Mirova Raises Position in Bentley Systems, Incorporated $BSY

Key Points

• Mirova increased its stake in Bentley Systems, Incorporated (NASDAQ: BSY) by 4.2% during the 1st quarter, resulting in ownership of 175,597 shares valued at approximately $6.9 million.
• Bentley Systems reported a 10.2% year-over-year revenue increase for the recent quarter, earning $0.32 per share, surpassing analysts' expectations of $0.29.
• Analysts have raised their price targets for Bentley Systems, with Piper Sandler increasing it to $63.00, while maintaining an "overweight" rating.

Mirova lifted its holdings in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 4.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 175,597 shares of the company's stock after purchasing an additional 7,141 shares during the quarter. Bentley Systems accounts for about 1.2% of Mirova's investment portfolio, making the stock its 16th biggest holding. Mirova owned 0.06% of Bentley Systems worth $6,908,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of BSY. Dimensional Fund Advisors LP raised its stake in shares of Bentley Systems by 11.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 871,594 shares of the company's stock worth $40,711,000 after purchasing an additional 90,860 shares during the last quarter. MML Investors Services LLC raised its stake in shares of Bentley Systems by 4.0% in the fourth quarter. MML Investors Services LLC now owns 28,065 shares of the company's stock worth $1,311,000 after purchasing an additional 1,074 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Bentley Systems by 568.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,268 shares of the company's stock worth $339,000 after purchasing an additional 6,181 shares during the last quarter. Hsbc Holdings PLC raised its stake in shares of Bentley Systems by 39.7% in the fourth quarter. Hsbc Holdings PLC now owns 55,623 shares of the company's stock worth $2,601,000 after purchasing an additional 15,807 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in Bentley Systems by 50.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 15,000 shares of the company's stock valued at $700,000 after acquiring an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 44.16% of the company's stock.

Insider Transactions at Bentley Systems

In related news, insider David R. Shaman sold 19,348 shares of the stock in a transaction that occurred 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 of the company's stock, valued at approximately $36,887,808.64. This represents a 2.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Bentley sold 150,000 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $55.54, for a total value of $8,331,000.00. Following the transaction, the director directly owned 3,859,327 shares of the company's stock, valued at approximately $214,347,021.58. The trade was a 3.74% 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 valued at $60,880,388 over the last 90 days. Company insiders own 20.56% of the company's stock.

Analyst Ratings Changes

BSY has been the subject of a number of research reports. Rosenblatt Securities cut Bentley Systems from a "buy" rating to a "neutral" rating and upped their price objective for the company from $53.00 to $58.00 in a research report on Thursday, August 7th. KeyCorp upped their price objective on Bentley Systems from $56.00 to $59.00 and gave the company an "overweight" rating in a research report on Monday, July 7th. Oppenheimer upped their price objective on Bentley Systems from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Royal Bank Of Canada upped their price objective on Bentley Systems from $53.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Finally, UBS Group upped their price objective on Bentley Systems from $53.00 to $60.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $56.60.

Bentley Systems Stock Performance

NASDAQ:BSY traded up $0.22 during mid-day trading on Thursday, hitting $54.99. 1,472,957 shares of the company traded hands, compared to its average volume of 1,546,938. The stock's fifty day moving average price is $55.19 and its 200-day moving average price is $48.29. Bentley Systems, Incorporated has a one year low of $36.51 and a one year high of $59.25. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 1.07. The firm has a market cap of $16.06 billion, a price-to-earnings ratio of 69.61, a price-to-earnings-growth ratio of 4.34 and a beta of 1.10.

Bentley Systems (NASDAQ:BSY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. The business had revenue of $364.11 million during the quarter, compared to analyst estimates of $363.51 million. Bentley Systems had a return on equity of 28.41% and a net margin of 17.91%.Bentley Systems's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 earnings per share. Research analysts anticipate that Bentley Systems, Incorporated will post 0.88 earnings per share for the current fiscal year.

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.