Handelsbanken Fonder AB Sells 572,000 Shares of Bentley Systems, Incorporated (NASDAQ:BSY)

Handelsbanken Fonder AB cut its stake in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 47.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 623,600 shares of the company's stock after selling 572,000 shares during the quarter. Handelsbanken Fonder AB owned about 0.21% of Bentley Systems worth $24,532,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pictet Asset Management Holding SA raised its position in shares of Bentley Systems by 0.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 5,614,750 shares of the company's stock valued at $262,209,000 after acquiring an additional 24,019 shares in the last quarter. Impax Asset Management Group plc raised its holdings in shares of Bentley Systems by 41.9% during the fourth quarter. Impax Asset Management Group plc now owns 2,493,059 shares of the company's stock worth $115,719,000 after purchasing an additional 736,369 shares during the period. AXA S.A. lifted its position in shares of Bentley Systems by 7.6% in the 4th quarter. AXA S.A. now owns 1,603,157 shares of the company's stock worth $74,867,000 after buying an additional 112,824 shares during the last quarter. Northern Trust Corp lifted its position in shares of Bentley Systems by 18.9% in the 4th quarter. Northern Trust Corp now owns 1,439,065 shares of the company's stock worth $67,204,000 after buying an additional 228,502 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Bentley Systems by 10.2% in the 4th quarter. Bank of New York Mellon Corp now owns 1,053,762 shares of the company's stock valued at $49,211,000 after buying an additional 97,950 shares during the period. Institutional investors and hedge funds own 44.16% of the company's stock.

Bentley Systems Stock Up 0.8%

Shares of NASDAQ:BSY traded up $0.39 during trading on Thursday, reaching $48.66. 315,512 shares of the company traded hands, compared to its average volume of 1,218,324. Bentley Systems, Incorporated has a 1-year low of $36.51 and a 1-year high of $52.42. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.37. The firm has a market cap of $14.20 billion, a P/E ratio of 43.84, a price-to-earnings-growth ratio of 3.52 and a beta of 1.07. The firm has a fifty day simple moving average of $45.28 and a 200 day simple moving average of $45.50.

Bentley Systems (NASDAQ:BSY - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.05. The company had revenue of $370.54 million for the quarter, compared to analyst estimates of $366.76 million. Bentley Systems had a return on equity of 29.50% and a net margin of 27.73%. The business's revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 EPS. Analysts anticipate that Bentley Systems, Incorporated will post 0.88 earnings per share for the current fiscal year.

Bentley Systems Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Tuesday, June 3rd will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.58%. The ex-dividend date is Tuesday, June 3rd. Bentley Systems's dividend payout ratio is 35.44%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BSY. Rosenblatt Securities dropped their price objective on shares of Bentley Systems from $62.00 to $53.00 and set a "buy" rating on the stock in a report on Monday, May 5th. KeyCorp lifted their price objective on shares of Bentley Systems from $54.00 to $56.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Wall Street Zen raised Bentley Systems from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. UBS Group lifted their price target on Bentley Systems from $48.00 to $53.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Finally, Mizuho reduced their price objective on shares of Bentley Systems from $60.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $52.00.

Insiders Place Their Bets

In related news, CRO Brock Ballard sold 12,363 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $45.08, for a total value of $557,324.04. Following the transaction, the executive now directly owns 68,064 shares of the company's stock, valued at approximately $3,068,325.12. This trade represents a 15.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 20.56% of the company's stock.

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.