Northern Trust Corp Sells 25,907 Shares of Bentley Systems, Incorporated $BSY

Key Points

• Northern Trust Corp has reduced its stake in Bentley Systems by 1.8%, selling 25,907 shares, which brings their total shares owned to 1,413,158, valued at approximately $55.594 million.
• Insider transactions included Raymond B. Bentley selling over 355,000 shares for approximately $17.74 million, reducing his ownership by 2.17%.
• Bentley Systems' stock is currently rated "Moderate Buy" with an average target price of $56.60, reflecting an optimistic outlook from several analysts despite a recent downgrade by Wall Street Zen.

Northern Trust Corp lessened its stake in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 1.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,413,158 shares of the company's stock after selling 25,907 shares during the quarter. Northern Trust Corp owned approximately 0.47% of Bentley Systems worth $55,594,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Axxcess Wealth Management LLC grew its position in Bentley Systems by 3.7% in the first quarter. Axxcess Wealth Management LLC now owns 8,471 shares of the company's stock worth $333,000 after acquiring an additional 301 shares in the last quarter. Prentiss Smith & Co. Inc. raised its stake in shares of Bentley Systems by 0.5% during the first quarter. Prentiss Smith & Co. Inc. now owns 64,171 shares of the company's stock valued at $2,524,000 after acquiring an additional 315 shares during the last quarter. Venturi Wealth Management LLC raised its stake in Bentley Systems by 3.5% in the first quarter. Venturi Wealth Management LLC now owns 9,438 shares of the company's stock worth $371,000 after buying an additional 315 shares in the last quarter. Quantinno Capital Management LP raised its stake in Bentley Systems by 7.2% in the fourth quarter. Quantinno Capital Management LP now owns 5,261 shares of the company's stock worth $246,000 after buying an additional 354 shares in the last quarter. Finally, Wealth Alliance LLC raised its stake in Bentley Systems by 5.0% in the first quarter. Wealth Alliance LLC now owns 7,951 shares of the company's stock worth $313,000 after buying an additional 380 shares in the last quarter. 44.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Raymond B. Bentley sold 355,103 shares of the business's stock in a transaction dated Monday, June 16th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider David R. Shaman sold 19,348 shares of the business's 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 completion of the sale, the insider directly owned 647,609 shares in the company, valued at $36,887,808.64. This trade represents a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,189,869 shares of company stock worth $60,880,388. 20.56% of the stock is owned by insiders.

Bentley Systems Trading Down 0.3%

NASDAQ BSY opened at $53.79 on Wednesday. The stock has a market cap of $15.71 billion, a P/E ratio of 68.09, a P/E/G ratio of 4.35 and a beta of 1.10. Bentley Systems, Incorporated has a 12-month low of $36.51 and a 12-month high of $59.25. The company has a fifty day simple moving average of $55.10 and a two-hundred day simple moving average of $48.24. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.07.

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

Wall Street Analysts Forecast Growth

BSY has been the topic of a number of recent research reports. 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 report on Thursday, August 7th. Royal Bank Of Canada increased their price target on shares of Bentley Systems from $53.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, May 8th. Oppenheimer increased their price objective on shares of Bentley Systems from $59.00 to $65.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Wall Street Zen downgraded shares of Bentley Systems from a "buy" rating to a "hold" rating in a research report on Wednesday, July 16th. Finally, The Goldman Sachs Group raised their price objective on shares of Bentley Systems from $42.00 to $47.00 and gave the company a "sell" rating in a research report on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Bentley Systems presently has a consensus rating of "Moderate Buy" and an average target price of $56.60.

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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