California State Teachers Retirement System Sells 36,551 Shares of Bentley Systems, Incorporated $BSY

Key Points

• CalSTRS reduced its Bentley Systems stake by 16.1%, selling 36,551 shares and retaining 190,112 shares valued at approximately $6.7 million. Institutional investors and hedge funds collectively own 44.16% of BSY.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an average price target of $45, despite recent target reductions from several firms.
• Bentley Systems reported quarterly EPS of $0.38, exceeding expectations, while revenue rose 14.5% year over year to $424.18 million. The company also pays a quarterly dividend of $0.07, equivalent to a 0.8% annual yield.

California State Teachers Retirement System decreased its holdings in shares of Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 16.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 190,112 shares of the company's stock after selling 36,551 shares during the period. California State Teachers Retirement System owned approximately 0.07% of Bentley Systems worth $6,677,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Baillie Gifford & Co. boosted its holdings in shares of Bentley Systems by 54,633.0% in the fourth quarter. Baillie Gifford & Co. now owns 298,295 shares of the company's stock worth $11,384,000 after acquiring an additional 297,750 shares during the period. SummitTX Capital L.P. grew its stake in Bentley Systems by 74.9% during the first quarter. SummitTX Capital L.P. now owns 104,520 shares of the company's stock valued at $3,671,000 after acquiring an additional 44,774 shares in the last quarter. Comerica Bank increased its holdings in shares of Bentley Systems by 106.8% in the fourth quarter. Comerica Bank now owns 61,147 shares of the company's stock worth $2,334,000 after purchasing an additional 31,576 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Bentley Systems by 25.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 166,493 shares of the company's stock worth $6,352,000 after purchasing an additional 33,456 shares during the last quarter. Finally, State of Michigan Retirement System bought a new position in Bentley Systems in the fourth quarter valued at $1,343,000. Institutional investors and hedge funds own 44.16% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on BSY. Mizuho lowered their target price on Bentley Systems from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Friday, May 8th. Bank of America assumed coverage on shares of Bentley Systems in a research note on Tuesday, May 12th. They issued a "buy" rating and a $40.00 target price on the stock. UBS Group lowered their price target on shares of Bentley Systems from $43.00 to $40.00 and set a "neutral" rating for the company in a report on Monday, May 4th. Zacks Research cut shares of Bentley Systems from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 21st. Finally, Barclays lowered their price target on Bentley Systems from $49.00 to $40.00 and set an "equal weight" rating for the company in a research report on Friday, May 29th. Nine analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Bentley Systems presently has a consensus rating of "Hold" and an average price target of $45.00.

Bentley Systems Stock Performance

Shares of Bentley Systems stock opened at $36.04 on Thursday. Bentley Systems, Incorporated has a 1 year low of $28.08 and a 1 year high of $57.25. The firm's 50-day moving average is $32.03 and its 200 day moving average is $33.96. The stock has a market cap of $10.53 billion, a price-to-earnings ratio of 40.96, a PEG ratio of 2.32 and a beta of 0.98. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.51 and a quick ratio of 0.51.

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

Bentley Systems Announces Dividend

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

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.

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