Bentley Systems, Incorporated (NASDAQ:BSY) Shares Sold by Townsquare Capital LLC

Key Points

• Townsquare Capital LLC reduced its holdings in Bentley Systems by 6.8% during the first quarter, now owning 95,320 shares valued at $3.75 million.
• A number of hedge funds have made significant changes to their stakes in Bentley Systems, with Bessemer Group Inc. increasing its holdings by over 8 million percent, acquiring nearly 1.9 million shares worth $74.1 million.
• Bentley Systems recently reported quarterly earnings of $0.32 per share, exceeding estimates, and announced a quarterly dividend of $0.07 per share, suggesting a commitment to returning value to shareholders.

Townsquare Capital LLC lowered its stake in shares of Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 6.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 95,320 shares of the company's stock after selling 6,951 shares during the period. Townsquare Capital LLC's holdings in Bentley Systems were worth $3,750,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. grew its holdings in shares of Bentley Systems by 8,187,760.9% during the first quarter. Bessemer Group Inc. now owns 1,883,208 shares of the company's stock worth $74,086,000 after purchasing an additional 1,883,185 shares during the last quarter. Vanguard Group Inc. lifted its stake in Bentley Systems by 5.3% in the first quarter. Vanguard Group Inc. now owns 17,999,856 shares of the company's stock valued at $708,114,000 after buying an additional 898,115 shares during the period. Federated Hermes Inc. acquired a new stake in Bentley Systems in the first quarter worth $15,960,000. Sone Capital Management LLC bought a new stake in Bentley Systems in the 4th quarter valued at about $17,884,000. Finally, SG Americas Securities LLC lifted its holdings in shares of Bentley Systems by 449.7% in the 1st quarter. SG Americas Securities LLC now owns 384,291 shares of the company's stock worth $15,118,000 after purchasing an additional 314,387 shares in the last quarter. 44.16% of the stock is currently owned by institutional investors and hedge funds.

Bentley Systems Stock Down 0.7%

BSY stock traded down $0.37 during midday trading on Thursday, hitting $51.72. The company's stock had a trading volume of 1,633,887 shares, compared to its average volume of 1,543,444. Bentley Systems, Incorporated has a twelve month low of $36.51 and a twelve month high of $59.25. The stock has a market capitalization of $15.11 billion, a P/E ratio of 65.47, a PEG ratio of 4.26 and a beta of 1.10. 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 company's fifty day moving average price is $54.32 and its 200 day moving average price is $47.79.

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. The business had revenue of $364.11 million for the quarter, compared to analysts' expectations of $363.51 million. Bentley Systems had a net margin of 17.91% and a return on equity of 28.41%. The business's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 earnings per share. As a group, equities research analysts predict that Bentley Systems, Incorporated will post 0.88 EPS for the current year.

Bentley Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, June 3rd were paid a $0.07 dividend. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.5%. Bentley Systems's dividend payout ratio is 35.44%.

Analysts Set New Price Targets

Several brokerages have recently commented on BSY. Rosenblatt Securities lowered Bentley Systems from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $53.00 to $58.00 in a report on Thursday, August 7th. Oppenheimer raised their price target on Bentley Systems from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Wall Street Zen cut Bentley Systems from a "buy" rating to a "hold" rating in a report on Wednesday, July 16th. UBS Group boosted their target price on Bentley Systems from $53.00 to $60.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Piper Sandler increased their price target on shares of Bentley Systems from $57.00 to $63.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $56.60.

Insider Transactions at Bentley Systems

In other news, Director Keith A. Bentley sold 150,000 shares of the stock in a transaction on Monday, July 7th. The shares were sold at an average price of $55.54, for a total value of $8,331,000.00. Following the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Raymond B. Bentley sold 122,114 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $50.70, for a total transaction of $6,191,179.80. Following the sale, the director directly owned 15,347,424 shares of the company's stock, valued at $778,114,396.80. This represents a 0.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,189,869 shares of company stock valued at $60,880,388 over the last three months. Corporate insiders own 20.56% of the company's stock.

Bentley Systems Profile

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.