Dark Forest Capital Management LP Grows Stock Position in Bentley Systems, Incorporated $BSY

Key Points

• Dark Forest Capital Management LP significantly increased its holdings in Bentley Systems by 120.7% in the first quarter, reaching a total value of $5.37 million with 136,550 shares.
• Several large investors, including Vanguard Group and Bessemer Group, also raised their stakes in Bentley Systems, indicating strong institutional interest.
• Bentley Systems reported $0.32 earnings per share for the last quarter, surpassing analyst expectations, and forecasts suggest a potential EPS of 0.88 for the current fiscal year.

Dark Forest Capital Management LP boosted its holdings in shares of Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 120.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 136,550 shares of the company's stock after purchasing an additional 74,690 shares during the quarter. Dark Forest Capital Management LP's holdings in Bentley Systems were worth $5,372,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Axxcess Wealth Management LLC boosted its position in Bentley Systems by 3.7% during the first quarter. Axxcess Wealth Management LLC now owns 8,471 shares of the company's stock worth $333,000 after purchasing an additional 301 shares in the last quarter. Prentiss Smith & Co. Inc. boosted its position in Bentley Systems by 0.5% during the first quarter. Prentiss Smith & Co. Inc. now owns 64,171 shares of the company's stock worth $2,524,000 after purchasing an additional 315 shares in the last quarter. Venturi Wealth Management LLC boosted its position in Bentley Systems by 3.5% during the first quarter. Venturi Wealth Management LLC now owns 9,438 shares of the company's stock worth $371,000 after purchasing an additional 315 shares in the last quarter. Quantinno Capital Management LP boosted its position in Bentley Systems by 7.2% during the fourth quarter. Quantinno Capital Management LP now owns 5,261 shares of the company's stock worth $246,000 after purchasing an additional 354 shares in the last quarter. Finally, Wealth Alliance LLC boosted its position in Bentley Systems by 5.0% during the first quarter. Wealth Alliance LLC now owns 7,951 shares of the company's stock worth $313,000 after purchasing an additional 380 shares in the last quarter. Hedge funds and other institutional investors own 44.16% of the company's stock.

Insider Transactions at Bentley Systems

In other news, insider David R. Shaman sold 19,348 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $56.96, for a total transaction of $1,102,062.08. Following the completion of the transaction, the insider directly owned 647,609 shares in the company, valued at $36,887,808.64. This trade represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Raymond B. Bentley sold 355,103 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $49.96, for a total value of $17,740,945.88. Following the transaction, the director owned 15,992,321 shares of the company's stock, valued at approximately $798,976,357.16. This represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,189,869 shares of company stock worth $60,880,388 over the last ninety days. Company insiders own 20.56% of the company's stock.

Wall Street Analyst Weigh In

BSY has been the subject of a number of research analyst reports. Oppenheimer increased their target price on Bentley Systems from $59.00 to $65.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. The Goldman Sachs Group increased their price target on Bentley Systems from $42.00 to $47.00 and gave the company a "sell" rating in a 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 increased their price target on Bentley Systems from $53.00 to $60.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Finally, KeyCorp raised their target price on Bentley Systems from $56.00 to $59.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Bentley Systems presently has an average rating of "Moderate Buy" and an average price target of $56.60.

Bentley Systems Trading Up 0.1%

BSY stock traded up $0.06 during midday trading on Friday, hitting $53.80. 1,499,356 shares of the company's stock were exchanged, compared to its average volume of 1,583,972. The business has a 50-day simple moving average of $55.55 and a two-hundred day simple moving average of $48.68. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $15.71 billion, a PE ratio of 68.10, a P/E/G ratio of 4.34 and a beta of 1.09. 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 quarterly earnings results on Wednesday, August 6th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.29 by $0.03. Bentley Systems had a return on equity of 28.41% and a net margin of 17.91%.The business had revenue of $364.11 million during the quarter, compared to analyst estimates of $363.51 million. During the same period last year, the business posted $0.31 earnings per share. The company's quarterly revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts predict that Bentley Systems, Incorporated will post 0.88 EPS for the current fiscal year.

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.