thursday, August 7th. Robert W. Baird set a $64.00 price objective on Bentley Systems and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Finally, UBS Group raised their price objective on Bentley Systems from $53.00 to $60.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Bentley Systems has a consensus rating of "Hold" and an average target price of $56.64.

Bentley Systems Stock Performance

NASDAQ BSY opened at $49.33 on Monday. The company has a market cap of $14.41 billion, a P/E ratio of 62.44, a P/E/G ratio of 3.98 and a beta of 1.07. 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 50-day moving average of $53.45 and a two-hundred day moving average of $50.45. Bentley Systems, Incorporated has a 1-year low of $36.51 and a 1-year high of $59.25.

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

Bentley Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 23rd were given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Tuesday, September 23rd. Bentley Systems's payout ratio is currently 35.44%.

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.

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