Bentley Systems, Incorporated (NASDAQ:BSY) Shares Bought by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB has increased its stake in Bentley Systems by 44.7%, acquiring an additional 248,359 shares, bringing its total ownership to 804,061 shares, valued at approximately $31.6 million.
• Bentley Systems reported $0.35 earnings per share, exceeding the analyst estimate of $0.30, with a revenue of $370.54 million for the quarter.
• The company has announced a quarterly dividend of $0.07 per share, representing an annualized dividend yield of 0.48%.

Skandinaviska Enskilda Banken AB publ increased its holdings in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 44.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 804,061 shares of the company's stock after acquiring an additional 248,359 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.27% of Bentley Systems worth $31,608,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its stake in Bentley Systems by 138.1% in the first quarter. Pacer Advisors Inc. now owns 128,049 shares of the company's stock worth $5,037,000 after acquiring an additional 74,271 shares during the period. Machina Capital S.A.S. raised its holdings in Bentley Systems by 23.9% in the first quarter. Machina Capital S.A.S. now owns 16,314 shares of the company's stock worth $642,000 after purchasing an additional 3,148 shares in the last quarter. Venturi Wealth Management LLC raised its holdings 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 purchasing an additional 315 shares in the last quarter. Oak Thistle LLC acquired a new position in shares of Bentley Systems during the first quarter valued at about $1,274,000. Finally, Allianz Asset Management GmbH purchased a new position in shares of Bentley Systems in the 1st quarter valued at approximately $425,000. 44.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wall Street Zen downgraded shares of Bentley Systems from a "buy" rating to a "hold" rating in a research report on Wednesday, July 16th. KeyCorp increased their price target on Bentley Systems from $56.00 to $59.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Oppenheimer raised their price objective on shares of Bentley Systems from $50.00 to $59.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. decreased their target price on Bentley Systems from $52.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Finally, Mizuho decreased their price objective on Bentley Systems from $60.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. One equities research 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's stock. According to data from MarketBeat.com, Bentley Systems presently has a consensus rating of "Moderate Buy" and an average price target of $53.70.

Bentley Systems Trading Down 0.4%

Shares of NASDAQ:BSY traded down $0.26 during midday trading on Wednesday, reaching $58.46. 585,898 shares of the company's stock were exchanged, compared to its average volume of 1,500,994. The firm's 50 day simple moving average is $52.67 and its two-hundred day simple moving average is $47.10. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.49 and a quick ratio of 0.49. The stock has a market cap of $17.06 billion, a price-to-earnings ratio of 73.99, a P/E/G ratio of 4.77 and a beta of 1.09. Bentley Systems, Incorporated has a fifty-two week low of $36.51 and a fifty-two week high of $59.25.

Bentley Systems (NASDAQ:BSY - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.05. The firm had revenue of $370.54 million during the quarter, compared to the consensus estimate of $366.76 million. Bentley Systems had a return on equity of 29.18% and a net margin of 18.46%. The company's quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the company earned $0.31 EPS. As a group, sell-side analysts forecast that Bentley Systems, Incorporated will post 0.88 EPS for the current fiscal year.

Bentley Systems Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders of record on Tuesday, June 3rd were given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Tuesday, June 3rd. Bentley Systems's dividend payout ratio is currently 35.44%.

Insider Transactions at Bentley Systems

In other Bentley Systems 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 value of $557,324.04. Following the completion of the transaction, the executive directly owned 68,064 shares of the company's stock, valued at $3,068,325.12. The trade was a 15.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Keith A. Bentley sold 150,000 shares of Bentley Systems stock in a transaction dated 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 completion of the transaction, the director directly owned 3,859,327 shares of the company's stock, valued at approximately $214,347,021.58. This represents a 3.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,201,832 shares of company stock valued at $61,414,013. 20.56% of the stock is owned by insiders.

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.