Johnson Investment Counsel Inc. Sells 11,382 Shares of Bentley Systems, Incorporated $BSY

Key Points

• Johnson Investment Counsel Inc. reduced its stake in Bentley Systems by 14.3%, selling 11,382 shares and owning 68,381 shares worth approximately $3.69 million at the end of the quarter.
• Several hedge funds have also increased their positions in Bentley Systems, with GAMMA Investing LLC experiencing significant growth of 6,071.2% in the first quarter.
• Analysts have mixed views on Bentley Systems, with a consensus rating of "Hold" and an average price target of $56.64, while Oppenheimer raised their target to $65.00.

Johnson Investment Counsel Inc. cut its stake in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 14.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,381 shares of the company's stock after selling 11,382 shares during the period. Johnson Investment Counsel Inc.'s holdings in Bentley Systems were worth $3,691,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BSY. GAMMA Investing LLC grew its holdings in shares of Bentley Systems by 6,071.2% in the first quarter. GAMMA Investing LLC now owns 19,316 shares of the company's stock worth $760,000 after purchasing an additional 19,003 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Bentley Systems by 106.6% in the first quarter. Fifth Third Bancorp now owns 843 shares of the company's stock worth $33,000 after purchasing an additional 435 shares during the last quarter. Prentiss Smith & Co. Inc. grew its holdings in shares of Bentley Systems by 0.5% in 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 during the last quarter. Covea Finance grew its holdings in shares of Bentley Systems by 33.6% in the first quarter. Covea Finance now owns 37,000 shares of the company's stock worth $1,456,000 after purchasing an additional 9,300 shares during the last quarter. Finally, Asset Management One Co. Ltd. lifted its stake in Bentley Systems by 4.0% in the first quarter. Asset Management One Co. Ltd. now owns 60,990 shares of the company's stock worth $2,399,000 after acquiring an additional 2,332 shares during the period. 44.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on BSY. Wall Street Zen lowered shares of Bentley Systems from a "buy" rating to a "hold" rating in a research note on Wednesday, July 16th. Oppenheimer upped their price objective on shares of Bentley Systems from $59.00 to $65.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Barclays began coverage on shares of Bentley Systems in a research note on Tuesday, October 7th. They issued an "equal weight" rating and a $57.00 price objective for the company. The Goldman Sachs Group upped their price objective on shares of Bentley Systems from $42.00 to $47.00 and gave the stock a "sell" rating in a research note on Thursday, August 7th. Finally, UBS Group upped their price objective on shares of Bentley Systems from $53.00 to $60.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $56.64.

Bentley Systems Price Performance

Shares of NASDAQ:BSY opened at $49.33 on Monday. Bentley Systems, Incorporated has a twelve month low of $36.51 and a twelve month high of $59.25. The company's 50 day moving average is $53.45 and its 200 day moving average is $50.45. 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 company has a market cap of $14.41 billion, a PE ratio of 62.44, a price-to-earnings-growth ratio of 3.98 and a beta of 1.07.

Bentley Systems (NASDAQ:BSY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.03. Bentley Systems had a net margin of 17.91% and a return on equity of 28.41%. The company had revenue of $364.11 million for the quarter, compared to the consensus estimate of $363.51 million. During the same quarter in the prior year, the company earned $0.31 EPS. Bentley Systems's quarterly revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that Bentley Systems, Incorporated will post 0.88 EPS for the current year.

Bentley Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 23rd were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Tuesday, September 23rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.6%. Bentley Systems's dividend payout ratio (DPR) is presently 35.44%.

Bentley Systems Company 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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