Victory Capital Management Inc. Raises Stake in Bentley Systems, Incorporated (NASDAQ:BSY)

Key Points

• Victory Capital Management Inc. has increased its holdings in Bentley Systems by 54.3% in the first quarter, owning a total of 134,134 shares valued at approximately $5.3 million.
• Insiders at Bentley Systems have sold significant shares recently, with Director Raymond B. Bentley selling 355,103 shares for nearly $17.7 million.
• The company has reported a 9.7% increase in quarterly revenue year-over-year, with earnings per share reaching $0.35, surpassing estimates.

Victory Capital Management Inc. grew its position in shares of Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 54.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 134,134 shares of the company's stock after acquiring an additional 47,217 shares during the quarter. Victory Capital Management Inc.'s holdings in Bentley Systems were worth $5,277,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Larson Financial Group LLC grew its stake in shares of Bentley Systems by 1,707.1% during the first 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 last quarter. Asahi Life Asset Management CO. LTD. purchased a new position in Bentley Systems during the 1st quarter valued at about $271,000. Edgestream Partners L.P. purchased a new position in Bentley Systems during the first quarter valued at approximately $10,150,000. MQS Management LLC purchased a new stake in Bentley Systems during the first quarter worth $275,000. Finally, CWM LLC increased its holdings in shares of Bentley Systems by 31.1% in the 1st quarter. CWM LLC now owns 38,413 shares of the company's stock valued at $1,511,000 after acquiring an additional 9,110 shares during the period. 44.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Bentley Systems

In other news, insider David R. Shaman sold 19,348 shares of Bentley Systems stock in a transaction on Monday, July 14th. The stock was sold at an average price of $56.96, for a total value of $1,102,062.08. Following the completion of the sale, the insider directly owned 647,609 shares of the company's stock, valued at approximately $36,887,808.64. The trade was a 2.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Keith A. Bentley sold 150,000 shares of the stock in a transaction dated Monday, July 7th. The stock was 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 in the company, valued at approximately $214,347,021.58. The trade was a 3.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,201,832 shares of company stock worth $61,414,013 over the last quarter. Company insiders own 20.56% of the company's stock.

Bentley Systems Price Performance

Shares of NASDAQ BSY traded down $0.63 during mid-day trading on Wednesday, reaching $58.08. The company's stock had a trading volume of 2,435,823 shares, compared to its average volume of 1,355,793. The stock has a market capitalization of $16.95 billion, a P/E ratio of 73.52, a P/E/G ratio of 4.77 and a beta of 1.09. Bentley Systems, Incorporated has a 1-year low of $36.51 and a 1-year high of $59.25. The stock has a 50-day moving average of $52.89 and a two-hundred day moving average of $47.17. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.49 and a current ratio of 0.49.

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

Bentley Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors 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 dividend yield of 0.48%. Bentley Systems's payout ratio is currently 35.44%.

Wall Street Analyst Weigh In

BSY has been the subject of several recent analyst reports. KeyCorp boosted 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. Rosenblatt Securities dropped their price target on Bentley Systems from $62.00 to $53.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Royal Bank Of Canada increased their price objective on shares of Bentley Systems from $53.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, May 8th. Oppenheimer upped their price target on shares of Bentley Systems from $50.00 to $59.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Finally, Mizuho reduced their price target on shares of Bentley Systems from $60.00 to $50.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Bentley Systems has a consensus rating of "Moderate Buy" and an average target price of $53.70.

Bentley Systems 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.