KLP Kapitalforvaltning AS Has $3.58 Million Position in Bentley Systems, Incorporated $BSY

Key Points

• KLP Kapitalforvaltning AS increased its stake in Bentley Systems by 31.0%, now holding 66,400 shares worth approximately $3.58 million.
• Several other institutional investors, including Vanguard Group and UBS, have also raised their positions in Bentley Systems, with institutional holdings now at 44.16% of the company's stock.
• Bentley Systems reported a 10.2% increase in revenue year-over-year, with earnings per share of $0.32, exceeding expectations of $0.29.

KLP Kapitalforvaltning AS increased its holdings in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 31.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 66,400 shares of the company's stock after purchasing an additional 15,700 shares during the period. KLP Kapitalforvaltning AS's holdings in Bentley Systems were worth $3,584,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Bentley Systems by 5.3% in the first quarter. Vanguard Group Inc. now owns 17,999,856 shares of the company's stock worth $708,114,000 after purchasing an additional 898,115 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in Bentley Systems by 1.0% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 16,167,441 shares of the company's stock worth $636,027,000 after purchasing an additional 160,496 shares in the last quarter. Swedbank AB raised its position in Bentley Systems by 1.6% in the first quarter. Swedbank AB now owns 7,119,208 shares of the company's stock worth $280,070,000 after purchasing an additional 111,884 shares in the last quarter. Bessemer Group Inc. raised its position in Bentley Systems by 8,187,760.9% in the first quarter. Bessemer Group Inc. now owns 1,883,208 shares of the company's stock worth $74,086,000 after purchasing an additional 1,883,185 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Bentley Systems by 2.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 895,213 shares of the company's stock worth $35,218,000 after purchasing an additional 24,258 shares in the last quarter. Institutional investors and hedge funds own 44.16% of the company's stock.

Insider Activity at Bentley Systems

In other news, insider David R. Shaman sold 19,348 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 647,609 shares of the company's stock, valued at $36,887,808.64. This represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 20.56% of the stock is owned by company insiders.

Bentley Systems Price Performance

BSY opened at $49.33 on Friday. Bentley Systems, Incorporated has a one year low of $36.51 and a one year high of $59.25. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.51 and a quick ratio of 0.51. The company's 50 day simple moving average is $53.45 and its 200-day simple moving average is $50.38. The stock has a market capitalization of $14.41 billion, a P/E 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $0.32 EPS for the quarter, beating 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 business had revenue of $364.11 million for the quarter, compared to analysts' expectations of $363.51 million. During the same period in the prior year, the firm earned $0.31 earnings per share. Bentley Systems's revenue was up 10.2% compared to the same quarter last year. Sell-side analysts anticipate that Bentley Systems, Incorporated will post 0.88 earnings per share for the current fiscal year.

Bentley Systems Dividend Announcement

The business also recently declared 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. This represents a $0.28 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Tuesday, September 23rd. Bentley Systems's dividend payout ratio is 35.44%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. UBS Group increased their price target on shares of Bentley Systems from $53.00 to $60.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Piper Sandler increased their price target on shares of Bentley Systems from $57.00 to $63.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. KeyCorp increased their price target on shares of Bentley Systems from $56.00 to $59.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Barclays assumed coverage on shares of Bentley Systems in a research note on Tuesday. They set an "equal weight" rating and a $57.00 price objective on the stock. Finally, 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. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $56.64.

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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