Bentley Systems, Incorporated $BSY Shares Sold by Manning & Napier Advisors LLC

Key Points

• Manning & Napier Advisors LLC cut its Bentley Systems stake by 41.1% in the first quarter, selling 890,452 shares and leaving it with 1,277,419 shares valued at about $44.9 million.
• Analysts remain broadly constructive on BSY, with a consensus rating of Moderate Buy and an average price target of $45.54, though several firms recently trimmed their targets to around $40.
• Bentley Systems reported solid quarterly results, beating EPS and revenue expectations with $0.38 EPS and $424.18 million in revenue, while revenue grew 14.5% year over year.

Manning & Napier Advisors LLC lowered its position in shares of Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 41.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,277,419 shares of the company's stock after selling 890,452 shares during the period. Manning & Napier Advisors LLC owned 0.44% of Bentley Systems worth $44,863,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Summit Securities Group LLC acquired a new position in Bentley Systems during the 1st quarter valued at about $34,000. Oregon Public Employees Retirement Fund raised its holdings in shares of Bentley Systems by 2.7% during the first quarter. Oregon Public Employees Retirement Fund now owns 30,600 shares of the company's stock valued at $1,075,000 after buying an additional 800 shares during the last quarter. Swedbank AB raised its holdings in shares of Bentley Systems by 4.8% during the first quarter. Swedbank AB now owns 9,000,000 shares of the company's stock valued at $316,080,000 after buying an additional 410,799 shares during the last quarter. Abel Hall LLC acquired a new position in shares of Bentley Systems during the first quarter worth approximately $256,000. Finally, Tensor Edge Capital LLC boosted its position in shares of Bentley Systems by 212.5% during the first quarter. Tensor Edge Capital LLC now owns 260,400 shares of the company's stock worth $9,145,000 after buying an additional 177,067 shares during the period. 44.16% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BSY. Bank of America initiated coverage on Bentley Systems in a research report on Tuesday, May 12th. They issued a "buy" rating and a $40.00 target price on the stock. UBS Group decreased their price target on Bentley Systems from $43.00 to $40.00 and set a "neutral" rating for the company in a research note on Monday, May 4th. Barclays lowered their price target on Bentley Systems from $49.00 to $40.00 and set an "equal weight" rating on the stock in a report on Friday, May 29th. Mizuho reduced their price objective on shares of Bentley Systems from $50.00 to $45.00 and set an "outperform" rating for the company in a report on Friday, May 8th. Finally, BNP Paribas Exane assumed coverage on shares of Bentley Systems in a research report on Thursday, June 18th. They issued an "outperform" rating and a $40.00 target price for the company. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $45.54.

Bentley Systems Price Performance

BSY traded up $0.06 during trading on Friday, reaching $31.67. The stock had a trading volume of 1,378,002 shares, compared to its average volume of 3,662,048. The stock has a 50 day moving average of $31.80 and a two-hundred day moving average of $34.73. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $9.26 billion, a price-to-earnings ratio of 35.99, a price-to-earnings-growth ratio of 2.03 and a beta of 1.00. Bentley Systems, Incorporated has a 1-year low of $28.08 and a 1-year high of $59.25.

Bentley Systems (NASDAQ:BSY - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. Bentley Systems had a return on equity of 28.65% and a net margin of 18.12%.The company had revenue of $424.18 million for the quarter, compared to analysts' expectations of $419.80 million. During the same period last year, the firm earned $0.35 EPS. The firm's revenue for the quarter was up 14.5% on a year-over-year basis. As a group, equities analysts anticipate that Bentley Systems, Incorporated will post 1.2 EPS for the current fiscal year.

Bentley Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Tuesday, June 2nd were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 2nd. Bentley Systems's payout ratio is presently 31.82%.

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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