Covea Finance Purchases 9,300 Shares of Bentley Systems, Incorporated (NASDAQ:BSY)

Covea Finance raised its position in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 33.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,000 shares of the company's stock after acquiring an additional 9,300 shares during the period. Covea Finance's holdings in Bentley Systems were worth $1,456,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Prentiss Smith & Co. Inc. lifted its holdings in shares of Bentley Systems by 0.5% during the 1st quarter. Prentiss Smith & Co. Inc. now owns 64,171 shares of the company's stock worth $2,524,000 after acquiring an additional 315 shares during the period. Bar Harbor Wealth Management raised its position in Bentley Systems by 5.7% in the first quarter. Bar Harbor Wealth Management now owns 190,441 shares of the company's stock worth $7,492,000 after purchasing an additional 10,301 shares in the last quarter. Bright Rock Capital Management LLC acquired a new position in Bentley Systems in the first quarter worth about $1,967,000. Net Worth Advisory Group lifted its stake in Bentley Systems by 25.3% during the first quarter. Net Worth Advisory Group now owns 6,337 shares of the company's stock worth $249,000 after purchasing an additional 1,278 shares during the period. Finally, Fifth Third Bancorp boosted its holdings in Bentley Systems by 106.6% during the first quarter. Fifth Third Bancorp now owns 843 shares of the company's stock valued at $33,000 after purchasing an additional 435 shares in the last quarter. Institutional investors own 44.16% of the company's stock.

Insider Activity at Bentley Systems

In other Bentley Systems news, Director Raymond B. Bentley sold 273,094 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $50.30, for a total value of $13,736,628.20. Following the transaction, the director now directly owns 15,719,227 shares of the company's stock, valued at approximately $790,677,118.10. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Brock Ballard sold 12,363 shares of Bentley Systems stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $45.08, for a total transaction of $557,324.04. Following the sale, the executive now directly owns 68,064 shares of the company's stock, valued at $3,068,325.12. This represents a 15.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 640,560 shares of company stock worth $32,034,898 over the last 90 days. Insiders own 20.56% of the company's stock.

Bentley Systems Stock Up 0.0%

Shares of NASDAQ:BSY opened at $50.73 on Friday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.13. The firm has a market cap of $14.81 billion, a P/E ratio of 64.22, a P/E/G ratio of 4.26 and a beta of 1.07. Bentley Systems, Incorporated has a 12 month low of $36.51 and a 12 month high of $52.03. The company's 50-day moving average price is $46.62 and its two-hundred day moving average price is $45.50.

Bentley Systems (NASDAQ:BSY - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.05. Bentley Systems had a net margin of 18.46% and a return on equity of 29.18%. The company had revenue of $370.54 million for the quarter, compared to analyst estimates of $366.76 million. During the same period in the prior year, the business earned $0.31 earnings per share. Bentley Systems's quarterly revenue was up 9.7% on a year-over-year basis. As a group, research analysts forecast that Bentley Systems, Incorporated will post 0.88 EPS for the current fiscal year.

Bentley Systems Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, June 3rd were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Tuesday, June 3rd. Bentley Systems's dividend payout ratio (DPR) is presently 35.44%.

Wall Street Analyst Weigh In

BSY has been the subject of a number of recent research reports. The Goldman Sachs Group cut Bentley Systems from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $51.00 to $42.00 in a report on Friday, February 28th. Mizuho dropped their price objective on Bentley Systems from $60.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Royal Bank Of Canada boosted their target price on shares of Bentley Systems from $53.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. KeyCorp upped their target price on shares of Bentley Systems from $54.00 to $56.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Finally, Oppenheimer lifted their price target on shares of Bentley Systems from $49.00 to $50.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $52.00.

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.

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