Renaissance Technologies LLC Purchases 270,200 Shares of Bentley Systems, Incorporated $BSY

Key Points

• Renaissance Technologies more than doubled its Bentley Systems stake in the first quarter, purchasing 270,200 additional shares to own 487,100 shares valued at approximately $17.1 million. Institutional investors and hedge funds collectively own 44.16% of BSY.
• Bentley Systems exceeded quarterly expectations, reporting adjusted earnings of $0.38 per share versus the $0.36 consensus and revenue of $424.18 million, up 14.5% year over year. The company also maintains a quarterly dividend of $0.07 per share, representing a 0.8% yield.
• Analyst sentiment is mixed: BSY has an overall consensus rating of “Hold” and an average price target of $45, while individual targets range from $40 to $41 and one research firm downgraded the stock to “Sell.”

Renaissance Technologies LLC grew its holdings in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 124.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 487,100 shares of the company's stock after purchasing an additional 270,200 shares during the period. Renaissance Technologies LLC owned approximately 0.17% of Bentley Systems worth $17,107,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Los Angeles Capital Management LLC acquired a new stake in Bentley Systems during the 4th quarter worth approximately $25,000. Geneos Wealth Management Inc. grew its holdings in Bentley Systems by 1,529.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 668 shares of the company's stock worth $26,000 after acquiring an additional 627 shares during the period. Physician Wealth Advisors Inc. increased its holdings in Bentley Systems by 80.2% in the first quarter. Physician Wealth Advisors Inc. now owns 791 shares of the company's stock worth $28,000 after purchasing an additional 352 shares in the last quarter. Royal London Asset Management Ltd. bought a new stake in shares of Bentley Systems in the 4th quarter valued at $32,000. Finally, Pekao Towarzystwo Funduszy Inwestycyjnych S.A. bought a new stake in Bentley Systems in the fourth quarter valued at $34,000. 44.16% of the stock is currently owned by institutional investors and hedge funds.

Bentley Systems Price Performance

Shares of Bentley Systems stock opened at $35.21 on Friday. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.91. Bentley Systems, Incorporated has a 52 week low of $28.08 and a 52 week high of $58.64. The business has a 50 day moving average of $31.78 and a 200 day moving average of $34.07. The company has a market cap of $10.29 billion, a PE ratio of 40.01, a P/E/G ratio of 2.38 and a beta of 1.00.

Bentley Systems (NASDAQ:BSY - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Bentley Systems had a return on equity of 28.65% and a net margin of 18.12%.The firm had revenue of $424.18 million during the quarter, compared to the consensus estimate of $419.80 million. During the same period last year, the company earned $0.35 earnings per share. The company's revenue was up 14.5% on a year-over-year basis. As a group, equities research analysts forecast that Bentley Systems, Incorporated will post 1.2 earnings per share for the current year.

Bentley Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Tuesday, June 2nd were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 2nd. Bentley Systems's payout ratio is 31.82%.

Analysts Set New Price Targets

A number of research firms have weighed in on BSY. Weiss Ratings lowered shares of Bentley Systems from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Thursday, July 16th. BNP Paribas Exane started coverage on Bentley Systems in a research note on Thursday, June 18th. They issued an "outperform" rating and a $40.00 price objective for the company. BMO Capital Markets set a $41.00 price target on shares of Bentley Systems in a research note on Friday, July 24th. Bank of America started coverage on Bentley Systems in a research note on Tuesday, May 12th. They issued a "buy" rating and a $40.00 price objective on the stock. Finally, UBS Group dropped their target price on Bentley Systems from $43.00 to $40.00 and set a "neutral" rating on the stock in a research report on Monday, May 4th. Nine research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Bentley Systems currently has an average rating of "Hold" and a consensus price target of $45.00.

Bentley Systems Company Profile

Bentley Systems, Inc is a global software provider specializing in infrastructure engineering applications for the design, construction, and operations of roads, bridges, rail and transit systems, water and wastewater networks, power plants and grids, industrial facilities, and communications infrastructure. Founded in 1984 by brothers Keith and Barry Bentley, the company is headquartered in Exton, Pennsylvania, and maintains offices and development centers across North America, Europe, Asia, and Australia.

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