Pacer Advisors Inc. Raises Holdings in Bentley Systems, Incorporated (NASDAQ:BSY)

Key Points

• Pacer Advisors Inc. significantly increased its stake in Bentley Systems, Incorporated by 138.1%, acquiring an additional 74,271 shares in the first quarter, bringing its total holdings to approximately $5.04 million.
• Insider trading activity included Director Keith A. Bentley selling 150,000 shares for $8.33 million, representing a 3.74% decrease in his holdings.
• Bentley Systems reported a quarterly earnings per share (EPS) of $0.35, exceeding estimates and showcasing a year-over-year revenue growth of 9.7%, indicating strong financial performance.

Pacer Advisors Inc. grew its position in shares of Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 138.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 128,049 shares of the company's stock after purchasing an additional 74,271 shares during the period. Pacer Advisors Inc.'s holdings in Bentley Systems were worth $5,037,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. City Holding Co. purchased a new stake in Bentley Systems during the first quarter valued at approximately $26,000. Larson Financial Group LLC raised its holdings in Bentley Systems by 1,707.1% during the 1st quarter. Larson Financial Group LLC now owns 759 shares of the company's stock valued at $30,000 after buying an additional 717 shares during the period. Fifth Third Bancorp lifted its position in 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 buying an additional 435 shares during the last quarter. HM Payson & Co. purchased a new position in Bentley Systems during the first quarter worth $45,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Bentley Systems by 99.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,419 shares of the company's stock worth $56,000 after buying an additional 706 shares during the period. 44.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BSY has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Bentley Systems from $52.00 to $45.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. KeyCorp raised their price objective on shares of Bentley Systems from $56.00 to $59.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Royal Bank Of Canada raised their price target on shares of Bentley Systems from $53.00 to $55.00 and gave the stock an "outperform" rating in a research note on Thursday, May 8th. Robert W. Baird set a $64.00 price objective on Bentley Systems and gave the stock an "outperform" rating in a report on Wednesday. Finally, Rosenblatt Securities reduced their price target on shares of Bentley Systems from $62.00 to $53.00 and set a "buy" rating for the company in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.70.

Insider Transactions at Bentley Systems

In related news, CRO Brock Ballard sold 12,363 shares of Bentley Systems stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $45.08, for a total transaction of $557,324.04. Following the completion of the sale, the executive owned 68,064 shares of the company's stock, valued at $3,068,325.12. The trade was a 15.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Raymond B. Bentley sold 122,114 shares of the company's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $50.70, for a total value of $6,191,179.80. Following the completion of the sale, the director owned 15,347,424 shares in the company, valued at approximately $778,114,396.80. This represents a 0.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,202,232 shares of company stock worth $61,437,713. 20.56% of the stock is owned by insiders.

Bentley Systems Stock Down 1.5%

Shares of BSY traded down $0.88 during mid-day trading on Friday, hitting $57.10. 575,891 shares of the company traded hands, compared to its average volume of 1,506,863. The company has a market capitalization of $16.66 billion, a PE ratio of 72.32, a price-to-earnings-growth ratio of 4.72 and a beta of 1.09. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.13. The business has a 50 day moving average of $53.10 and a 200 day moving average of $47.26. Bentley Systems, Incorporated has a 1-year low of $36.51 and a 1-year high of $59.25.

Bentley Systems (NASDAQ:BSY - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.05. The business had revenue of $370.54 million for the quarter, compared to analyst estimates of $366.76 million. Bentley Systems had a net margin of 18.46% and a return on equity of 29.18%. Bentley Systems's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 EPS. Equities research analysts anticipate that Bentley Systems, Incorporated will post 0.88 EPS for the current year.

Bentley Systems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, June 3rd were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $0.28 dividend on an annualized basis and a yield of 0.5%. Bentley Systems's payout ratio is currently 35.44%.

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.