Bentley Systems, Incorporated (NASDAQ:BSY) Position Reduced by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its position in shares of Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 11.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 953,850 shares of the company's stock after selling 117,627 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.31% of Bentley Systems worth $37,524,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. City Holding Co. purchased a new stake in shares of Bentley Systems during the first quarter worth about $26,000. Fifth Third Bancorp grew its holdings in Bentley Systems by 106.6% in 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 during the period. HM Payson & Co. purchased a new stake in Bentley Systems in the first quarter valued at approximately $45,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Bentley Systems by 99.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,419 shares of the company's stock valued at $56,000 after purchasing an additional 706 shares during the period. Finally, Ameriflex Group Inc. purchased a new stake in Bentley Systems in the fourth quarter valued at approximately $75,000. 44.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider David R. Shaman sold 19,348 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $56.96, for a total transaction of $1,102,062.08. Following the transaction, the insider directly owned 647,609 shares of the company's stock, valued at approximately $36,887,808.64. The trade was a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Raymond B. Bentley sold 355,103 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $49.96, for a total transaction of $17,740,945.88. Following the transaction, the director directly owned 15,992,321 shares in the company, valued at approximately $798,976,357.16. The trade was a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,201,832 shares of company stock valued at $61,414,013. 20.56% of the stock is currently owned by company insiders.

Bentley Systems Trading Up 0.1%

BSY stock traded up $0.07 during midday trading on Thursday, reaching $57.58. 1,423,220 shares of the company's stock traded hands, compared to its average volume of 1,271,226. The business has a 50-day moving average price of $50.99 and a two-hundred day moving average price of $46.45. Bentley Systems, Incorporated has a fifty-two week low of $36.51 and a fifty-two week high of $57.98. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.49 and a quick ratio of 0.49. The company has a market capitalization of $16.80 billion, a P/E ratio of 72.89, a PEG ratio of 4.68 and a beta of 1.09.

Bentley Systems (NASDAQ:BSY - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.35 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 business had revenue of $370.54 million for the quarter, compared to analysts' expectations of $366.76 million. During the same period in the previous year, the company posted $0.31 earnings per share. The business's revenue for the quarter was up 9.7% compared to the same quarter last year. Equities 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 announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Tuesday, June 3rd were given a dividend of $0.07 per share. The ex-dividend date was Tuesday, June 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.49%. Bentley Systems's payout ratio is currently 35.44%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BSY. UBS Group boosted their target price on shares of Bentley Systems from $48.00 to $53.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Rosenblatt Securities lowered their target price on shares of Bentley Systems from $62.00 to $53.00 and set a "buy" rating for the company in a report on Monday, May 5th. JPMorgan Chase & Co. lowered their target price on shares of Bentley Systems from $52.00 to $45.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. KeyCorp boosted their target price on shares of Bentley Systems from $56.00 to $59.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Finally, Royal Bank Of Canada lifted their price target on shares of Bentley Systems from $53.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $53.20.

About Bentley Systems

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.